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The Week That Was (20 – 26 November, 2023)

The Week That Was (20 – 26 November, 2023)

US primary market new deals dropped significantly last week to just $2.5bn vs. $41bn a week prior due to a shortened week on account of the Thanksgiving holidays. Deal volumes were taken completely by IG issuers led by Consolidated Edison's $2.5bn and Norfolk...

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Turkey Hikes Rates by 500bp to 40%

Turkey Hikes Rates by 500bp to 40%

Turkey's central bank hiked its policy rates by 500bp to 40%, well above expectations of a 250bp hike. The move was seen as an effort to tackle high inflation and a depreciating lira. Inflation in Turkey was seen at 61% in October and the currency has fallen by 35%...

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NWD Launches Buyback Offer for Dollar Bonds

NWD Launches Buyback Offer for Dollar Bonds

New World Development (NWD) launched an offer to buyback seven of its dollar bonds for up to $600mn in aggregate principal. Details are given in the table above. NWD said that the purpose of the tender offer was to optimize its cost of capital and debt profile. The...

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Ahli Bank Upgraded to BBB+

Ahli Bank Upgraded to BBB+

Ahli United Bank's long-term rating has been upgraded to BBB+ from BBB by S&P. The upgrade is a result of the ongoing reorganization of Ahli through which it has become a significant part of Kuwait Finance House (KFH) group. Ahli contributed to about 34% of the...

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