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Rolls-Royce Upgraded to BB on Credit Metrics Improvement
Rolls-Royce was upgraded to BB from BB- by Fitch upon the improvement of its credit metrics. The rating agency expects them to continue improving in the short-to-medium term. Its EBIT and EBITDA margins are set to further improve and cross 8% and 13% in 2023 vs. 4.5%...
Treasuries Rally on Softer ADP Data
On Wednesday, US Treasuries reversed the sell-off seen a day prior as yields dropped by 11-12bp across the curve on the back of soft data. US ADP payrolls rose by only 89k in September, far below expectations of a 150k print and the lowest since January 2021. The ADP...
Volcan Downgraded to B- by Fitch
Volcan Compania Minera (Volcan) was downgraded to B- from B by Fitch. This comes on the back of increased liquidity pressure amid recent governance concerns that could hurt its refinancing ability. Volcan's majority shareholder, Glencore, and minority shareholders...
Sunac Nears China’s First Major Developer’s Restructuring
Sunac China is set to be the first major Chinese developer to fully complete its debt restructuring with a court hearing expected in Hong Kong, the final step. This compares to some of its peers including Evergrande that are yet to find a viable debt-restructuring...
UBS’s AT1 Yield Premium Over non-Swiss Peers Vanishes
The yield premium of UBS's AT1 bonds over its non-Swiss peers has vanished now, after having spiked following its acquisition of Credit Suisse. For instance, during the height of the crisis, UBS's 4.875% Perp offered a 420bp premium over its comparable non-European...
Average US IG Yields at Highest Since 2009
US Treasuries extended their sell-off on Tuesday as yields soared on the long-end. The 10Y and 30Y yields were up over 14-16bp while the 2Y was up 4bp as the curve bear steepened. US JOLTS Job Openings jumped to 9.6mn in August, much higher than forecasts of 8.8mn...
Vedanta’s Dollar Bonds Drop Over 1.5 Points
Vedanta Resources' dollar bonds fell by over 1.5 points across the curve as investors assess the outcome of the demerger of its Indian business and its impact on repayment of dollar bonds. Analysts note that while the demerger may be completed by March 2025, it may...
Unigel Downgraded to C by Fitch on Missing Coupon Payment
Unigel has been downgraded to C from CCC by Fitch following the non-payment of coupons on its $420mn 8.75% 2026s, that was due on October 2. The notes have now entered a 30-day grace period before an event of default is triggered. Fitch believes it is "highly unlikely...
Vedanta Announces Demerger of Indian Business
Vedanta Ltd.'s board has approved the demerger of the business into six listed companies in an effort to unlock "significant value", as per an exchange filing. The companies are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous...