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China Cinda Expects 50% Drop in Profits for 2022
China Cinda Asset Management issued a profit warning in an exchange filing where it said that it expects to see a 40-50% drop in its net income for 2022. It expects a significant unrealized loss in fair value changes due to capital market volatility and the pandemic...
HK Airlines Defers Coupon on Perp Again
Hong Kong Airlines said that it will defer a coupon payment on its $683mn 15.758% Perp yet again. The company, part of the struggling part HNA Group has been deferring coupons since July 2020 on the Perp issued by Blue Skyview. The note is guaranteed by Hong...
Sharp Rally Seen in Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Bonds rallied across the board on Wednesday with the US Treasury yields easing sharply – the 5Y and 10Y yields were down 18-19bp to its lowest levels in four months. The move was on the back of a number of factors: US retail sales and core retails sales dropped by...
DP World Upgraded to Baa2
DP World and its senior unsecured bonds were upgraded to Baa2 from Baa3 by Moody's. The rating action came after it successfully reduced net debt-to-EBITDA as of December 2022 to below 4x, inline with the target it announced during its recapitalization in 2020. At the...
El Salvador Bonds Jump 3 Points
El Salvador's dollar bonds jumped over 3 points higher. While the reason for the move was not clear, its bonds have continued its uptrend ever since its congress approved a law that allowed the country to raise funds via the world’s first sovereign Bitcoin-backed...
Argentina’s Dollar Bonds Move Higher on Planned $1bn Bond Buyback
Argentina's dollar bonds were higher by over 1 point across the curve after the nation said it planned to repurchase about $1bn of debt. Their Economy Minister Sergio Massa said that they plan to buy some of its 2029s and 2030s. Bloomberg cites sources noting that...
Egypt’s Dollar Bonds Inch Higher with $925mn Inflows Post Devaluation
Dollar bonds of Egypt rallied by 1-2 points yesterday. The nation's central bank said that it received more than $925mn in forex exchange inflows since January 11, calling it a “positive" indicators in the midst of its third devaluation in a year. The Egyptian pound...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 2Y Treasury yields moved 5bp lower while the rest of the curve was little changed. The peak Fed funds rate was 1bp lower at 4.92% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at 95%, almost unchanged. US...
Track the Latest Updates on Debt Restructurings Across China Real Estate
The Chinese property sector has witnessed a record amount of defaults ever since the Evergrande crisis began in mid-2021. Offshore defaults across the sector have crossed $37bn from January-August 2022. Nearly 70% of the dollar bonds in the sector are trading at less...
