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Argentina Taps Complex Ways to Cover Fiscal Expenses
Argentina is raising money through currency conversions, bond sales, debt paydowns and new borrowings in a move to cover fiscal expenses following the IMF’s decision to grant the country $4.3bn of special drawing rights (SDRs). The moves by President Alberto...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street ended higher as both the Nasdaq and S&P closed ~1% higher despite a slightly hawkish Federal Reserve meeting with more details on tapering and half of the FOMC expecting a rate hike next year (scroll down for details). Most sectors rallied led by...
Fed Reserve Decision and Dots Turn Hawkish
The US Federal Reserve turned to a more hawkish stance in their September policy meeting, both in terms of details on tapering and their dot plots. The table below summarizes the FOMC meeting statement with the latest Dot Plot given below it. Talking Points...
Mexico Eyes Options Beyond Pemex for $7bn IMF Reserves
Mexico is looking to allocate the $7bn of international reserves from the $12bn that the IMF transferred to the country’s central bank to other purposes over paying down debt of Petroleos Mexicanos (Pemex), the country’s most costly debt, as per sources. Originally,...
GOL Upgraded by Fitch to B-
Brazil's GOL Linhas Aereas Inteligentes S.A.'s (GOL) Issuer Default Ratings (IDRs) have been upgraded to B- from CCC+ with a stable outlook by Fitch. GOL Finance's unsecured bonds have also been upgraded to B-/RR4 from CCC+/RR4. The rating action on the leading...
MGM Mulling Ways to Get Control of Entain’s Share of BetMGM
MGM Resorts International is said to be mulling ways of getting control of online betting business BetMGM, which is a 50-50 JV between MGM and UK-based gaming company Entain as the latter has received a $22bn merger offer from online betting company DraftKings Inc. As...
Lobbies Warn of Disruption Over Amendment to SEC Rule Calling for More Transparency
US bond market lobby groups are warning of disruptions if a proposed amendment to the SEC rule 15c2-11 is enforced. The rule essentially "governs the publication or submission of quotations by broker-dealers in a quotation medium other than a national securities...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets had a mixed day after they shed initial gains – Nasdaq gained 0.2% while S&P closed 0.1% lower. Energy recovered by 0.4% followed by Healthcare, Consumer Discretionary and IT which were up marginally. Industrials down 0.7%, led the losers followed by...
Evergrande Misses Loan Payments to Banks; Hengda Said to Pay Onshore Coupon
Evergrande missed interest payments due on loans to two of its largest bank creditors on Tuesday. The news was not unexpected as China’s Ministry of Housing and Urban-Rural Development convened a meeting with banks last week and informed them that Evergrande will not...
