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Adani Ports Launches Tender Offer for 2024s
Adani Ports and SEZ announced a tender offer its outstanding $520mn 3.375% 2024s on Wednesday. It plans to buy back up to $195mn of the outstanding notes, but mentioned that it is willing to adjust the acceptance amount. It will pay $975 for every $1,000 in principal...
Treasury Yields Pull Back; FAB, Transocean, Citibank, Rabobank Price $ Bonds
US Treasury yields pulled back on Tuesday after a surge in long-end yields to begin the week. The 2Y Treasury yield fell 9bp to 5.06% while the 10Y yield fell 5bp to 4.52%. US consumer confidence dropped to a 4-month low, weighed down by persistent worries about...
Allianz Upgraded to Aa2 by Moody’s; Perps Raised to A1
Allianz SE, one of the largest global insurers, was upgraded by Moody's by one notch to Aa2 from Aa3. Allianz's debt including its Restricted Tier 1 bonds were also upgraded by one notch to A1. The upgrade reflects Moody's expectation that Allianz will continue to...
China Grand Auto and Jinmao’s Dollar Perps Rally on Redemption News
China Grand Auto's 9.109% Perp rallied over 2 points after a unit of the company said that it will redeem all of the outstanding notes on October 30, its next call date. The perp was issued by Baoxin Auto Finance I Ltd. and guaranteed by China Grand Auto. The company...
Oman Upgraded to BB+ by Fitch
Oman was upgraded to BB+ from BB by Fitch, bringing it just a notch away from IG-status. This comes on the back of its "use of high oil revenues to pay down debt and spread its maturity". They also expect the government not to go back on its recent fiscal...
Tata Steel Upgraded to IG-Status at Baa3 by Moody’s
Tata Steel was upgraded to an investment grade rating of Baa3 from Ba1 by Moody's, reflecting its expectation of continued strength in the steelmaker's credit profile due to its "solid market position in India". The rating action also reflects Tata Steel's...
Treasury Yields Surge as Curve Steepens; Islamic Development Bank Launches $ Sukuk
US Treasury yields resumed their surge with long-end yields leading the curve to bear steepen - US 10Y yields rose 10bp to 4.56%, a level last seen in 2007 while the 2Y yield rose 3 bp to 5.15%. The 2s10s curve has now steepened to -58bp, levels last seen in May post...
Evergrande Misses Payments of Its Onshore Bonds
Hengda Real Estate Group, the mainland unit of China Evergrande missed the payments on its onshore debt, totaling RMB 4bn ($547mn) in principal plus interest. The company said it needed to reassess proposed restructuring , leading to cancellation of key creditor...
Dutch Government Cuts Stake in ABN Amro to Below 50%
NLFI, the state body of the Dutch government reduced its stake in ABN AMRO to just below 50% through a sale of depositary receipts. Before the sale, the government held a stake of 56.3% in the bank, split into 49.9% shares and 6.4% depositary receipts. The sale plan...
