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November 2021: 72% of Bonds Trade in the Red; High Yield Underperforms Investment Grade
November was the third consecutive month where over 70% of dollar bonds in our universe ended the month lower. 72% of dollar bonds delivered a negative price return ex-coupon in November, continuing the woes from October and September where 81% and 86% of the bonds...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity market optimism was only short-lived after Jerome Powell's remarks on inflation and tapering led the S&P and Nasdaq to close 1.9% and 1.6% lower respectively. All sectors ended in the red led by Communication Services and Utilities falling ~3%. US 10Y...
Kaisa’s Bondholders Said to Have Rejected Maturity Extension
Offshore bondholders have rejected an offer by cash-strapped Chinese property developer Kaisa to extend maturities on their bonds to avoid a default next week, as per a letter to the company's chair seen by the FT. This comes less than a week after the...
China’s Developers Face $12bn in Trust Payments in December
Chinese developers face $12bn in trust payments due in December. Bloomberg notes that Chinese developers have already this year defaulted on more than $10bn of trust products that are high-yielding, short-term products," which had been deemed to be a legitimate, safe...
Pemex’s Texas Refinery Acquisition Delayed
The sale of Shell’s stake in the Deer Park refinery for $600mn to Petroleos Mexicanos (PEMEX) has been delayed. The Committee on Foreign Investment in the United States (CFIUS), which oversees the last stages to approve the transfer of the refinery to PEMEX, has not...
Scotiabank Reports Strong Earnings
Scotiabank reported its 4Q2021 results with net income up 35% YoY to CAD 2.6bn ($2bn). Profits were helped by a reduction in provisions to CAD 168mn ($132mn) from CAD 1.1bn ($860mn) a year ago. The lender also announced its first dividend hike in nine quarters by 10...
Serba Dinamik Reports Quarterly Losses
Serba Dinamik reported a net loss of MYR 42mn ($10mn) in the quarter ended September 2021. This was Serba Dinamik's first quarterly loss since its listing on Bursa in 2017. The company cited "corporate expenses and consolidation elimination of MYR 107.9 million...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets recovered well on Monday with the S&P and Nasdaq rising 1.3% and 1.9% respectively after the sharp sell-off on Friday as some optimism emerged on the Omicron variant's impact. All sectors ended in the green led by IT, up 2.6%. US 10Y Treasury...
EMB ETF Sees Largest Outflows in Two Months
The iShares JP Morgan USD Emerging Markets Bond ETF saw $709.5mn in outflows in the week ended November 26, the biggest withdrawal in two months. The withdrawals coincided with a 2.6% drop in the ETF, the worst week since March 2020. Bloomberg notes that most of the...