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Transocean Prices $1.8bn Two-Trancher, Upgraded to B3
Transocean raised $1.8bn via a two-tranche deal. It raised $900mn via a 5NC2 bond at a yield of 8.25%, inside initial guidance of 8.25-8.50%. It raised $900mn via a 7NC3 bond at a yield of 8.50%, inside initial guidance of 8.50-8.75%. The priority guaranteed notes are...
Wing Tai’s Perps Rise on Call Announcement
Wing Tai's SGD-denominated Perps rallied by over 1.6 points after the company announced its intention to redeem all of its S$150mn 4.48% Perp callable on May 24. The note rallied 1.9 points to 99.81, yielding 6.27% to call. On the back of this, its 4.35% Perp callable...
El Salvador Prices 6Y Dollar Bond at 12%
El Salvador raise $1bn via a 6Y bond at a yield of 12%, inside initial guidance of low 12% area. The notes are rated B-/CCC+ (S&P/Fitch). The coupon is 9.25% and the notes amortize beginning in 2028. If El Salvador fails to get at least two upgrades to a rating of...
UBS Could Face Higher Capital Requirements
UBS Group could face substantially higher capital requirements under the new reforms proposed by the Swiss government, as per its 209 page report on banking stability. The Federal Council has proposed a package of 22 measures for direct implementation to strengthen...
Ping An Trust Delays Repayment on Investment Product
Ping An Insurance Co's trust business delayed repayment on a property-linked investment product. It apologized to investors yesterday for postponing the payment and blamed the overall downturn in the property sector. The company added that it will be suing Zhenro...
Fed Speakers Sound Less Optimistic on Speed of Inflation’s Downward Path
US Treasury yields were stable yesterday. US PPI YoY rose 2.1%, higher than the prior 1.6% and slightly lower than the expected 2.2%. Core PPI YoY rose 2.4%, higher than both, the prior number and expectations of 2.0% and 2.3% respectively. Initial jobless claims for...
Treasuries Sell-Off on Higher CPI Print
US Treasury yields soared across the curve yesterday following the inflation print. The 2Y yield jumped 15bp and the 10Y yield was up over 10bp. US CPI came at 3.5% YoY, higher than the expected 3.4% and much higher than February's 3.2% reading. Core CPI came at 3.8%,...
Macy’s Sued for Debt Payment Acceleration Takeover Defense in Proxy Fight
Macy’s has come out with a takeover defense as part of its debt agreements, in a proxy fight with Arkhouse Management and Brigade Capital Management. The takeover defense involves acceleration of debt payments of over $1.5bn that may burden Macy's finances, according...
Staples Said to be Working on Refinancing Package
Staples is said to be working on a near-term debt refinancing package, as per sources. They noted that a package including both bonds and bank loans is possible as early as next week. The exact details were not outlined yet. The company has over $6bn in debt,...