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Belarus’ Bonds Trade Weaker on Expanded Sanctions by US
In a bid to increase pressure on Belarus President Alexander Lukashenko and his government, the US Treasury Department imposed restrictions on new issues of Belarus’ sovereign debt, prohibiting the transaction and financing of Belarusian sovereign debt issued on or...
US Junk Bonds See Largest Outflows in 8 Months
US High Yield (HY) bond funds saw its biggest outflows in eight months in November as per Refinitiv Lipper data. The data shows that outflows of $4.2bn were seen in November with the ICE BofA US High Yield Index (a common benchmark) dropping 1% last month, the biggest...
Dr. Peng Misses Coupon on 7.55% 2022s
Shanghai-listed Chinese telecommunications company, Dr. Peng Telecom & Media Group, missed its December 1 coupon payment of $9.24mn on its 7.5% notes maturing in 2022, and is now seeking to defer its interest payments until the bonds mature. The bonds were...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets again slipped lower with the S&P and Nasdaq close 1.2% and 1.8% lower respectively. Barring Utilities which was 0.2% higher, all other sectors ended in the red led by Communication Services falling 2%. US 10Y Treasury yields moved 5bp lower to...
Kaisa to Meet Offshore Bondholders Over Repayment Options
Kaisa Group has agreed to meet its offshore bondholders and discuss ways to repay its debt. Kaisa will meet New Money Consortium, a group of its bondholders, after they rejected Kaisa's maturity extension for it $400mn 6.5% bonds due next Tuesday (December 7) for new...
China Real Estate Updates – November Sales, Yuzhou’s Loan, Aoyuan’s Sale, Zhenro’s Buyback
Contracted sales across the top 100 Chinese developers in November dropped 38% YoY to RMB 751mn ($118mn). It was also a 32% MoM drop as per data from research firm China Real Estate Information. Yuzhou Group (B3/-/B-) has pledged its Shenzhen headquarters building as...
Greenko Lining Up $1bn Offshore Bond
Indian clean energy producer Greenko Energy is said to be planning an offshore bond issuance of as much as $1bn, ET reports. The Hyderabad-based company plans to use proceeds from the new bond to retire a high cost bank loan, expand capacity and/or other business...
US Banks’ Profits Slip on Slow Loan Loss Provision Reduction
According to the Federal Deposit Insurance Corporation (FDIC), US banks' profits slipped 1.2% QoQ in Q3 2021 to $69.5bn as firms grappled with low interest rates and slowed the rate of shrinking their credit loss provisions, by $5.2bn compared to $10.8bn in Q2 2021....
US HY Bonds See Sharpest Sell-off in More Than a Year
US High Yield (HY) bonds fell by over 1% in November, its biggest fall since September 2020. FT reports that a high-yield bond index compiled by Ice Data Services dropped just over 1% with much of the downturn coming after the Omicron virus came into the picture. The...
