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Rakuten Considering Business Reorganization; Launches $1.25bn Bond
Rakuten Group is considering a reorganization of its fintech businesses into one group to strengthen collaboration and customer acquisition across areas. As per the press release, Rakuten Group and Rakuten Bank have entered into an MOU, set to take effect in October....
China Oil & Gas Results Delayed As Auditor Seeks More Information
China Oil & Gas' annual results have been delayed as its auditor PwC has sought more information from the company for audit purposes, according to the press release by the company. PwC has requested an appraisal report by a third-party agency on the company's...
Sri Lanka Considering Dollar Bond Exchange
Sri Lanka is working on a debt restructuring proposal wherein its existing dollar debt will be replaced by new securities. According to the statement by the Finance Ministry, banks have been invited to submit their proposals for the transaction. Last week, it was...
Wanda Sells 60% of Mall Unit for $8.3bn
Chinese property developer Dalian Wanda has sold a 60% stake in its mall unit to a group of investors including PAG, CITIC Capital, Abu Dhabi Investment Authority, Mubadala and Ares Management. Proceeds from the stake sale amount to $8.3bn, providing a sizeable boost...
Treasuries Trade Steady; US Q3 GDP at 3.4%
US Treasury yields were stable across the curve on Thursday. The final reading of the US Q3 GDP came at 3.4%, higher than both, the prior reading and expectations of 3.2%. Initial jobless claims for the prior week came at 210k, unchanged from the week before that and...
The Week That Was (25 – 31 March, 2024)
US primary markets were relatively muted last week ahead of the extended weekend, with new deals at only $11.6bn vs. $23.1bn seen a week before this. IG issuers racked up $6.5bn in deals with New York Life and Marathon Oil raising $1.2bn via dual-tranchers each. HY...
Oman Outlook Revised to Positive by S&P
Oman's outlook has been revised to positive from stable by S&P, while affirming the sovereign's credit ratings at BB+. The outlook revision comes after improvement in the balance sheet of the Oman government with its net debt declining to 2.4% of GDP compared to...
Q1 2024: Dollar Bonds Hold Steady While Yield Curve Shifts Parallelly Higher
The first quarter of 2024 was a relatively modest one with 59% of dollar bonds in our universe delivering a negative price return (ex-coupon). While bonds were broadly mixed in January, they traded with a negative bias in February as strong economic data led markets...
Egypt’s Dollar Bond Risk Premium Tightens to 2021 Lows
Egypt's sovereign dollar bond risk premiums have tightened to near 2021 lows amid the recent string of positive updates. This began with Egypt striking an investment deal with the UAE for $35bn. Post this, its 30% currency devaluation and subsequent 600bp rate hike,...
