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Macau’s Credit Ratings Upgraded by Fitch to AA
Fitch Ratings upgraded Macau's long-term foreign-currency ratings to 'AA' from 'AA-', with a stable outlook. The upgrade reflects a number of key ratings drivers, including estimated GDP growth of 8.7% in 2017 following three consecutive years of decline. The...
Taiwan’s Dollar Formosa Bond Market Rejuvenated by Regulation Changes
Following the deregulation of Taiwan's Formosa bond market in mid-January, a number of issuers have seized the opportunity to tap this market, with its abundant dollar liquidity and strong local demand. Qatar National Bank and Abu Dhabi Commercial Bank issued dollar...
Alibaba’s 40-Year Hit Hard After Market Value Tumbled by $30 Billion
Alibaba Group Holding Ltd.’s 40-year bond, maturing in 2057, posted the biggest losses year-to-date among Asian dollar bonds, as the Chinese e-commerce giant's shares fell the most in 18-months, reducing its market capitalisation by US$30 billion late last week. The...
Fed Leaves Benchmark Rates Unchanged but Poised to Increase at the March FOMC
Federal Reserve officials met yesterday for the last time under Chair Janet Yellen, voting unanimously to leave borrowing costs unchanged, as was expected by the markets. In the FOMC statement however, the word “further” was added twice to previous...
Noble Reaches In-Principle Agreement to Restructure Debt, Alienating Shareholders
Noble Group Ltd., who had fallen into financial difficulties because of the fall in commodities prices, reached a deal earlier this week to restructure $3.5 billion in debt. After a 3-year crisis marked by massive losses, write-downs and controversial accounting,...
Tata Steel Pulls in Strong Support with the First India High-Yield Issue in 2018
Tata Steel (Ba3/BB–/BB) has raised US$1.3 billion, in $300 million of 5.5-year paper at 4.45% and $1 billion of 10-year paper at 5.45%, to refinance its offshore obligations, which will help de-risk its balance sheet as well as enhance financial flexibility. This...
Philippines Opens Asian USD Sovereign Bond Market for 2018
The Republic of the Philippines (Baa2/BBB/BBB) completed the first Asian U.S. dollar sovereign bond offering of the year, pricing a US$2 billion 10-year bond at par to yield 3.0%. The switch tender comprised of a $1.25 billion bond swap for 14 of its outstanding...
Mongolia’s Credit Ratings Upgraded to B3 by Moody’s
Moody’s Investors Service has upgraded the Government of Mongolia’s long-term issuer ratings and the senior unsecured ratings to B3, with a stable outlook, from CAA. S&P’s and Fitch both rate Mongolia at B–. The key factors driving the ratings upgrade are less...
Tencent Revisits the Market for the First Time in 3 Years with $5 Billion
Tencent Holdings Ltd. sold US$5 billion in bonds last week, in 3 tenors spread over 4 tranches. This was the A2-rated Chinese Internet company’s biggest U.S. dollar offering and its first debt issue since February 2015 when a total of $2.1 billion of bonds was...