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Pakistan’s Dollar Bonds Inch Up on $700mn IMF Agreement
Pakistan has reached a staff-level agreement with the IMF in its first bailout review, having received a $700mn approval from the fund’s executive board. The total disbursements under the program would almost touch $1.9bn following the $700mn approval. In June, the...
Wynn Resorts, Macau Upgraded to BB- by S&P
Wynn Resorts and Wynn Macau were upgraded to BB- from B+ by S&P. The rating agency cites the recovery in the gaming mass market to support deleveraging and help reduce Wynn's debt-to-EBITDA to low-5x by end-2023 and below 5x in 2024. Its gross gaming revenues...
Huarong’s Dollar Bonds Rise on Buying 5% Citic Stake
China Huarong's dollar bonds rose by ~1 point across the curve after reporting that it bought a 5% stake in Citic Ltd for HKD 13.6bn ($1.7bn) at HKD 9.35 ($1.2) per share. This was a 29% premium to its closing price on Wednesday. Huarong said that the purchase would...
Treasury Yields Drop by 20bp on Softer Inflation
US Treasuries saw a massive rally across the curve, after a softer than expected inflation report. Treasury yields fell by over 20bp across the curve on Tuesday. US Headline CPI for October 2023 rose by 3.2%, lower than expectations of 3.3% and the previous month’s...
Burgan Bank to Sell 52% Stake in Turkish Unit; Dollar Bonds Jump
Burgan Bank has agreed to sell a 52% stake in its Turkish unit, Burgan Bank Turkey to Al Rawabi United Holding. Burgan Bank would continue to maintain operating control over unit and consolidate it in its financial results. The stake sale is expected to be concluded...
Tata Motors, JLR Upgraded by S&P to BB+/BB
Tata Motors and JLR were upgraded by a notch to BB+ and BB by S&P, less than a week after Moody's upgraded them to Ba3. S&P believes that Tata Motors' debt reduction will likely accelerate over the next 12-18 months, led by strong free operating cash flow...
Adani Electricity Announces Buyback of 2030s
Adani Electricity announced a tender offer to buyback up to $120mn of its outstanding 3.949% bonds due 2030 by cash. The offer expires on December 13, 2023 and the early deadline date is on November 30. The purchase price is at $850 per $1,000 in principal before the...
Wanda’s Dollar Bonds Rally With Shopping Unit Refiling IPO
Wanda Properties' dollar bonds rallied by over 3-5 points. While there was no specific news on its dollar bonds, its shopping mall unit, Wanda Commercial Management, refiled its application for an IPO in Hong Kong. This comes after the company in June, filed a...
US Outlook Revised to Negative by Moody’s
US Treasury yields were stable on Monday. Markets await the US CPI and Core CPI prints for October later today, expected at 3.3% and 4.1% YoY respectively. This compares to 3.7% and 4.1% seen in September. Separately, Moody's revised the outlook on the US to negative...