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Times China Downgraded to Ca
Times China was downgraded to Ca from Caa1 and its senior unsecured ratings to C from Caa2, by Moody's. The rating agency cited a "high likelihood of default" and expectations of "weak recovery prospects for the company's creditors". This comes after the developer...
Bond Markets Kickstart 2023 with Surge in Deals; Macro; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries rallied on Tuesday with yields dropping by 8-12bp. This was the strongest start to a new year since 2001. The peak fed funds rate was up 1bp to 4.97% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at...
Times China Suspends Payments on Dollar Bonds; Hires Advisors to Address Debts
Times China hired CICC and Sidney Austin as its financial and legal advisors to address its offshore debts. Due to liquidity issues and to ensure fair treatment for creditors, Times China said it will suspend payment under its offshore bonds. It added that no...
Pemex Expected to Pay Q1 Debts Without Mexico’s Help: Sources
Pemex is expected to pay its debts due in 1Q 2023 without government help as per sources. They noted that the Mexican Finance Ministry wants Pemex to be able to meet its dues by itself unless it does not have sufficient cash. Mexico is known to have been providing...
Evergrande Vows to Pay Debts After Restructuring Delay
China Evergrande's founder Hui Ka Yan said that the developer will repay creditors and deliver projects this year. He said, "I believe we can complete our mission of delivery, repay various debts, eliminate the risks, and start a new chapter on survival... As long as...
Sunac to Sell 51% Stake in Project for $520mn
Sunac China's unit will sell a 51% stake in Shenzhen Ronghua Land Investment to Zhuhai Huafa for RMB 3.6bn ($520mn). Proceeds will be used to repay loan obtained for financing acquisition of a project in Shenzhen. Sunac is among the several Chinese distressed property...
Nigeria May Pay $4bn in Interest if Senate Blocks Debt Restructuring Plan
Nigeria's President Muhammadu Buhari said that the nation will have to pay an extra $4bn in the form of additional interest to service debts if the Senate blocks its plan to restructure government loans from the central bank. Last week, the Senate suspended a session...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved higher last week with the 2Y up 14bp and the 10Y up 18bp, thus leading to a slight bear steepening (Term of the Day, explained below) of the 2s10s yield curve. The peak fed funds rate was up from 4.85% on December 22 to 4.95% for the June 2023...
COGARD’s Dollar Bonds Continue to Trend Higher; Borrows $927mn from ICBC & Co-Chairman
Country Garden's (COGARD) dollar bonds were up by 7-13% over the last week with the developer receiving a combined $927mn. It secured ~HKD 5.1bn ($647mn) in the form of an interest-free loan from Concrete Win Limited, wholly-owned by Yang Huiyan, the co-chairman of...
