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Fed Officials On Rate Cuts As They Await More Data
US Treasury yields moved lower by 4-5bp across the curve on Thursday amid risk-off sentiment in markets. US IG CDS spreads widened 1.6bp and the HY spreads widened 8bp with the S&P and Nasdaq closing 1.2-1.4% lower. This came as Brent crude crossed the $90/bbl...
Lumen Upgraded to CCC+ by S&P
Lumen Technologies was upgraded to CCC+ from SD by S&P following the completion of its transaction support agreement (TSA) that saw it extend bond maturities. Prior to the TSA, Lumen had ~$2.1bn in debt due in 2025 and 2026 and another $9.5bn in 2027. Also, its...
South Africa’s Dollar Bonds Among EM Worst Performers YTD
South Africa's dollar bonds are among the worst performers among EMs, dropping by 4.4% since the beginning of the year. This performance comes on back of upcoming elections where investors are said to be concerned about a market unfriendly coalition government. South...
Turkey’s Opposition Wins Local Elections; Inflation at 68.5%
Turkey's opposition party CHP, handed President Erdogan's ruling AK Party a defeat in the local elections. This is being considered as a de facto referendum on Erdogan and comes less than a year since he won the national elections. Among the big upsets was his party...
ISM Services Softer, ADP at 184k
US Treasury yields were steady on Wednesday. US ISM Services PMI fell to 51.4 in March from 52.6 in February, and lower than expectations of 52.8. It was the second straight monthly decline since rebounding in January. Among the subcomponents, the Prices Paid Index...
Telecom Italia Expected to Receive €1bn Windfall
Telecom Italia is expected to receive a €1bn ($1.1bn) windfall from the Italian government after a court ruled in its favor in a legal case dating back to the late 1990s. The government has been ordered to pay back €530mn ($575mn) plus interest for licensing fees paid...
Nordstrom Downgraded to BB by Fitch
Nordstrom and its unsecured debt ratings were downgraded by a notch to BB from BB+ by Fitch. The downgrade reflects Fitch's reduced confidence in the company's ability to defend its market share and stabilize EBITDA amid headwinds faced by the department store...
Wanda’s Dollar Bonds Rally on Mall Stake Sale
Dalian Wanda's dollar bonds rallied across the curve by 2-4 points following the company's 60% stake sale in its mall unit for $8.3bn. While this would provide a sizeable boost to Wanda’s liquidity, analysts note that the proceeds may also be used to refund an earlier...
Treasury Yields Inch Higher; ISM Services, ADP Due Today
US Treasury yields continued to inch higher across the curve on Tuesday. The final reading for February's US Durable Goods Orders came at 1.3%, slightly lower than the preliminary 1.4% reading. Final Capital Goods Orders held intact, rising 0.7%. Cleveland Fed...
