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Buenos Aires Upgraded to CCC+ by S&P
The Argentine Province of Buenos Aires (PBA) has been upgraded to CCC+ from SD with a stable outlook after it completed the exchange of 97.7% of its total debt of $7.2bn on September 3. The province has managed to restructure nine out of proposed eleven bonds with the...
Mexico To Begin Refinancing Pemex Debt with IMF Reserves
Mexico started a refinancing process of state-owned oil company Petroleos Mexicanos' (Pemex) debt as it received $12bn from the International Monetary Fund (IMF). The government is considering using the $12bn in IMF reserves either fully or partially to pay off...
Emaar Properties and Malls Merger Approved by Regulator
Emirati real estate company Emaar Properties has received final approval for a merger with related mall operator Emaar Malls. As per the joint statement issued on Monday, "The move will reinforce Emaar Properties’ position as MENA’s largest integrated and diversified...
KWG, Starhill, NEA Launch Bonds; Macro; Rating Changes; Talking Heads; New Issues; Top Gainers & Losers
US markets ended the week mixed before the long labor day weekend and after a disappointing Non Farm Payroll report – Nasdaq gained 0.2% buoyed by tech stocks while S&P was broadly flat. IT up 0.4% was the only sector with some significant gains, Utilities,...
The Week That Was (30th Aug – 5th Sep)
US primary market issuances dropped for another week to $2bn vs. $2.3bn in the week prior. IG issuances fell to $1bn vs. $1.9bn in the prior week. HY issuances were marginally higher at $527mn vs. $400mn in the prior week. The IG space saw only one deal, by Verizon...
Some of Evergrande’s Local Bonds Halted; EV Unit Road-Tests Cars Ahead of Possible Stake Sale
Trading of some of China Evergrande’s local bonds on the Shenzen exchange were halted on Friday as per FT after falling over the daily limit of 20%. Another bond on the Shanghai stock exchange was halted on account of abnormal volatility. Separately, Bloomberg...
R&F Properties Downgraded to B2 by Moody’s
Guangzhou R&F Properties has been downgraded to B2 from B1 by Moody's as the company faces increased refinancing risks due to its weakened access to offshore funding in the face of upcoming debt maturities. Simultaneously, R&F Properties (HK) Company Ltd. has...
Fantasia’s Bonds Drop; Chinese HY Index Falls to Lowest since a Year
Dollar bonds of Fantasia have dropped this morning with its 10.875% 2023s in particular down 21 cents to trade at 52.8 cents on the dollar. Fantasia’s bonds have been trending lower for more than a week and have followed the path of peers like R&F Properties and...
JSW Steel Planning $1bn Bond Issuance
Indian steelmaker JSW Steel is said to be lining up a $1bn bond issuance to ramp up capacity and lower funding costs. As per ET sources, JSW has hired Deutsche Bank, Standard Chartered, JP Morgan and BNP Paribas for the proposed issuance, which is expected to launch...
