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Lumen’s Bonds Rally by Over 2.5 Points
Lumen Technologies' bonds staged a slight recovery after jumping 2.5-3.5 points higher across the curve. While there was no update available yet regarding the rally in its bonds, the company earlier last month saw its creditors agree to provide $1.2bn of financing via...
Braskem Downgraded to Ba2 by Moody’s
Braskem SA was downgraded to Ba2 from Ba1 by Moody's on the back of "potential heightened risks" regarding the mine collapse at a time of "strained credit metrics and weak cash generation". The rating agency highlighted the petrochemical downcycle and continued...
US CPI and Core CPI Come In-Line With Estimates
US Treasury yields were broadly stable across the curve after the inflation report was broadly inline with expectations. US CPI for November 2023 came at 3.1%, inline with expectations of 3.1% and lower than previous month’s 3.2%. Core CPI was at 4.0%, inline with...
Braskem’s Dollar Bonds Drop Further on Mine Rupture
Braskem's dollar bonds continued to drop sharply, down by 2-3 points across the curve after a part of its rock salt mine in Maceió saw a rupture and crumbled under a lagoon. The mine is said to be on the verge of an imminent collapse. The region's Civil Defense...
Adani Green Plans to Refinance December 2024s via New Bond Issue
Adani Green Energy plans to raise $410mn via a new bond issuance to refinance its 6.25% bonds due December 2024, as per an exchange filing. The announcement comes a day after the company provided an update on the redemption plan for its 4.375% 2024s. Adani Group has...
Occidental to Buy CrownRock for $12bn
Occidental Petroleum (Oxy) has agreed to buy CrownRock, a privately held energy producer in the Permian Basin, for $12bn. Oxy will issue $9.1bn in debt and about $1.7bn in common stock to finance the transaction and complete it by Q1 2024. The deal is said to be a...
Barclays Launches Buyback Offer for 2024 Tier 2s
Barclays launched an offer to buyback any and all of its $1.25bn 4.375% bonds due 2024 for cash. Barclays said that the offer was made as part of its liabilities management exercise. The purchase price will be calculated by the Dealer Manager with reference to the...
Treasuries Trade Steady; Markets Await US CPI
US Treasury yields were stable across the curve. US consumers’ near-term inflation expectations dropped in November to its lowest level since April 2021. Median 1Y inflation expectations declined for a second month to 3.4%, down from 3.6% in October. Expectations for...
Wynn’s Senior Unsecured Notes Upgraded to B1
Wynn Macau's and Wynn Las Vegas' senior unsecured debt was upgraded by a notch to B1 from B2 by Moody's. Moody's also upgraded the senior unsecured debt of Wynn Resorts Finance, the parent of the above two companies by a notch to B1. The issuer ratings were unchanged...
