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Vedanta Downgraded to CCC by S&P
Vedanta Resources was downgraded to CCC from B- by S&P on the back of news regarding potential bond extensions. S&P assesses that this liability management exercise could likely be a distressed transaction. With Vedanta having a $1bn dollar bond maturity in...
Oman Upgraded to BB+ by S&P
Oman was upgraded to BB+ from BB by S&P given its "improved resilience" to external shocks due to positive oil sector prospects and deleveraging, alongside structural reforms. S&P expects Oman's real GDP growth to average at 2% over 2023-2026 despite a...
US Congress Averts Government Shutdown; Treasury Yields Steady; Eurozone Inflation Drops
US Treasury yields were stable on Friday after a volatile week. The US Congress managed to avert a government shutdown just in time whilst passing a legislation to keep the government running until November 17. The peak fed funds rate rose 3bp to 5.46%. In credit...
The Week That Was (25 – 30 Sep, 2023)
US primary market new deals were flat last week at $12bn vs. $12.3bn a week prior. Among this, IG deals stood at $8.5bn, led by Citibank's $4bn three-trancher and Constellation Energy's $1.4bn two-trancher. HY deals last week stood at $3.4bn led by Lifepoint Health's...
Vedanta Said to Have Proposed Payment Restructuring on Dollar Bonds
Vedanta Resources is said to have proposed restructuring payments on its dollar bonds through 2025 in recent international investor meetings, as per sources. The company is said to be considering paying back a portion of its three dollar bonds maturing in 2024 and...
Longfor’s Dollar Bonds Trend Lower, Drop by 2-3 Points
Dollar bonds of Longfor Group continued to fall by 2-3 points yesterday. While there was no specific news to attribute to the drop, its dollar bonds have been trending lower since the beginning of the month on broad concerns over the Chinese real estate sector....
Wanda Said to Be in Talks With to Avoid $4bn IPO Repayment at Year End
Dalian Wanda Group is in talks with its backers to avoid making a sizeable RMB 30bn ($4.1bn) repayment to investors in its Zhuhai Wanda shopping mall unit if it failx to complete an IPO this year, as per sources. This comes after news that Wanda was said to have told...
US Q3 GDP at 2.1%; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Volatility in US Treasury yields continued on Thursday. 2Y yields fell 6bp to 5.08% and the 10Y was down 2bp to 4.59%. The final print of US GDP in the third quarter came at an unrevised 2.1%, indicating continued resilience in the economy. Initial jobless claims for...
US Treasury Yields Surge With the 10Y Now at 2007 Levels
Following a slight pull back on Tuesday, US Treasury yields continued its surge higher on Wednesday - 2Y yields rose 8bp to 5.14% and the 10Y rose 10bp to 4.62%. Positive economic data continued to strengthen the case for the 'higher for longer' theme. The preliminary...
