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Staples Bonds Jump Higher on Strong Earnings
Staples Inc's bonds jumped higher by 4-5 points on release of preliminary Q3 earnings, which came out better than markets had expected. While revenue for 3Q 2023 came in the range of $2.55-$2.56bn, compared to $2.64bn last year, gross profit for the quarter came at...
Wanda Receives Early Consent for 2024s Extension
Chinese developer Wanda Properties said that it received early consent approval from bondholders to extend the repayment on its $600mn 7.25% bonds due January 2024. Those voting in favor of the extension represented more than 99.3% of the aggregate principal amount,...
Puma Energy Upgraded to Ba3
Puma Energy was upgraded to Ba3 from B1 by Moody's. Moody's also upgraded the senior unsecured notes due 2024 and 2026 issued by Puma International Financing S.A. and guaranteed by Puma to Ba3 from B1. The rating action reflects progress made by the company on...
Goodyear Downgraded to B+ from BB-
Goodyear was downgraded to B+ from BB- by S&P. The rating agency believes that Goodyear's recent strategic initiatives, while a positive step, may lead to significant restructuring costs and "take an extended period of time". Goodyear had announced steps including...
Kenya Abandons Offshore Bond Issuance Plan
Kenya has dropped plans to issue offshore bonds this fiscal year, according to its treasury secretary. Instead, Kenya will access loans from multilateral lenders, particularly from the World Bank and IMF in the fiscal year through June, where it has $2bn of offshore...
Philippines, AVIC, Macquarie Launch $ Bonds; Treasury Yields Drop Sharply
US Treasury yields dropped sharply across the curve on Tuesday. The 2Y yield fell 17bp and the 10Y fell 10bp. Fed official Christopher Waller, considered one of the most-hawkish members said that he is "increasingly confident that policy is well positioned to slow the...
YPF Dollar Bonds Rally on New Head, Cash Flow Optimism
Dollar bonds of state-owned Argentine energy company YPF rallied on the back of two positive updates. First, the nation's President-elect Javier Milei selected senior energy executive Horacio Marín to lead the company. Marín has lead exploration and production and...
Treasury Yields Drop Over 10bp
US Treasury yields dropped by over 10bp across the curve. The US Treasury concluded the auction of 2Y and 5Y notes. The $54bn 2Y auction was met with soft demand with a bid-to-cover of 2.54x, down from 2.64x in October and a tail of 1.1bp. The $55bn 5Y auction on the...
Americanas Reaches $4.9bn Deal with Banks to Increase Capital
Brazil's Americanas reached an agreement with bank creditors to restructure some of its debt, in an effort to exit bankruptcy protection. A binding agreement was signed with creditors holding more than 35% of its debt, and other creditors showed interest in the deal...
