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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...
Fund Manager Setting Sights on Higher Rates in Australia
Joining the spew of global central banks that have, in the past week, hiked interest rates or put out statements that they will do so in the near future, the Reserve Bank of Australia is expected to start lifting rates in the second quarter of 2018 by Ellerston...
HNA Group Repurchases its Bonds as Prices Tumble on Bank Support Concerns
The US$300 million 8.875% bonds issued just last month by HNA Group International Co., a unit of HNA Group Co., fell to about 93 cents on the dollar earlier this week. Despite the company assuring markets that it would not default on borrowings in the near...
Philippines Wins a Fitch Upgrade as its Largest Lender Issues the Country’s First Green Bond
Fitch Ratings announced on Monday a one-notch rating upgrade for the Republic of Philippines to ‘BBB’ from ‘BBB-‘, with stable outlook. This came on the back of the country’s continued strong and consistent macroeconomic performance, underpinned by sound policies...
Fed Set to Raise Rates with Strong Jobs Report
Providing the latest snapshot of the American economy, the U.S. Labor Department released its monthly nonfarm payrolls (“NFP”) jobs report on Friday morning U.S. time. Data showed that employers hired workers at a healthy rate in November, with NFP rising a...
Indonesia and Pakistan Dollar Bonds Add to Record Issuance Year for Asia ex-Japan
The Republic of Indonesia (Baa3/BBB-/BBB-) priced US$4 billion in bonds yesterday, adding to the record high over US$300 billion in Asia ex-Japan dollar issuance so far this year. The senior unsecured notes were SEC-registered for the first time in more than 20...
Russia Plans to Issue 6 Billion Yuan of Debut Dim Sum Bonds
As a form of funding diversification away from Western sources, Russia is reportedly planning a CNH 6 billion (US$907 million) dim sum bond issuance which could come to the markets as early as next week. The sale has been under discussion since the 2014 U.S. and...
