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Tata Motors, JLR Upgraded by S&P to BB+/BB
Tata Motors and JLR were upgraded by a notch to BB+ and BB by S&P, less than a week after Moody's upgraded them to Ba3. S&P believes that Tata Motors' debt reduction will likely accelerate over the next 12-18 months, led by strong free operating cash flow...
Adani Electricity Announces Buyback of 2030s
Adani Electricity announced a tender offer to buyback up to $120mn of its outstanding 3.949% bonds due 2030 by cash. The offer expires on December 13, 2023 and the early deadline date is on November 30. The purchase price is at $850 per $1,000 in principal before the...
Wanda’s Dollar Bonds Rally With Shopping Unit Refiling IPO
Wanda Properties' dollar bonds rallied by over 3-5 points. While there was no specific news on its dollar bonds, its shopping mall unit, Wanda Commercial Management, refiled its application for an IPO in Hong Kong. This comes after the company in June, filed a...
US Outlook Revised to Negative by Moody’s
US Treasury yields were stable on Monday. Markets await the US CPI and Core CPI prints for October later today, expected at 3.3% and 4.1% YoY respectively. This compares to 3.7% and 4.1% seen in September. Separately, Moody's revised the outlook on the US to negative...
The Week That Was (06 – 14 Nov, 2023)
US primary market new deals jumped higher last week to $33.7bn vs. $25.7bn a week prior with IG deals at $23.8bn led by RTX's $6bn five-trancher and Roche Holdings raising $4.4bn four-tranchers respectively. HY issuances stood at $4.9bn with SRM Concrete's and Service...
US Treasuries Sell Off on Weak 30Y Auction, Powell Comments
US Treasury yields rose sharply on Thursday up 10-13bp across the curve following a weak 30Y auction and Jerome Powell's speech. The US Treasury's $24bn auction of 30Y notes tailed by over 5.5bp with at a high yield of 4.769% and a bid-to-cover ratio of 2.24x, down...
Vedanta Said to Increase Cash Payout on Jan 2024 Dollar Bond
According to the sources, Vedanta Resources is said to increase the cash offer from 50% of the outstanding principal to 60% for the holders of the 13.875% 2024s. The remainder is likely to be extended. The notes are guaranteed by the group's subsidiaries. The sources...
Tata Motors, JLR Upgraded to Ba3
Tata Motors and JLR were upgraded to Ba3 from Ba1 by Moody's. Regarding Tata Motors, the rating agency highlighted said its continued credit profile improvement on the back of strengthening profitability and free cash flows. This has seen it reduce borrowings despite...
Kenya Plans Early Partial Redemption of $2bn Dollar Bond
Kenya's President William Ruto announced that they will make a payment of $300mn next month on its $2bn 6.875% dollar bonds due June 2024. The announcement comes after holding talks with funders to help finance the repayment. The planned buyback has been cut from...
