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Performance of EM Sovereign Dollar Bonds
To analyze performance of emerging market sovereign dollar bonds, we looked at z-spreads (a key measure of credit risk) of popular sovereign dollar bonds in our universe, across 4 regions - Middle East, APAC, LatAm and Africa. In the Middle East, Turkey saw the...
Indian Corporate Dollar Bond Issuance at 5 Year Lows
Dollar bond issuances by Indian corporates stood at $4.1bn in 2023, its lowest since 2018 where it stood at just $3.8bn. There were only six issuances, led by EXIM India's $1bn deal, followed by SBI, HDFC Bank and REC that raised $750mn each. Besides, Continuum Energy...
Julius Baer AT1s Downgraded to Ba1 by Moody’s
Julius Baer Group's AT1s have been downgraded by a notch to Ba1 from Baa3 by Moody's. Along with it, the deposit ratings and senior unsecured debt ratings of its subsidiary, Bank Julius Baer & Co. Ltd's (BJB) were also downgraded by a notch to A1 and A3...
China South City Awaits Bondholders Consent on Debt Restructuring
China South City is awaiting bondholders' consent on its debt restructuring proposal that would allow it to extend bond maturities and avoid a default. According to the exchange filing on Wednesday, creditors of the 9% July 2024s had agreed to extend its maturity...
Treasury Yields Tick Lower; Consumer Confidence a 5-Month High
US Treasury yields dropped by 3-8bp across the curve, continuing their down-move from Tuesday. US consumer confidence increased to a five-month high in December to 110.7, from a downwardly revised 101.0 in November, indicating growing optimism about business...
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...
