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Americanas Reaches $4.9bn Deal with Banks to Increase Capital
Brazil's Americanas reached an agreement with bank creditors to restructure some of its debt, in an effort to exit bankruptcy protection. A binding agreement was signed with creditors holding more than 35% of its debt, and other creditors showed interest in the deal...
US IG Corporate Spreads at Tightest Since April 2022
US Treasury yields were higher by 4-5bp across the curve on Friday. Preliminary business activity indicators in the US held steady in November. The S&P Global US Composite PMI for November was unchanged from last month, at 50.7 but slightly above estimates of...
Turkey Nears Bond Sale to ADQ; Dollar Bonds Trend Higher
Turkey's dollar bonds have trended higher last week, up by over 2 points across the curve. The nation is nearing a debut bond sale to ADQ, an Abu Dhabi sovereign wealth fund, in an effort to boost investor sentiment. The government will likely offer 10Y bonds in...
Vedanta Nearing $1.25bn Private Loan in December, Say Sources
Vedanta is expected to complete a planned $1.25bn private loan deal in December, according to sources. They added that signs of progress were being seen as lenders are said to have hired law firms Linklaters and Khaitan & Co. while Vedanta has hired Ashurst....
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...
Vanke Downgraded Two Notches to Baa3 by Moody’s
China Vanke has been downgraded by two notches to Baa3 from Baa1 by Moody's. Moody's also downgraded the ratings on its senior unsecured bonds of Vanke from Baa2 to Ba1. The rating action reflects Vanke's weakening contracted sales, which underperformed the broader...
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%...
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...
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...