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Ad Hoc Bondholders of Vedanta Contest Revised Terms of Debt Plan
A group of ad hoc bondholders holding Vedanta Resources' guaranteed notes have come out saying that the revised terms do not represent the best terms possible for the notes. They said that Vedanta did not include any feedback from the group in last week’s proposal to...
Brazil Upgraded to BB by S&P
Brazil was upgraded by a notch to BB from BB- by S&P. The upgrade follows the recent approval of a tax reform which S&P believes to be structural and could lead to productivity gains in the long term. According to S&P, the tax reform will help tackle the...
Treasuries Trade Steady; BofA’s Investor Survey Details Released
US Treasury yields were 2-3bp lower on Tuesday. Atlanta Fed President Raphael Bostic said that there was no urgency to lower rates, noting that he believes "inflation is going to come down relatively slowly in the next six months". As per a BofA survey, speculation of...
US Steel’s Bonds Rally on Nippon Steel’s $14.9bn Acquisition Deal
US Steel's bonds rallied after it clinched a $14.9bn all-cash acquisition deal from Japan's Nippon Steel. The Japanese steelmaker's offer beat those from rivals like Cleveland-Cliffs, ArcelorMittal and Nucor. The deal price is at $55/share, a 41% premium to US Steel's...
China South City Warns of Dollar Bond Interest Non-Payment
China South City warned bondholders that it did not have enough resources to pay the interest on its 9% dollar bonds due July 2024 falling on/prior to 20 December 2023. It cited liquidity and cashflow constraints, according to an exchange filing. The company had...
Treasuries Hold Steady; Goolsbee, Mester Comment on Markets
US Treasury yields were 2-3bp higher on Monday. Chicago Fed President Austan Goolsbee commented that he was surprised by the market's reaction to the FOMC meeting last week. Regarding rate cuts, he said that Fed members "don't debate specific policies speculatively...
Vedanta Promoters Pledge Stake; CreditSights Positive on Bond Extension Plan
Vedanta Resources has pledged nearly its entire equity holdings of Vedanta Ltd. held by direct and indirect subsidiaries. The subsidiaries include Twin Star Holdings, Finsider International, Welter Trading, Vedanta Holdings Mauritius, Vedanta Holdings Mauritius II and...
Pemex Said to Owe Several Billions to Suppliers
Pemex is said to currently owe local and foreign companies about MXN 297bn ($17.22bn) as of end-September. Companies like Amexhi said to the government that Pemex's reluctance to pay may hurt production and existing projects. Another company, Amespac said that it...
The Week That Was (11 – 18 December, 2023)
US primary market new deals dropped last week to $5.2bn vs. $27.2bn a week prior with IG issuers taking $1.2bn in deals led by Ally Finance's $750mn and Vistra Operations' $400mn issuances each. HY issuers saw $4bn in deals led by CHS' $1bn deal, OneMain Finance's...
