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Average US IG Yields at Highest Since 2009
US Treasuries extended their sell-off on Tuesday as yields soared on the long-end. The 10Y and 30Y yields were up over 14-16bp while the 2Y was up 4bp as the curve bear steepened. US JOLTS Job Openings jumped to 9.6mn in August, much higher than forecasts of 8.8mn...
Vedanta’s Dollar Bonds Drop Over 1.5 Points
Vedanta Resources' dollar bonds fell by over 1.5 points across the curve as investors assess the outcome of the demerger of its Indian business and its impact on repayment of dollar bonds. Analysts note that while the demerger may be completed by March 2025, it may...
Unigel Downgraded to C by Fitch on Missing Coupon Payment
Unigel has been downgraded to C from CCC by Fitch following the non-payment of coupons on its $420mn 8.75% 2026s, that was due on October 2. The notes have now entered a 30-day grace period before an event of default is triggered. Fitch believes it is "highly unlikely...
Vedanta Announces Demerger of Indian Business
Vedanta Ltd.'s board has approved the demerger of the business into six listed companies in an effort to unlock "significant value", as per an exchange filing. The companies are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous...
WeWork Misses Coupon Payments, Enters 30-Day Grace Period
WeWork missed paying coupons on five of its bonds, thereby entering a 30-day grace period across these notes. As per a regulatory filing, WeWork withheld $37.3mn of cash payments and $57.9mn of payments in-kind. The co-working company however said that it had...
CFE Completes $877.5mn Bond Buyback
Comision Federal de Electricidad (CFE), the Mexican national electricity company has bought back $877.5mn of its dollar notes. It said that the buyback is expected to see about $20mn in working capital added besides $146.3mn in interest savings. The state-owned...
US Treasuries Extend Sell-Off
The sell-off in US Treasuries continued as yields jumped across the curve, led by the long-end. The 10Y yield was up over 6bp and the 2Y climbed 3bp higher. US ISM Manufacturing PMI increased to 49 in September from 47.6 a month prior, an eleventh straight month of...
Q3 2023: ‘Higher for Longer’ Theme and Sharp Rise in Treasury Yields Lead to Drop in 71% of Dollar Bonds
The third quarter of 2023 was a poor one as 71% of dollar bonds in our universe delivered a negative price return (ex-coupon). This compares to a broadly cheerful Q1 when 75% of dollar bonds delivered a positive return and a mixed Q2 where 54% of these bonds were...
High Duration Dollar Bonds Lead the Losers in Q3
High duration dollar bonds led the losers list in Q3, particularly among the investment grade (IG) issuers. This move came amid the backdrop of a sharp spike in US Treasury yields, particularly the 10Y and 30Y tenors. While the 2Y yield was up by 15bp during the...
