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Pakistan Downgraded to CCC+ by S&P; Reserves Down to $5.8bn
Pakistan and its senior notes were downgraded to CCC+ from B- by S&P due to "continued weakening" of its external, fiscal, and economic metrics. High inflation, interest rates, the impact of the floods and market conditions will pressure Pakistan's fiscal and...
Evergrande Misses Restructuring Deadline Amid Talks with Creditors
China Evergrande delayed releasing its restructuring plan yet again, after having missed its self-imposed deadline of end-2022. The developer is currently facing a winding-up lawsuit in Hong Kong which it cited as one of the reasons for delaying its overhaul plans...
SriLankan Airlines Seeks Coupon Deferment, Default Waiver and Bond Agreement Revision
SriLankan Airlines launched a consent solicitation on December 23 to defer coupon payments. It also proposed a waiver of ongoing events of default for a 12-month period. Its USD 7% 2024s had a coupon payment due on December 25, 2022 and an upcoming one on June 25,...
2022: The Bond Market’s Winter | Macro Backdrop (1/5)
Macro Investment Grade Bonds High Yield Bonds Perpetual Bonds/AT1s China Real Estate For the 2022 year end report, we have put together an interactive dashboard with data and charts on index returns, price returns (ex-coupon), issuance volume, largest deals and top...
2022: The Bond Market’s Winter | Investment Grade Bonds (2/5)
Macro Investment Grade Bonds High Yield Bonds Perpetual Bonds/AT1s China Real Estate With the backdrop of rising interest rates and persistently high inflation, Investment Grade (IG) dollar bonds suffered the most. This is in particular due to the higher duration...
2022: The Bond Market’s Winter | High Yield Bonds (3/5)
Macro Investment Grade Bonds High Yield Bonds Perpetual Bonds/AT1s China Real Estate When compared to Investment Grade (IG) bonds, High Yield (HY) bonds performed slightly better due to the lower duration risk present in HY bonds (as higher coupons/yields imply a...
2022: The Bond Market’s Winter | AT1 Bonds and Perpetual Bonds (4/5)
Macro Investment Grade Bonds High Yield Bonds Perpetual Bonds/AT1s China Real Estate CoCo/AT1 bonds just like the rest of the bond market, had a bad year. However, they fared much better than the equity market and investment grade bonds. For example, the US CoCo/AT1...
2022: The Bond Market’s Winter | China Real Estate (5/5)
Macro Investment Grade Bonds High Yield Bonds Perpetual Bonds/AT1s China Real Estate The Chinese real estate sector saw a massive erosion in value this year, continuing the wave of defaults from 2021. Prominent defaults of Evergrande and Fantasia in late 2021 led to a...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The sell-off in US Treasury yields cooled down on Wednesday by 5-6bp across the curve after surging 11-12bp higher on Tuesday. The peak Fed funds rate was down 4bp to 4.85% for the May 2023 meeting. The probability of a 25bp hike in the FOMC February 2023 meeting...
