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Morgan Stanley Sells Bonds Worth $7.5bn
Morgan Stanley raised $7.5bn via a three-part offering, joining jumbo bond issuances from peers JP Morgan and Bank of America. It raised: $2bn via a 3Y non-call 2Y (3NC2) fixed-to-floating bond at a yield 0.731%, or T+57bp, 13bp inside initial guidance of T+70bp area...
Golden Wheel Tiandi Downgraded to CCC+
Chinese homebuilder Golden Wheel Tiandi (GWT) was downgraded by Fitch to CCC+ from B- on weak liquidity, refinancing risks and a deterioration of their business profile. Fitch said that the downgrade also reflects the likelihood of the company having difficulties...
Colombia’s $3bn Two-Trancher 3.4x Covered
Colombia raised $3bn via a dual tranche offering. It raised $2bn via a 11Y bond at a yield of 3.356% or T+175bp, 30bp inside initial guidance of T+205 area. It also raised $1bn via a 20Y bond at a yield of 4.235% or T+205bp, 30bp inside initial guidance of T+235 area....
Saudi Real Estate Refinance Lining Up $1bn Debut Dollar Sukuk
Saudi Real Estate Refinance Co (SRC) has lined up a debut dollar sukuk worth $1bn by the end of the year. The issue of the Sukuk is likely to be between $500mn and $1bn with a tenor between 10 and 12 years. Moody's has assigned a first time issuer rating of A2 with a...
Peru’s Bonds Slip as Castillo Takes The Lead for Presidency
Peru’s currency and bonds fell after leftist presidential candidate Pedro Castillo is reported as the clear favorite in an opinion poll ahead of June’s presidential elections. Peru’s Sol slid 1.14% to close at 3.6730 per dollar, the largest daily loss since November....
Gulf Energy to Acquire Singtel Associate for $5.4 Billion
Thailand's largest power producer Gulf Energy Development has made a bid to acquire Singtel associate company Intouch Holdings, which controls Thailand's largest mobile phone company Advanced Info Service, for THB 169bn ($5.4bn). Gulf, controlled by Thai billionaire...
Meituan Raises $10bn via Share & Convertible Sale to Take on Alibaba
Chinese delivery company Meituan raised $9.98bn via a record share sale and convertible bond issuance in a bid to build its war chest to take on majors such as Alibaba. The company raised $7bn via a top-up share placement, the largest ever by a Hong Kong-listed...
Olam, Putian Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P ended 0.4% higher and Nasdaq was 0.1% higher. Overall, markets were relatively quiet as data was minimal with the US 10Y Treasury yields 2bp tighter at 1.56%. European equities rallied with DAX up 1.3%, CAC up 0.9% and FTSE up 0.5%. US IG CDS spreads were...
China Regulators Break Silence on Huarong; States That Liquidity is Adequate
An official from the CBIRC, China's regulator, commented on China Huarong Asset Management Company (CHAMC) stating that "operations at Huarong remain normal and the company has ample liquidity", as per Caixin. This is the first official comment after CHAMC’s dollar...
