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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Treasuries eased slightly on Monday by 2-4bp across the curve. The peak Fed funds rate was down 2bp to 4.93% for the June 2023 meeting, despite two Fed speakers indicating that they would favor seeing the Fed raising rates above 5% this year. The probability of a...
Macau Casino Bonds Up 2 Points on China Relaxing Quarantine Rules
Dollar bonds of Macau's casino operators were up by over 2 points as China stopped requiring quarantine for arrivals as part of ending its 'Covid Zero' policy. The easing in border comes ahead of the Lunar New Year holiday. Macau's six incumbent casino operators have...
Bed Bath Upgraded to CC from SD by S&P
Bed Bath & Beyond was upgraded to CC from SD by S&P after its distressed debt exchange was terminated as the conditions of the offer were not satisfied. Thus, now $215mn of the company's senior notes due August 2024 remain outstanding, alongside other bonds...
Vodafone’s Dollar Bonds Move Up on Sale of Hungarian Business
Vodafone's dollar bonds were up by ~0.7-1.3 points after it said that it agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state for a cash consideration of €1.7bn ($1.8bn) from the deal. 4iG will hold a majority 51% stake while the...
Rolls-Royce’s Bonds Inch Higher on Record Car Sales
Rolls-Royce's dollar bonds were up over 1 point after the company saw a record number of car sales. It sold 6,021 cars, up 8% YoY its highest ever. About 33% of its sales come from the Americas, 25% from China and 20% from Europe. It said that the spike in sales were...
US Treasuries Rally On As Jobs Report Shows Softening Inflation; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasuries saw a massive rally on Friday with yields dropping by over 20bp across the 2Y and 5Y while 10Y yields fell 15bp. The move occurred after the keenly awaited jobs report numbers came out. US Non-Farm Payrolls (NFP) came at 223k for December, higher than...
The Week That Was (02 – 08 January, 2023)
Issuance volumes shot higher regions last week - global dollar deals totaled $103.8bn last week, over 5% of the total deals in 2022. US primary market issuances stood at $23.6bn last week. IG issuances stood at $20.85bn led by by John Deere's $2.3bn and Duke Energies'...
Greenland’s Dollar Bonds Jump Alongside Broad Chinese Developers’ Bond Rally
Dollar bonds of Greenland Holding rose by over 15% on Friday. The company reached an agreement with Minyoun Hospitality to sell a 52% stake in its hotel management unit for RMB 624mn ($92mn). Greenland' hotel management unit is currently held via its fintech unit and...
Pakistan Expects China and Saudi Support; IMF’s $1.1bn Disbursal Delayed
Pakistan's dollar bonds moved higher by 0.7-1 points but then ended lower by 0.3 points after the latest update on its finances. Its Finance Minister Ishaq Dar said that China and Saudi Arabia would enhance their support to the nation with financing by end-January,...
