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Fantasia’s Dollar Bonds Rebound after New Issues and Tender Offer
Fantasia Group’s dollar bonds rebounded after the company priced a new $200mn 3Y Reg S bond at 14.5% and launched a tender offer for its $400mn 7.375% 2021s. Fantasia’s bonds fell over 3% earlier this week with Bloomberg Intelligence citing the weakness in Evergrande...
US Steel Upgraded Two Notches to B1 by Moody’s
American integrated steel producer, US Steel, has been upgraded by two notches to B1 from B3 by Moody's after it materially reduced its leverage. The senior unsecured debt rating has been raised to B3 from Caa1. The secured debt rating of Big River Steel has also been...
Credito Real Downgraded to BB
Fitch Ratings downgraded Credito Real’s long-term foreign and local currency issuer default ratings (IDR) and its global senior unsecured debt rating to BB from BB+. The ratings agency also downgraded its perpetual bonds' ratings to B+ from BB- and affirmed its...
China’s New WMP Rules Reduces Shadow Banking Systemic Risk; Slows Credit Growth
China’s latest cash wealth management products (WMP) rules have signaled a reduction in systemic risks by the shadow banking sector whilst also slowing credit growth, as per S&P. The shadow banking system is a major funding source for weak or highly leveraged...
Floaters Make a Comeback with US IG Issuance YTD Matching Average Annual Issuances
US IG floating rate bonds aka floaters/FRNs (Term of the day, explained below) have made a strong comeback with US IG issuance this year at $134bn, according to BofA, close to annual issuance volume for 2020 and matching the average annual issuance of $135bn since...
Far East Consortium Sells Hotel for $162mn
Far East Consortium (FEC) sold its four-star 267-room Dorset City London Hotel in Aldgate High Street for £115mn ($162.1mn). FEC units Mazuma Holdings and Dorsett Hospitality (UK) sold the property to Aldgate Hotel Bidco, a unit of US-based Highgate Hotels and...
ArcelorMittal Launches Tender Offer on EUR 2023s-2025s
ArcelorMittal announced invitations for offers to pay in cash for its US 2024s-2026s and EUR 2023s-2025s. The company is making an offer to purchase for cash any and all of three USD bonds mentioned below. The deadline is 24 June 24, 2021: $750mn 3.600% 2024s with an...
Garuda Misses Sukuk Payment after Grace Period
Distressed airlines PT Garuda Indonesia missed the payment on its $500mn 2023s Sukuk even after a 14-day grace period, which lapsed yesterday. The bonds of the state-owned carrier were originally due on June 3, 2021. The airlines in a filing with the Singapore stock...
Sino-Ocean, Deqing Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets fell after the Fed revealed that it expects interest rates to rise earlier than expected (details below). S&P and Nasdaq were down 0.5% and 0.2% respectively. All sectors with the exception of Consumer Discretionary were in the red. Materials, Consumer...
