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El Salvador Upgraded to B- by S&P
El Salvador's long-term rating was upgraded to B- from CCC and its short-term sovereign ratings to B from C, by S&P. The upgrade stems from the local debt reprofiling program started by the government in October, which is expected to reduce rollover needs and...
Vanke’s Dollar Bonds Surge After Support Signals From SASAC
China Vanke's dollar bonds soared by 7-12 points across the curve after the company said that it will repay its debts on time. This comes amid signals of support from local Shenzhen regulator, SASAC. A senior official from the regulator said that it had sufficient...
Telecom Italia Bonds Show Mixed Reaction on NetCo Deal
Telecom's Italia's bond showed mixed reactions on the news of the NetCo asset sale, including FibreCorp to KKR. As per the press release, "The binding offer values NetCo (excluding Sparkle) at an enterprise value of €18.8bn ($20bn), without considering any upside...
US Treasuries Take a Breather; New Bond Issues; Rating Changes
US Treasuries pulled back yesterday after witnessing a sharp rally last week as the 2Y and 10Y yields went up 5-7bp. The peak Fed Funds Rate was up 1bp. Minneapolis Fed President Neel Kashkari, an FOMC voter said that it was too early to declare victory over...
DISH’s Bonds Plummet on Poor Earnings
DISH Network's bonds sank 4-8 points across the curve after reporting weak earnings, missing estimates by a large margin. It reported revenues of $3.7bn, down 9.8% YoY and lower than estimates of $3.82bn. Its net losses stood at $139mn for the third quarter vs. $412mn...
Vedanta Nearing $1.25bn Private Loan, say Sources
Vedanta Resources is said to be in advanced stages of securing a $1.25bn private loan after weeks of negotiations, with an interest rate of 18-20%, as per sources. The conglomerate has been in talks with lenders like Cerberus Capital, Davidson Kempner Capital, Varde...
US Treasuries Rally After Soft Jobs Report
US Treasuries rallied on Friday, following the jobs data, with the 2Y yield down 13bp and the 10Y yield down 8bp. The Peak Fed Funds Rate was down 5bp. US NFP for October rose by 150k, lower than the surveyed 180k and last month's 336k. The Unemployment Rate was at...
Egypt Downgraded to B- by Fitch
Egypt was downgraded to B- from B by Fitch. It cites increased external financing risk given high external financing requirements and high debt. They also note that Egypt's transition to a flexible exchange rate system has been weak. Fitch notes that Egypt is set to...
Telecom Italia Approves KKR’s $20bn Bid for Its Network Grid
Telecom Italia, on Sunday approved the sale of its fixed-line network to KKR for €19bn ($20bn). The company's board had started reviewing the offer on Friday and approved it on Sunday. Italy's government has authorised the Treasury to spend up to €2.2bn to take a 20%...
