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Rite Aid Given March 1 Deadline by Bankruptcy Court
Rite Aid has been given a deadline of March 1 by the Bankruptcy Court to reorganize its business. The ruling comes after complaints about the case moving too fast, from the lower-ranking creditors. They argued that they needed more time to review the $3.45bn loan...
Wanda Seeking Dollar Bond Extension
Wanda Properties, a key unit of Dalian Wanda has asked to extend the maturity on the 7.25% bonds due 29 January 2024 by eleven months to 29 December 2024. Sources noted that the company is offering to pay 10% of the principal in January, 20% in May, 30% in September,...
Julius Baer’s Dollar Bonds Drop on Finma’s Scrutiny Over Signa
Julius Baer's dollar bonds were down as much as 4 points after news that its €600mn ($655mn) exposure to Signa Holding GmBH was now being monitored by Swiss regulator Finma, according to sources. The company had set aside CHF 70mn ($79mn) for souring debt in the first...
NWD’s Dollar Bonds Move Higher
New World Development's (NWD) dollar bonds moved higher by over 2-3 points across the curve yesterday. While there was no specific news available regarding the company, NWD's bonds have been trending higher since the beginning of the month. NWS Holdings, the flagship...
Marks & Spencer Upgraded to BBB- by S&P
Marks & Spencer (M&S) was upgraded to BBB- from BB+ by S&P. The rating action came on the back of a strong 1H 2023 operating performance. It reported revenue growth of 14.7% YoY in its food division, stronger than the market expectations in both volume and...
Fed Minutes Sound Cautious Tone; ADCB Prices AT1 at 8%
US Treasury yields were steady across the curve on Tuesday. The Federal Reserve's minutes released yesterday showed that policymakers agreed on a stance to "proceed carefully" on future interest-rate moves and base any further tightening on progress toward their...
China Drafting ‘White List’ of Developers for Funding Options
China is said to be drafting a 'white list' of 50 developers, both private and state-owned, to be eligible for a range of funding options to help the property market, as per sources. They noted that some of the names include China Vanke, Seazen Group and Longfor Group...
Macy’s Bonds Rally On Better than Expected Q3 Numbers
Macy's Inc. reported better than expected Q3 results yesterday. Overall sales came in at $4.86bn, topping forecasts of $4.77bn for the quarter. The company raised the forecast of full-year revenue to $22.9-23.2bn and the adjusted earnings to $2.88-3.13/share. This is...
Lippo Karawaci Downgraded to CCC+ by Fitch
Lippo Karawaci was downgraded to CCC+ from B- by Fitch. Fitch also downgraded the ratings of its 8.125% 2025s and 6.75% 2026s to CCC+ from B-. The rating action reflects the heightened refinancing risk of Lippo's dollar bonds due to prioritization of refinancing...