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The Week That Was (27 Nov – 03 Dec, 2022)
US primary market new deals rose last week to $11.6bn vs. $2.5bn a week prior with a volumes mostly taken by IG issuers with $9.75bn in deals. These were led by Citibank and Thermo Fisher raising $2.5bn each via two and three part deals respectively. HY issuers saw...
China Cinda Said to be in Support Talks for Sino-Ocean
Sino-Ocean is said to be in talks with China Cinda Asset Management over financial support, as per sources. They noted that both companies were in discussions over assistance since October, given their existing collaboration on several property projects. The talks...
Occidental In Talks to Buy CrownRock at $10bn Valuation
Occidental Petroleum (Oxy) is in talks to buy shale driller CrownRock LP, as per sources. The deal for the closely held CrownRock is said to be valued at over $10bn. CrownRock is one of the largest private oil and gas producers in the Permian Basin with output across...
EU CPI Drops More Than Expected to 2.4%
US Treasury yields were up by 5-7bp on Thursday. The Fed's preferred inflation gauge, the Core PCE deflator for October came at 3.5%, in-line with estimates and lower than September's 3.7% print. US credit markets saw IG CDS spreads tighten 0.7bp and HY tightening...
Road King Downgraded to B3 by Moody’s
Road King Infrastructure was downgraded by to B3 from B2 by Moody's. The downgrade comes on the back of Moody's expectation that Road King's liquidity buffer will deplete over the next year, while access to offshore funding will remain constrained. Moody's projects...
November 2023: Bullish Month for Dollar Bonds as 95% End Higher
The month of November saw a major boost for bond markets with a whopping 95% of dollar bonds ending higher. Both, investment grade and high yield bonds showed almost equally strong performances – 97% of IG bonds ended in the green and 90% of HY bonds ended higher....
Sri Lanka Strikes $5.9bn Debt Deal with Official Creditors
Sri Lanka struck an in-principle deal with a committee of official creditors including India and the Paris Club regarding its $5.9bn debt restructuring. The nation's ministry said that the deal included a long-term maturity extension and interest rate reduction. They...
Pakistan’s Dollar Bonds Inch Higher on Better Funding Prospects
Pakistan's dollar bonds were up by 2-4 points across the curve on news of improved funding prospects and a political update. Pakistan's equity index, the benchmark KSE-100 Index has gained 50% since late-June and is the world’s second-best performing market in this...
US HY CDS Spreads Tighten to 400bp; US GDP Revised Higher
US Treasury yields were lower by 2-5bp across the curve on Wednesday. US Q3 GDP rose at an upwardly revised 5.2% annualized, the fastest in nearly two years, above estimates of 5.0%, and the preliminary 4.9% reading. However, the consumer spending component advanced...
