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Piraeus Bank Upgraded to BB-
Piraeus Bank’s ratings were upgraded to BB- from B by Fitch yesterday. The rating action reflects the bank's structurally improving profitability leading to the build up of sufficient capital buffers over regulatory requirements. The rating action also reflects...
Huarong’s Dollar Bonds Continue to Rally
Dollar bonds of China Huarong rallied across the curve yesterday, with its 2030s seeing its biggest gains in five months. While there was no news regarding the company, Huarong's dollar bonds have been trending higher since the beginning of the month, up ~4%. Late...
Vedanta Warned of Possible Downgrade by S&P
Rating agency S&P in a recent note has warned of the possibility of a downgrade to Vedanta Resources. As per the note, it said that any changes in Vedanta's financial policy regarding debt transactions may result in a potential downgrade of its current B- rating...
UBS, UAE, Lloyds, Commerzbank Price Bonds; Brent Touches $94/bbl
US Treasury yields were flat yesterday with no major data points from the US. Markets now await the FOMC decision later tomorrow where the Fed is expected to keep rates steady. The Fed's latest dot plot will also be published tomorrow alongside the decision on rates...
Sunac’s Offshore Debt Restructuring Plan Approved; COGARD Wins Local Bond Extension Approval
Yesterday, Sunac China's creditors approved the firm's plan to restructure $9bn of its offshore debt. According to the exchange filing, 98.3% of the bondholders voted in favour of the restructuring plan. The company will seek restructuring plan's approval by the Hong...
FWD, LG Energy, Hyundai Launch $ Bonds
US Treasury yields were 3-4bp higher cross the curve. In a positive update regarding the manufacturing sector, the NY Empire Manufacturing Index came at 1.9, higher than expectations of a -10 print. This comes after the manufacturing sector has been undergoing a...
The Week That Was (11 – 18 September, 2023)
US primary market new deals rose sharply last week to $38.8bn vs. $23.3bn a week prior. Among this, IG deals stood at $30.5bn, led by BofA's $8.5bn four-trancher and Intuit Inc's $4bn four-trancher. HY deals last week stood at $8.3bn led by Bausch & Lomb's $1.4bn...
Seazen, Sino-Ocean, Road King Downgraded by Moody’s
On Friday, Moody's downgraded multiple Chinese property developers namely Road King Infrastructure (Road King), Sino-Ocean and Seazen Group and revised its outlook to negative. Road King's and the senior unsecured ratings were downgraded to B2 from B1. Sino-Ocean was...
Lumen’s Creditor Advisors Propose Debt Extension
Lumen Technologies' creditor advisors are said to have signed NDAs to discuss a debt extension and inject fresh cash, as per sources. They said that a key component includes allowing Lumen to pursue debt buybacks at less than par. Further, they added that bondholders...
