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Kenya Abandons Offshore Bond Issuance Plan
Kenya has dropped plans to issue offshore bonds this fiscal year, according to its treasury secretary. Instead, Kenya will access loans from multilateral lenders, particularly from the World Bank and IMF in the fiscal year through June, where it has $2bn of offshore...
Philippines, AVIC, Macquarie Launch $ Bonds; Treasury Yields Drop Sharply
US Treasury yields dropped sharply across the curve on Tuesday. The 2Y yield fell 17bp and the 10Y fell 10bp. Fed official Christopher Waller, considered one of the most-hawkish members said that he is "increasingly confident that policy is well positioned to slow the...
YPF Dollar Bonds Rally on New Head, Cash Flow Optimism
Dollar bonds of state-owned Argentine energy company YPF rallied on the back of two positive updates. First, the nation's President-elect Javier Milei selected senior energy executive Horacio Marín to lead the company. Marín has lead exploration and production and...
Treasury Yields Drop Over 10bp
US Treasury yields dropped by over 10bp across the curve. The US Treasury concluded the auction of 2Y and 5Y notes. The $54bn 2Y auction was met with soft demand with a bid-to-cover of 2.54x, down from 2.64x in October and a tail of 1.1bp. The $55bn 5Y auction on the...
Americanas Reaches $4.9bn Deal with Banks to Increase Capital
Brazil's Americanas reached an agreement with bank creditors to restructure some of its debt, in an effort to exit bankruptcy protection. A binding agreement was signed with creditors holding more than 35% of its debt, and other creditors showed interest in the deal...
US IG Corporate Spreads at Tightest Since April 2022
US Treasury yields were higher by 4-5bp across the curve on Friday. Preliminary business activity indicators in the US held steady in November. The S&P Global US Composite PMI for November was unchanged from last month, at 50.7 but slightly above estimates of...
Turkey Nears Bond Sale to ADQ; Dollar Bonds Trend Higher
Turkey's dollar bonds have trended higher last week, up by over 2 points across the curve. The nation is nearing a debut bond sale to ADQ, an Abu Dhabi sovereign wealth fund, in an effort to boost investor sentiment. The government will likely offer 10Y bonds in...
Vedanta Nearing $1.25bn Private Loan in December, Say Sources
Vedanta is expected to complete a planned $1.25bn private loan deal in December, according to sources. They added that signs of progress were being seen as lenders are said to have hired law firms Linklaters and Khaitan & Co. while Vedanta has hired Ashurst....
The Week That Was (20 – 26 November, 2023)
US primary market new deals dropped significantly last week to just $2.5bn vs. $41bn a week prior due to a shortened week on account of the Thanksgiving holidays. Deal volumes were taken completely by IG issuers led by Consolidated Edison's $2.5bn and Norfolk...
