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The Week That Was (06 – 14 Nov, 2023)
US primary market new deals jumped higher last week to $33.7bn vs. $25.7bn a week prior with IG deals at $23.8bn led by RTX's $6bn five-trancher and Roche Holdings raising $4.4bn four-tranchers respectively. HY issuances stood at $4.9bn with SRM Concrete's and Service...
US Treasuries Sell Off on Weak 30Y Auction, Powell Comments
US Treasury yields rose sharply on Thursday up 10-13bp across the curve following a weak 30Y auction and Jerome Powell's speech. The US Treasury's $24bn auction of 30Y notes tailed by over 5.5bp with at a high yield of 4.769% and a bid-to-cover ratio of 2.24x, down...
Vedanta Said to Increase Cash Payout on Jan 2024 Dollar Bond
According to the sources, Vedanta Resources is said to increase the cash offer from 50% of the outstanding principal to 60% for the holders of the 13.875% 2024s. The remainder is likely to be extended. The notes are guaranteed by the group's subsidiaries. The sources...
Tata Motors, JLR Upgraded to Ba3
Tata Motors and JLR were upgraded to Ba3 from Ba1 by Moody's. Regarding Tata Motors, the rating agency highlighted said its continued credit profile improvement on the back of strengthening profitability and free cash flows. This has seen it reduce borrowings despite...
Kenya Plans Early Partial Redemption of $2bn Dollar Bond
Kenya's President William Ruto announced that they will make a payment of $300mn next month on its $2bn 6.875% dollar bonds due June 2024. The announcement comes after holding talks with funders to help finance the repayment. The planned buyback has been cut from...
DP World in Talks to Acquire Cargo Services Far East
DP World is said to be in talks to acquire Hong Kong-based Cargo Services Far East Ltd at a valuation of around $800mn, sources note. They said that DP World is working with a financial adviser on a potential offer and is trying to expand its presence in Asia. Cargo...
UBS Raises $3.5bn Via Dual AT1 Bonds at 9.25%
UBS raised $3.5bn via a dual-trancher AT1 issuance, its first since Credit Suisse's historic AT1 write-down. The deal was met with strong demand, receiving combined orders of more than $36bn, over 10x issue size. - It raised $1.75bn via a PerpNC5 AT1 bond at a yield...
Turkey Prices 5Y Sukuk at 8.51%; Brent Goes Below $80
US Treasury yields softened again on Wednesday, down 4-8bp with Brent crude going below the $80/bbl mark and a mixed 10Y auction. The US Treasury's $40bn auction for 10Y notes saw mixed metrics, with a high yield rate of 4.519% with analysts noting that the auction...
Ping An Refutes Reports of COGARD Acquisition
Country Garden (COGARD) will not see Ping An take a controlling stake in it, the insurer said, as it refuted initial reports that it was planning to acquire the distressed developer. Ping An said that it has not received any suggestions or requests from any government...