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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...
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...
