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CCB Files Liquidation Suit Against Shimao; COGARD Appoints Principal Legal Adviser
China Construction Bank (CCB) has filed a liquidation suit against the Chinese developer Shimao, in an effort to claw back money from the developer. The winding-up petition was filed on April 5 and relates to an obligation of HK$1.6bn ($204mn) according to the...
Turkey Eases Forced Bond-Buying Regulations
Turkey has eased bank regulations wherein they were forced to buy government bonds related to credit growth targets. The central bank CBRT, has scrapped the policy now and has cut the securities maintenance ratio to 1% from 4%. The forced bond-buying measure was put...
The Week That Was (01 – 07 April, 2024)
US primary markets were again muted last week, with new deals at $18bn vs. $11.6bn seen a week before this. IG issuers racked up $11bn of the total with GM Financial's $2.5bn two-trancher and Adobe's $2bn three-trancher leading the table. HY issuers accounted for...
Markets Now Pricing-in 50bp Cuts in 2024 After Jobs Print
US Treasury yields surged higher by 12-14bp across the curve following a strong jobs report. US Non-Farm Payrolls (NFP) came at 303k for March, much higher than the surveyed 214k and the 270k pick-up seen in February. Average Hourly Earnings (AHE) YoY rose 4.1%,...
Fed Officials On Rate Cuts As They Await More Data
US Treasury yields moved lower by 4-5bp across the curve on Thursday amid risk-off sentiment in markets. US IG CDS spreads widened 1.6bp and the HY spreads widened 8bp with the S&P and Nasdaq closing 1.2-1.4% lower. This came as Brent crude crossed the $90/bbl...
Lumen Upgraded to CCC+ by S&P
Lumen Technologies was upgraded to CCC+ from SD by S&P following the completion of its transaction support agreement (TSA) that saw it extend bond maturities. Prior to the TSA, Lumen had ~$2.1bn in debt due in 2025 and 2026 and another $9.5bn in 2027. Also, its...
South Africa’s Dollar Bonds Among EM Worst Performers YTD
South Africa's dollar bonds are among the worst performers among EMs, dropping by 4.4% since the beginning of the year. This performance comes on back of upcoming elections where investors are said to be concerned about a market unfriendly coalition government. South...
Turkey’s Opposition Wins Local Elections; Inflation at 68.5%
Turkey's opposition party CHP, handed President Erdogan's ruling AK Party a defeat in the local elections. This is being considered as a de facto referendum on Erdogan and comes less than a year since he won the national elections. Among the big upsets was his party...
ISM Services Softer, ADP at 184k
US Treasury yields were steady on Wednesday. US ISM Services PMI fell to 51.4 in March from 52.6 in February, and lower than expectations of 52.8. It was the second straight monthly decline since rebounding in January. Among the subcomponents, the Prices Paid Index...
