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China Bad Debt Asset Managers Set to Provide $24bn in Refinancing for Developers
Chinese regulators and its biggest bad-debt asset management companies are said to be planning to offer ~RMB 160bn ($24bn) of refinancing support to high-quality developers in 1Q 2023, as per sources. While not many details were revealed, sources said that the PBOC...
United Airlines’ Bonds Tick Higher on Forecast of 4x Profit Jump
United Airlines have forecasted at least a 4x jump in its full year profit for 2023 after reporting its 4Q 2022 earnings. The air carrier reported a $2.52/share adjusted profit last year and a Q4 profit of $2.46/share beating analysts' expectations of $2.10/share. It...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved higher by 3-5bp across the curve. The peak Fed funds rate was 1bp higher at 4.93% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at 91%, almost unchanged. US equity markets ended were...
Evergrande’s Auditor Quits on Disagreement Regarding 2021 Audit
China Evergrande's auditor PricewaterhouseCoopers (PwC) resigned from its role as the developer's auditor on disagreements over the timeline and scope of work. The disagreements included Evergrande's status as a going concern and also lack of information on material...
Fantasia’s Dollar Bonds Jump Over 4 Points on Restructuring Details
Dollar bonds of Fantasia rose by 4-5 points across the board to trade at over 15-17 cents on the dollar after it revealed its restructuring details. As part of its restructuring, the developer said that it will swap $1.3bn of its offshore borrowings into shares and...
Philippines Corporates’ Dollar Bonds Move Lower
Dollar bonds of Philippines corporates like SMC Global, ICTSI, Manila Water, Vista Land etc. traded lower by over 2 points on Monday, as seen in the chart above. The reason for the move was not clear.
Azure Power Downgraded by Fitch and Moody’s
Azure Power Global's dollar bonds were downgraded to BB and Ba3 by Fitch and Moody's respectively. The downgrades came over concerns regarding Azure's corporate governance and compliance after the management failed to disclose overdue audited financial results. The...
2023 Off to a Fiery Start with Flurry of New Bond Issues
The first two weeks of 2023 has been one of the busiest starts to a year for the primary bond markets with $50.2bn of new corporate dollar bond deals, up 15.7% over the corresponding period last year. Issuers across regions have flooded the international bond markets...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved higher, led by the short-end with 2Y and 5Y yields up 4-6bp. The peak Fed funds rate was unchanged at 4.92% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting now stands at 94%, almost unchanged since...
