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Banca Monte Bonds Plummet On Uncertainty Over Sale
Banca Monte dei Paschi di Sienna’s bonds tumbled 6-7% on Monday on uncertainty over finding a buyer for the world’s oldest bank. Reports last year suggested that UniCredit would acquire the bank but no details on any buyers have emerged yet. Some Italian newspapers...
Modernland Realty Gets Approval For Debt Restructuring
Distressed Indonesian property developer Modernland Realty got a nod from its bondholders for a restructuring according to Bloomberg. Under the restructuring deal, the property firm will replace its 10.75% 2021s and 6.95% 2024s with new bonds with maturities in 2025...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Wall Street ended the week on another high. S&P expanded its gains to squeeze out another record on Friday as it closed 0.2% higher while Nasdaq also gained 0.4%. Strategists say that the inflation witnessed in the US over the past two months is transitionary....
US IG CDS Spreads Go Below 50bp, Lowest Since Feb 2020
US Investment Grade (IG) Credit Default Swap (CDS) spreads fell to its lowest since February 2020. CDS spreads are a broad measure of credit risk and for the investment grade universe in the US, these are measured by Markit’s CDX IG index. The CDX IG index fell below...
DIAL Downgraded to B1 by Moody’s
Delhi International Airport Ltd. (DIAL) was downgraded by Moody’s to B1 from Ba3. Moody's also downgraded DIAL's Baseline Credit Assessment (BCA) to b1 from ba3 and Cliffton Ltd.’s senior secured bond rating to B1 from Ba3. The outlook is negative. The rationale...
CFLD Reveals Overdue Debt of $10bn, 3x of March Report
Distressed Chinese property developer China Fortune Land Development (CFLD) reported that its overdue debt has increased by CNY 6.8bn ($1bn), citing adverse macroeconomic, industry and credit conditions, according to a notice on the Shanghai Clearing House. This...
UBS Seen Bidding For NN Group’s Asset Management Arm
UBS and German asset management firm DWS are going ahead with final bids for NN Group’s asset management arm, NN Investment Partners after Europe’s biggest insurers such as Allianz, Assicurazioni Generali and The Royal London Group have dropped out, as per Reuters....
Braskem To Buyback Up to $957mn In Bonds
Brazilian petrochemical company Braskem, via its subsidiary Braskem Netherlands Finance announced a tender offering to purchase $206.8mn of its outstanding 3.5% 2023s and $750mn of its 7.125% 2041s issued by Braskem Finance Netherlands and Braskem America Finance...
Banca Monte’s Bonds Fall ~5%
Banca Monte dei Paschi di Sienna’s bonds are down over 5%. Its longer dated 2030s are down over 5 points. Il Sole 24 Ore reports that advisers working on the plan to sell the lender may be preparing for a deal that includes more than one buyer. UniCredit may be wary...
