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The Week That Was (16 – 22 October, 2022)
US primary market new deals were significantly higher last week at $30bn vs. $12bn a week prior with IG deals at $25.9bn led by large US banks - JPMorgan raised $7.25bn via a thee-trancher followed by Wells Fargo and Goldman Sachs that raised $6bn and $4bn...
Unigel Proposes Halting Offshore Bond Payments
Brazilian fertilizer company Unigel has proposed to halt all offshore bond payments for two years to avoid a default, as per a source. If an agreement is not reached, Unigel could ask for temporary court protection against creditors, the source added. The issue...
Sri Lanka Gets Initial IMF Staff-Level Approval for $330mn Funding
Sri Lanka has won an initial staff-level funding approval from the IMF, thereby opening the path to receive $330mn via the next loan tranche as part of the fund's $3bn bailout program. As part of the next steps, the IMF’s executive board has to approve the staff-level...
US 2s10s Curve Steepens to Highest Since Sep 2022
US Treasuries traded stable on Thursday. The 2s10s yield curve is now at its highest levels in over a year, albeit inverted at -21bp. This also compares with its lowest levels of -109bp seen in July, thus seeing an 88bp rise during this period, primarily led by the...
Sri Lanka’s Bondholders Proposal Sees Government Pushback
Sri Lanka's government authorities are concerned about the debt restructuring proposal submitted by the bondholders last week. The authorities want to take more time to consider the proposal and assess its compatibility with parameters in Sri Lanka’s IMF-supported...
Shui On Tells Holders It Has Cash to Repay November Dollar Bond
Chinese developer Shui On Land told some holders of its $474.5mn 5.75% bond due November 12 that it has prepared sufficient funds to repay its dollar bond, according to sources. Following the announcement, the bond has moved higher by 1.5 points to currently trade at...
Adani Group Nears Securing a $3.5bn Loan
Adani Group is close to secure a $3.5bn loan to refinance the existing debt that was used to fund the acquisition of Ambuja Cements Ltd, as per Bloomberg. The loan is likely to be among Asia's largest, and would be priced at 400-500bp over the benchmark SOFR....
Venezuela’s Dollar Bonds Up 7-8 Points After US Treasury Lifts Trading Sanctions
Venezuela's dollar bonds shot up by 7-8 points across the curve after the US Treasury Department allowed US investors to buy their bonds for the first time in four years in a sanctions relief package. The removal of sanctions thus reverses those enacted by former...
Treasury Sell-off Continues Led by Long-End Yields; MUFG Prices $ Perp at 8.2%
US Treasury yields continued to soar, led by long-end yields. The 10Y yield rose 11bp to 4.95% and the 30Y was up 10bp, crossing the 5%-mark, the highest since 2007. Fed Governors Christopher Waller and Michelle Bowman spoke yesterday with the former noting that it is...
