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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...
Treasuries Hold Steady; Fed Speakers Voice Their Rate Paths
US Treasury yields held steady on Friday. Manufacturing output rose 0.3% in November, slightly below estimates of 0.5%. S&P flash manufacturing PMI fell to 48.2 in December amid shrinking orders from 49.4 in November. The flash services sector PMI rose to 51.3...
Turkey’s Dollar Bonds Continue to Move Higher
Turkey's dollar bonds continued to tick higher across the curve, extending their rally since October. The move comes amid a more stable policy since the appointments of Hafize Gaye Erkan and Mehmet Simsek as the central bank governor and finance minister post-June...
Kuwait Projects Downgraded to Ba3 by Moody’s
Kuwait Projects Company (KIPCO) and its senior unsecured bonds have been downgraded a notch to Ba3 from Ba2 by Moody's. The rating action reflects its expectation that KIPCO's market value leverage (MVL) will remain above 40%, driven by negative free cash flows of...
ECB, BOE Do Not Signal Any Policy Easing
US Treasury yields held steady on Thursday after witnessing a sharp drop a day earlier following a dovish FOMC meeting. On the data front, US Retail Sales showed signs of strength, up 0.4% MoM in November, higher than expectations of 0.2%. Retail Sales Ex-Auto also...
