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NWD Completes $610mn Buyback of Dollar Bonds
New World Development (NWD) has bought back $610mn of its dollar bonds as per the tender offer announced in November. The final amount bought back was slightly higher than the original $600mn announced in the offer. As per the exchange filing released, the final...
More Details Emerge on Vedanta’s $1.25bn Loan from Private Lenders
We reported last week that Indian mining conglomerate Vedanta was in advanced talks with private lenders for a $1.25bn loan to partly repay its 2024s and 2025s. As per people familiar with the matter, the Anil Agarwal-led company is in talks with lenders led by...
US Treasuries Continue to Rally on Weak Jobs Data
US Treasury yields rallied by 4-10bp across the curve on Tuesday. The ISM Services PMI index for the month of November came in at 52.7 v/s 51.8 in October, beating forecasts of 52. The reading pointed to stronger growth in the services sector, amid faster increases in...
Adani Green Secures $1.4bn Loan; US Extends $553mn to Adani Ports
Adani Green Energy Ltd. secured a $1.4bn loan for its renewable project, on Tuesday. The financing will help the company in developing 2,167MW renewable energy park in Khavda, Gujarat. The loan facility was extended by a consortium of lenders, comprising of eight...
Braskem Dollar Bonds Sink Further
Braskem's dollar bonds tumbled by 3-5 points across the curve after it was notified Thursday of a BRL 1bn ($205mn) civil action lawsuit on potential damages from the imminent collapse of a mine operated by them in Maceió, Alagoas. Fitch had stated that the imminent...
UBS to Redeem 7% Perps in January
UBS announced its plans to redeem its $2.5bn 7% Perp by its first call date on 31 January 2024. The move is seen as an effort to reassure investors about its ability and willingness to call back its AT1s on their first call date. This comes after UBS successfully...
China South City Launches Consent Solicitation for Notes
China South City launched a consent solicitation to extend the maturity and lower the coupons on its 9% 2024s maturing in April, June, July, October and December. It added that coupons on the July 2024s that were scheduled on November 20 were not paid, noting that it...
US Factory Orders Slip; Treasuries Stay Steady
US Treasury yields were stable across the curve on Monday. US Factory Orders fell 3.6% in October after a downwardly revised 2.3% in September, the biggest monthly drop since April 2020. Analysts note that this was not only the biggest monthly drop in roughly 3.5...
Lufthansa Upgraded to BBB- by S&P
Deutsche Lufthansa, along with its senior unsecured notes were upgraded by a notch to BBB- by S&P. S&P also upgraded Lufthansa's junior subordinated debt by two notches to BB. With the upgrade, Lufthansa has thus moved to being an IG-rated issuer from its...
