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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...
Nigeria’s Dollar Bonds Drop Across the Curve on Sudden Slump in Naira
Nigeria's dollar bonds were lower by 1-2 points across the curve after their currency, the Naira depreciated sharply. The Central Bank of Nigeria allowed the currency to depreciate 8.9% to 848.12 against the dollar in the official market and following that, the naira...
Country Garden Said to Have Missed Coupon Post Deadline
Country Garden (COGARD) is said to have missed paying the coupon worth $15mn on its 6.15% 2025s following the end of the 30-day grace period on Wednesday. There was no word of payment by the developer and one bondholder said that he had not received payment, as per...
Qantas Scraps Plan to Buy Alliance Aviation Amid Regulatory Hurdle
Qantas Airways has confirmed scrapping the acquisition deal with Alliance Aviation Service, according to a statement released by the company. Australia's competition regulator, i.e., Australian Competition and Consumer Commission (ACCC) was opposed to the deal and had...
Braskem Idesa’s Dollar Bonds Drop 3 Points
Braskem Idesa's dollar bonds were among the top losers with its 6.99% 2032s down 2.6 points and 7.45% 2029s down 3.1 points to trade at 57.3 and 59.71, yielding 16.6% and 18.9% respectively. While there was no news specific to the fall in their bonds, the company has...
Ghana’s Dollar Bonds Drop on Debt Overhaul Plans
Ghana's sovereign dollar bonds dropped by 1.5-2.5 points after the government unveiled debt restructuring plans that aimed at a 30-40% haircut on the principal. The country's finance minister also informed investors that the government was planning for a coupon of...
