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Vallourec Upgraded to BB+ by S&P
Vallourec has been upgraded by a notch to BB+ from BB by S&P. The upgrade comes on the back of the strong earnings reported by the company in 2023. Vallourec reported net debt of €570mn ($606.1mn) as of December 2023 and S&P believes the company will achieve...
Powell Comments Data Does Not Increase Confidence of Downward Inflation
US Treasury yields continued its recent uptick across the curve, with the 2Y and 10Y yields up 6bp each on Tuesday. Fed Chairman Jerome Powell dented expectations of immediate rate cuts saying that the "recent data have clearly not given us greater confidence and...
San Miguel Signs $2bn Loan Facility to Meet Debts, say Sources
San Miguel Corp (SMC) has signed a $2bn syndicated dollar loan facility for a five year tenor at SOFR+180bp, as per sources. This marked Asia's biggest syndicated dollar loan yet in 2024. The loan should help San Miguel ease debt repayment pressures of about $3bn due...
BAT Announces Tender Offer for Its Notes
British American Tobacco Plc (BAT) has announced a tender offer for its longer dated GBP, EUR and USD notes. The tender offer has a maximum tender amount cap of £1bn and will expire on 13 May 2024, 5pm NYC time. The company has set 26 April 2024 as the early tender...
KEB Hana Launches $ Bond; EDF, JPMorgan Price $ Bonds
US Treasury yields rose across the curve on Monday, with the 10Y yield up 8bp and the 2Y yield up 3bp. The push higher in yields came on the back of the March Retail Sales print that was stronger than estimated. Retail Sales came at 0.7% MoM vs. expectations of 0.4%....
Vanke Prepares Asset Package of $18bn As Collateral
China Vanke is preparing an RMB130bn ($18bn) asset package to be used as collateral as it seeks new bank loans, according to sources. The company did not disclose any details about the asset package or sales in its exchange filing. Yesterday, it was reported that...
Pakistan Redeems $1bn 8.25% 2024s
Pakistan redeemed its 8.25% bond due April 15 as the nation tried to reassure investors about its ability to pay off offshore debts, having narrowly averted a default last year. The State Bank of Pakistan said that the principal and interest payments were made to the...
El Salvador’s Dollar Bonds Drop on Reports of IMF Withholding Aid
El Salvador's dollar bonds were down over 2 points across the curve amid reports that IMF funding may be at a standstill due to the nation's integration of Bitcoin into its financial system. The IMF had asked El Salvador to change its policies around Bitcoin to get...
Treasury Yields Drop on Middle East Risk Off Sentiment
US Treasury yields dropped by 3-4bp across the curve on Friday after an initial ~7bp drop, as risk-off sentiment took over due to geopolitical tensions in the Middle East. This came after the anticipation of a retaliatory attack by Iran on Israel, after the latter's...
