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The Week That Was (01 – 07 January, 2024)
US primary market started the year with $34.4bn in new deals as IG issuers racked up $33.3bn of the total amount. IG deals were led by PacifiCorp's $3.8bn four-part deal, followed by Ford Motor Credit, Hyundai Captial America and Toyota Motor Credit raising $2.5bn...
Zhongzhi Enterprise Files for Bankruptcy
Zhongzhi Enterprise Group Co., one of China's top wealth management firm has filed for bankruptcy due to the inability to repay its debts, according to a statement from a court in Beijing. Earlier in November, the Chinese authorities had opened criminal investigations...
Vedanta’s Dollar Bonds Jump Higher on Debt Amendment Approval
Dollar bonds of Vedanta Resources have jumped across the curve after its proposal to change the terms of its bonds was approved by holders. The change involved partial upfront cash payments, revised coupons and maturity extensions, which got approval from holders...
StanChart, KEXIM, NatWest Price $ Bonds
US Treasury yields shifted higher by 6-8bp yesterday after economic data indicated some signs of strength. Initial jobless claims in the US dropped by 18k to 20k, below estimates of 216k. US ADP private payrolls increased 164k last month, the most since August. Whilst...
Cinda AMC Downgraded to A- by Fitch
China Cinda AMC was downgraded by a notch to A- by Fitch. Alongside, Fitch also downgraded the other three national AMCs - China Orient AMC, China Huarong AMC and China Great Wall AMC by a notch to A-, BBB and BBB respectively. The downgrade reflects Fitch's reduced...
Dalian Wanda Sells Shanghai Luxury Hotel to Boost Liquidity
Dalian Wanda Group, has sold its luxury hotel in Shanghai to Indonesian billionaire Sukanto Tanoto as it looks to avert a liquidity crisis. The acquisition price was undisclosed, however, according to the market sources, the deal price of the transaction was between...
Vedanta’s Bond Restructuring Proposal Gets Support
Vedanta Resources' bondholders approved the company's proposal to amend the terms of its dollar bonds that involve partial upfront cash payments, revised coupons and maturity extensions. Holders representing at least 97% of the three bonds maturing in 2024 and 2025...
NAB, Indonesia, BBVA Mexico Price $ Bonds
US Treasury yields eased slightly yesterday by 1-2bp. Primary markets continued to showcase a strong start to the new year with another flurry of new issuances yesterday. On the data front, the US ISM Manufacturing Index edged up 0.7 points to 47.4 last month, albeit...
Allianz to Buyback Old-Style Tier 2 Bond
Insurer Allianz SE is looking to buy back its €1.5bn old style 3.875% Fixed-for-life Perp as it is set to lose regulatory value at the end of 2025, due to the Solvency II regime. The Solvency II regime which came into force in 2016, dictates capital requirements for...