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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved lower by 2-4bp across the curve. The peak Fed Funds rate moved 2bp lower to 4.98% for the June 2023 meeting as the Fed's dovish November meeting minutes continues to raise prospects of a slower than expected path of rate hikes. The...
COGARD Leads Chinese Developers Bond Rally on Large Credit Lines by Domestic Big Banks
Dollar bonds of several Chinese developers rallied after ICBC, Postal Savings Bank of China and CCB joined three other big domestic banks in providing a combined $129bn in credit lines. ICBC said it would provide RMB 655bn ($91.5bn) in credit lines to 12 developers...
Credit Suisse Issues New Shares to Raise $2.2bn as Part of Overall $4bn Capital Hike
Credit Suisse has issued 889mn in new shares to existing investors at CHF 2.52/share ($2.67) in a planned CHF 2.24bn ($2.37bn) equity raise as part of its broader CHF 4bn ($4.2bn) capital hike. It confirmed that it issued 462mn new shares to qualified investors via a...
Ghana Proposes Up to 30% Haircut on Debt to Offshore Creditors
Ghana's Deputy Minister of Finance John Kumah has proposed to ask its international bondholders to look at a 30% haircut on the principal and forgo some interest payments as part of its debt-sustainability plan to secure a $3bn IMF loan. It will also ask domestic...
Adani Plans $5bn Equity Raise to Deleverage and Get Larger Investor Base
Adani has planned to raise $5bn in equity capital in an attempt to silence criticisms that it has been subjected to - high leverage, limited investor base and low stock liquidity. The capital raise is touted to help them deleverage and reduce debt ratios that have...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved lower with the the 30Y yield down 10bp while 2Y yields were down 4bp. The peak Fed Funds rate fell 9bp to 5% for the June 2023 meeting after the Fed's November meeting minutes noted that a “substantial majority” believed that it would “likely...
Credit Suisse’s Dollar Perps Drop Over 3% after $1.6bn Q4 Loss Warning
Credit Suisse has warned that it expects to make a CHF 1.5bn ($1.6bn) loss in 4Q 2022. The Swiss bank said that wealthy clients have made hefty withdrawals which has lead to a big drop in liquidity, breaching some regulatory limits. Credit Suisse said there had been...
Fosun Said to Plan Selling Cainiao Stake for up to $1bn; Dollar Bonds up 1 Point
Chinese conglomerate Fosun International is said to be planning to sell a minority stake in Alibaba's logistics arm Cainiao for up to $1bn, as per sources. Fosun plans to sell a less than 5% stake in Cainiao and the plan is only in early stages, they said. Cainiao is...
Select Chinese Developers Receive $30bn Credit Line Support from Major State-Owned Banks
Five of China's large property developers have received a combined $30bn in credit line support from three of the largest state-owned banks to support the property sector. BOCOM said it agreed to provide a RMB 100bn ($14bn) credit line to China Vanke and an RMB 20bn...
