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Egypt’s Dollar Bonds Jump Over 2 Points on Reports of Possible $5bn in New Deposits from Saudi, UAE
Egypt’s dollar bonds rallied by over 2 points across the curve after reports by Al-Borsa that the nation's central bank was close to securing up to $5bn in new deposits from Saudi Arabia and the UAE. Once successful, the deposits would be later converted into...
Treasury Yields Jump Again on Strong Data, Weak 5Y Auction
US Treasury yields jumped across the curve yesterday, triggered by strong new-home sales data that accelerated in September, coupled with a weak auction of the 5Y note. The 5Y and 10Y yields jumped 11bp and 15bp respectively. New home sales rebounded 12.3% to a...
Country Garden Declared to Be in Default for the First Time
Country Garden (COGARD) was declared to be in default for the first time in its history, as per a notice to holders from trustee Citicorp International Ltd. The missed coupon payment of $15mn on its 6.15% 2025s "constitutes an event of default", the note said. As per...
PIMCO Prefers Macau Casino Bonds Over Vegas on Recovery Following Tourist Influx
Macau's casino operators' dollar bonds are set to benefit from an influx of tourists from China and thus are being preferred over Las Vegas counterparts, said PIMCO's global credit CIO Mark Kessel. After being "pretty bullish" on Vegas bonds, he said that PIMCO is...
US Flash PMIs Show Improvement While Eurozone PMIs Drop
US Treasury yields eased further with the 10Y yield down 4bp to 4.81% after having breached the 5%-mark intraday on Monday before pulling back. S&P Flash PMIs showed that US business output ticked higher in October as the manufacturing sector came out of a...
Nigeria’s Dollar Bonds Rise on FinMin Expecting $10bn of Inflows in Weeks
Nigeria's dollar bonds inched higher by over 1-1.3 points across the curve after two positive announcements. First, the finance minister said that he expects the country to receive $10bn of inflows "in weeks rather than months". This could help ease the liquidity...
Petrobras Planning a More Conservative Dividend Policy
Brazil's Petrobras on Monday, proposed changes that could reduce the future dividend payouts and potential of extraordinary dividend payments. The board proposed to create a capital-remuneration reserve that could be used for other purposes such as share buybacks or...
US 10Y Yield Pulls Back After Touching 5%, Highest Since 2007
US Treasury yields pulled back by 11bp after breaching the 5%-mark intraday, to touch 5.02%, the highest since 2007. Analysts noted that the volatility in treasuries were fueled by expectations that the Fed will keep rates elevated and the US Treasury will boost bond...
Argentina, YPF Dollar Bonds Dip After Massa Leads Vote
Dollar bonds of Argentina and YPF fell 1-2 points across the curve after Economy Minister Sergio Massa took the lead in the country's first-round Presidential vote, thereby forcing a runoff with Javier Milei expected for next month. Massa is the ruling coalition's...