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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...
Fed December Statement Confirms Support for Continued Gradual Rate Hikes
The minutes of the Federal Open Market Committee’s 12th-13th December meeting revealed that most participants continue to support a “gradual approach to raising the target range” for the benchmark policy rate. Federal Reserve officials voted during the meeting...
China to Boost Panda Bond Market by Allowing Japanese Companies to Issue
Japan’s Financial Services Agency exchanged letters of cooperation with China’s Finance Ministry last Friday for the creation of a framework to improve audit oversight between the 2 countries. This was a major step toward allowing Japanese companies to directly issue...
Fitch Upgrades Indonesia on Stability, Strong Reserves and Growth
Fitch upgraded Indonesia’s long-term, foreign currency-denominated debt by one notch to ‘BBB’ from ‘BBB-‘ with a stable outlook, one week after upgrading its fellow Southeast Asian peer Philippines, also by one notch to ‘BBB’. This is Indonesia’s second ratings...