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Chinese Real Estate High-Yield Bonds Face Refinancing Risks as Credit Channels Tighten
The creditworthiness of China’s developers has been called into question as credit channels tighten amidst an avalanche of attempts to borrow in order to bolster land banks. The Bloomberg Default risk model, which tracks metrics including share performance,...
Fed’s June Interest Rate Hike and 2 More to Come in 2018 Prompts Flattening of Yield Curve
The Federal Reserve voted on 13 June to increase interest rates - the benchmark federal funds rate - by 25 bps to a range of 1.75% to 2%. This move was widely expected by the markets, despite President Trump's disagreement with other global leaders on trade tariffs...
Temasek’s Private Equity Bond Targets Retail Investors with 4.35% Interest Rate
The Azalea Group, a subsidiary of Singapore's Temasek Holdings specialising in private equity investments, has launched Astrea IV, a private equity bond in a structure including a retail tranche that is believed to have never been done before. This first PE-backed...
Hyflux Starts Debt Restructuring After Huge Losses
Hyflux Ltd. started a court-supervised debt reorganisation process after seeking court protection on May 22 to block creditors from filing winding-up petitions or seizing pledged assets while debt restructuring negotiations take place. The Singapore-based water...
China Developer Sells Rare Floating-Rate Bond in Volatile Markets
China Vanke Co. ("Vanke") priced a 5-year U.S. dollar floating rate bond at the end of last week amid volatile markets characterised by rising funding costs resulting from a deluge of supply from the China real estate sector. Chinese developers have been flooding the...
U.S. Treasury Yields Continue to Climb with Flood of Positive Economic Data
Following the flood of better-than-expected economic data out of the U.S. this week, yields on both short-term and the longer tenor benchmark Treasury notes have risen to new multiyear highs. 2-year yields reached 2.598%, its highest since August 2008, and 5-years...
Malaysia’s Dollar Bonds Plunge in the Aftermath of its Surprising Election Results
Following a surprise victory for Malaysia's opposition Pakatan Harapan, which displaced a government that had held power for more than 60 years - since the country declared independence in 1957 - its U.S. dollar bonds tumbled shortly after the markets opened the next...
Asian Bond Fund Managers Increasing Portfolio Allocations to High-Yield
Asian high-yield bonds suffered a sell-off in line with global fixed income when the 10-year U.S. Treasury yield hit a 4-year high of 3% in late April. Spreads for U.S. dollar Asia (ex-Japan) high-yield bonds, as captured by the Bloomberg Barclays index, widened by...
Fed Leaves Interest Rates Unchanged Despite Signs of Higher Inflation
In a widely expected move, Federal Reserve officials left interest rates unchanged at their meeting on 2 May whilst acknowledging that inflation has risen and is close to target. The central bank's policy-setting Federal Open Market Committee held the funds rate at a...
