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The Week That Was (02 – 08 Oct, 2023)

The Week That Was (02 – 08 Oct, 2023)

US primary market new deals were lower last week at $7.35bn vs. $12bn a week prior, comprising solely of IG deals led by Honda's $1.75bn three-trancher and Fox Corp's $1.25bn deal. In North America, there were a total of 35 upgrades and 19 downgrades across the three...

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Egypt Downgraded to Caa1 by Moody’s

Egypt Downgraded to Caa1 by Moody’s

Egypt was downgraded to Caa1 from B3 by Moody's on the back of its "worsening debt affordability trend" and the forex shortages amid rising external debt service payments through 2025. Whilst Egypt's current account deficit improved to 1.2% of GDP at the end of fiscal...

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Treasuries Rally on Softer ADP Data

Treasuries Rally on Softer ADP Data

On Wednesday, US Treasuries reversed the sell-off seen a day prior as yields dropped by 11-12bp across the curve on the back of soft data. US ADP payrolls rose by only 89k in September, far below expectations of a 150k print and the lowest since January 2021. The ADP...

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Volcan Downgraded to B- by Fitch

Volcan Downgraded to B- by Fitch

Volcan Compania Minera (Volcan) was downgraded to B- from B by Fitch. This comes on the back of increased liquidity pressure amid recent governance concerns that could hurt its refinancing ability. Volcan's majority shareholder, Glencore, and minority shareholders...

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