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Pakistan’s Dollar Bonds Amongst Top Gainers on Timely Coupon and Continuing IMF Talks
Pakistan's dollar bonds were amongst the top gainers last week, rallying over 8-10% across the curve. Pakistan made a timely coupon payment on its 8.25% 2024s as per brokerage firm Topline Securities. Also, the nation will be in talks with the IMF this week to unlock...
Vanke’s Dollar Bonds Dip Amid Drop in Earnings and Sales
China Vanke's dollar bonds continued to drop and were among the biggest losers last week, down over 8% across the curve. Vanke reported a drop in its Q3 profits to RMB 3.75bn ($510mn) vs. RMB 4.84bn ($660mn) during the same period last year, a 23% drop. It also...
US Headline and Core PCE at 3.4% and 3.7%
US Treasury yields were steady on Friday. On the economic data front, US headline PCE came at 3.4% and Core PCE at 3.7% in September, both, in-line with forecasts. US credit markets saw IG CDS spreads widen 1bp and HY spreads wider by 4.1bp. US equity markets were...
The Week That Was (23 – 29 October 2023)
US primary market new deals were lower last week at $9.9bn vs. $30bn a week prior with IG deals at $8.5bn led by Capital One and American Express raising $2.5bn each via two and three-tranchers respectively. HY issuances stood at $1.4bn with a sole two-tranche deal by...
US Economy Grew at 4.9% in Q3; Treasury Yields Move Lower
US Treasury yields dipped across the curve yesterday despite solid economic data. The 2Y yield fell 6bp while the 5Y, 10Y and 30Y yields fell 9-10bp. The preliminary Q3 US GDP print showed that the economy grew at an annualized rate of 4.9% last quarter, the fastest...
Vedanta Bondholders Said to Demand Higher Coupons on Potential Restructured Bonds
Vedanta Resources' dollar bondholders are said to be demanding higher coupons on the potential restructured bonds that it may issue to rollover its maturity profile, as per sources. They noted that bondholders believe the new bonds may offer a coupon of 14% which is...
Huarong Announces Another Round of Debt Buybacks in the Open Market
China Huarong has completed another set of buybacks on its dollar bonds in the open market, as per an exchange filing. It bought back: $182.5mn of its 3.875% bond due November 2029. The new amount outstanding will be $317.5mn. The bond currently trades at 79.5,...
COGARD’s Missed Coupon Payment to Trigger CDS Payout
Country Garden's (COGARD) missed coupon payment on its dollar bond has been ruled as a "failure-to-pay" credit event after the end of the grace period deadline, and would trigger payments on CDS contracts written on it. The bond’s trustee Citicorp International, had...
Egypt’s Dollar Bonds Jump Over 2 Points on Reports of Possible $5bn in New Deposits from Saudi, UAE
Egypt’s dollar bonds rallied by over 2 points across the curve after reports by Al-Borsa that the nation's central bank was close to securing up to $5bn in new deposits from Saudi Arabia and the UAE. Once successful, the deposits would be later converted into...
