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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields eased slightly with the 5Y, 10Y and 30Y yields down 4bp, 3bp and 2bp respectively. The peak Fed Funds Rate eased 2bp to 4.67% for the FOMC’s March 2023 meeting, with further rate hikes by the Fed continuing to be priced in. In the credit markets,...
SoftBank Completes $2.265bn Bond Buyback
SoftBank has agreed to buy back $2.265bn of its outstanding USD and EUR-denominated senior bonds and its 6% dollar perp post the tender offer completed on October 7. It has accepted to purchase $750mn of its USD 6% Perp, $514.366mn of its dollar bonds and €1.022bn of...
China SCE Attempts to Reassure Investors After Trust Product Payment Miss; Pays Dollar Bond Coupons
China SCE has sought to reassure investors after reports of missed payments on RMB 1.6bn ($223mn) of its local trust products by saying that the investment was backed by sufficient valuable assets. The trust product was used to finance the construction of a...
Medco Energi’s Dollar Bonds Rise
Indonesia's Medco Energi Internasional saw its dollar bonds move over 4% higher with its 2026s among the nation’s top gainers after OPEC+ announced a large production. Last week, the OPEC+ decided to cut output by 2mn bpd, their biggest cut since 2020. As per research...
US Corporate Bond ETFs Drop to Multi Year Lows
Amid swelling concerns about US Inflation and the sharp sell-off in the UK bond market, US corporate ETFs have plunged, falling to multi-year lows this week. The BlackRock iShares iBoxx Investment Grade (IG) Corporate Bond ETF, which tracks the US IG corporate bond...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields continue to march higher with the curve steepening, led by the 10Y and 30Y yields up 10bp and 11bp respectively. The peak Fed Funds Rate rose 4bp to 4.69% for the FOMC’s March 2023 meeting, underscoring expectations of further rate hikes. US credit...
Pakistan Set to Receive $4bn from ADB, AIIB, WB, UN
Pakistan's central bank deputy governor, Murtaza Syed announced on Monday that the sovereign is set to receive $4bn in additional funding from multilateral lenders, as the country is grappling with the aftermath of heavy floods. He added that $1.5bn is expected from...
Transocean Upgraded To CCC by S&P Following Distressed Exchanges
After downgrading Transocean to SD last week, S&P has reversed its ratings on the driller and upgraded it to CCC. After exchanging its near term maturities for longer dated bonds due 2029, the rating agency is of the view that Transocean has enhanced its...
Macquarie Group Upgraded to A by Fitch
Macquarie Group was upgraded to A from A- by Fitch. Among the drivers for the upgrade is a low double leverage. Fitch explains this further by stating that the same factors that apply to Macquarie Bank also apply to Macquarie Group, given that the latter is the...
