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Credit Suisse AT1 Traders Betting on Lawsuit for Recovery in Prices
Some of Credit Suisse's AT1 investors are said to be bidding up legal claims on the notes to recover some of its lost value during the wipeout of the bonds in March. As per sources, Cantor Fitzgerald's trading desk made an offer to buy some of the claims at 9.5 cents...
Fed Holds Rates Steady with Hawkish Stance; Expects Another Hike in 2023
US Treasury yields jumped higher by as much as 10bp after a hawkish FOMC to its highest levels in over a decade. The Fed held its target Fed Funds range at 5.25-5.50% as expected, while 12 of 19 members favored another rate hike in 2023 as seen in its dot plots (see...
Huarong’s Dollar Bonds Move Higher on Bond Buyback
China Huarong's dollar bonds were higher by 3-4% across the curve, following the buyback of its bonds. Huarong fully bought back 5 of its dollar bonds and select quantities of other bonds. It fully redeemed its $400mn 2.5% 2023s, $400mn FRN due 2023, $550mn FRN due...
Staples Downgraded to B- by S&P
Staples Inc was downgraded to B- from B by S&P. The rating agency said that it does not expect a significant improvement in credit metrics of Staples over the coming quarters, affected by soft demand and cost increases. These factors also weigh on Staples'...
LatAm Airlines Upgraded to B on Strong Performance
LatAm Airlines was upgraded to B from B- by S&P following a sharp improvement in credit measures in H2 2023. Healthy air travel demand alongside capacity deployment have kept Latam's passenger yields about 14% higher than in H1 2022. With economic growth...
US Steel and Cleveland-Cliffs Clash Over Confidentiality Pact
US Steel and its rival steelmaker Cleveland-Cliffs have clashed over a confidentiality pact that would allow the latter to participate in a sale process that is underway. According to sources, US Steel has refused to open its books to Cliffs even as it accepts initial...
COGARD Said to Have Missed Dollar Bond Coupon Entering 30-Day Grace Period
Country Garden (COGARD) is reported to have missed coupons totaling $15.4mn on its 6.15% 2025s, according to a few bondholders. The notes have a 30-day grace period before which it may be considered to be in default. The missed payment comes just weeks after COGARD...
Markets Await FOMC Meeting Later Today
US Treasury yields were higher by 4-6bp across the curve yesterday. Markets await the FOMC decision later today where the Fed is expected to keep rates steady with the Fed Funds range at 5.25-5.50%. The Fed's dot plot will also be published and its guidance on the...
Volcan’s Dollar Bonds Trade Choppy on Management Changes
Volcan Compania Minera's 4.375% dollar bond due 2026 have been amongst the most volatile notes over the past week. The bonds dropped 15 points last week and have now recovered by 6 points to trade at 56.3. This comes after Volcan said that its board members...
