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Casino Guichard’s Dollar Bonds Inch Lower after Concern of Narrowly Avoiding Debt Breach
French retailer Casino Guichard's dollar bonds fell by over 1 point after the company said it raised €350mn ($347mn) via a bridge loan from US hedge fund Farallon Capital, as analysts noted that it may have risked breaching its Q3 debt covenants without it. This comes...
Track the Latest Updates on Debt Restructurings Across China Real Estate
The Chinese property sector has witnessed a record amount of defaults ever since the Evergrande crisis began in mid-2021. Offshore defaults across the sector have crossed $37bn from January-August 2022. Nearly 70% of the dollar bonds in the sector are trading at less...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields rose 6bp to 3.55% while the 2Y was up 1bp to 3.95%. The peak Fed Funds Rate currently stands at 4.48% for the FOMC's March 2023 meeting. US credit markets saw a sharp widening with IG CDS spreads higher by 11.5bp and US HY spreads higher by...
Ecuador’s Dollar Bonds Tick Higher After Reaching Debt Restructuring with China
Ecuador's has reached a debt restructuring deal with China regarding $4.4bn of its outstanding debt. This would save the country about $1.4bn in cashflows until 2025. In February, Ecuador's President Guillermo Lasso indicated that he was looking to restructure the...
Adani Pledges Entire Ambuja, ACC Stake to Fund $6.5bn Deal
Adani Group's chairman Gautam Adani has pledged the Adani family's entire 63.15% and 56.69% stake in Ambuja Cements and ACC Ltd respectively, worth ~$12.5bn to foreign banks in order to fund the group's $6.5bn acquisition of the above two cement companies. The Adani...
Country Garden Downgraded to Ba2 by Moody’s
China's Country Garden (COGARD) was downgraded to Ba2 from Ba1 with a negative outlook by Moody’s. This comes a day after S&P's downgrade to BB from BB+. The Moody's downgrade was on account of weaker than expected contracted sales and expectations of its...
Times China Reports 98% Drop in Profits
Chinese property developer Times China Holdings reported\ a 98.4% YoY fall in net profits to RMB 31.1mn ($4.4mn) for 1H 2022, on lower revenues which dipped 52.4% YoY to RMB 6.5bn ($920mn). The revenue drop was on account of the delay in construction progress caused...
DP World Wins Court Ruling Over Djibouti Port Concession
Dubai's DP World has won a ruling in a Hong Kong court against China Merchants Port Holdings regarding rights and concessions related to Djibouti's container port. With the above ruling, DP World can now move to a full hearing against China Merchants Port before Hong...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 2Y benchmark yields rose 8bp to 3.95%, its highest since 2007. The rise in yields was seen further down the curve too, albeit to a lesser extent, with the 10Y up 3bp to 3.49%, its highest level since 2011. The curve thus witnessed a bear flattening move ahead of...
