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Investors Pull $2.5bn from US IG Funds Last Week, the Largest Since April 2020
US Investment Grade (IG) bond fund outflows were at $2.55bn for the week ending October 6, the biggest withdrawal since April 2020, as per Refinitiv Lipper data. These were the first outflows in eight weeks as macro factors engulfed markets. US 10Y yields jumped to...
EXIM India Plans $1bn Offshore Issuance in January 2022
Export and Import Bank of India (EXIM) is planning to raise about $1bn via 10Y offshore bond in January 2022 predominantly for its lending operations. EXIM has been an issuer of dollar bonds in January in the last two years, raising $1bn each this year and last year...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street trudged higher with S&P and Nasdaq up 0.4% and and 0.5%. US 10Y Treasury yields were 1bp lower at 1.54%. Utilities were up 1.5% and Consumer Staples were up 1% while Energy fell 1.1% with most sectors in the green. European stocks saw a sharp drop with...
Ronshine China’s Dollar Bonds Plummet
Dollar bonds of Ronshine China plummeted as contagion risks continue to weigh on lower rated Chinese HY developers. Ronshine's 7.35% 2023s crashed 25% yesterday to 55 cents on the dollar and its Ronshine 10.5% 2022s fell 14% to 70.5 cents. Fitch had downgraded...
Chinese Developers Buyback Small Amounts of Bonds
As the turmoil in Chinese property developers' dollar bonds unfolds, some developers bought back small quantities of their dollar bonds in a bid to lend confidence to investors. Central China Real Estate (CCRE) repurchased $13.9mn in principal of three of its dollar...
ECB said to be Studying New Post-PEPP Bond Buying Plan
The ECB is said to be studying a new bond buying plan to replace its €1.85tn Pandemic Emergency Purchase Programme (PEPP) that would get phased out in March next year, as per Bloomberg sources. They said that the plan would complement its the older €20bn/month QE...
Plan to Pay Pemex Debt with IMF funds May Not Materialize
Mexico’s President AMLO announced that the cost of using part of $12bn in IMF funds, recently transferred to the Mexican central bank’s reserves to reduce Pemex’s $115bn debt, has increased, suggesting that the operation might not materialize. The President explained...
UAE, Macquarie, Korea Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street picked up yesterday after a sharp drop on Monday as S&P was up over 1% and and Nasdaq was up 1.3% respectively. US 10Y Treasury yields shot up by 7bp to 1.55%. Financials were up 1.8%, IT and Communication Services were up over 1.5%, while Real Estate...
Fantasia Downgraded Across the Three Rating Agencies
Moody's downgraded Fantasia to Ca from B3 and its notes to C from Caa1, with a negative outlook following the missed payment of the developer's $205mn bond on October 4 and weak recovery prospects. Moody's further noted that the downgrade also reflected the...
