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COGARD Pays Dollar Bond Coupons Within Grace Period Deadline
Country Garden (COGARD) has paid the coupons on two of its dollar bonds within their grace periods, thereby averting default, as mentioned by some creditors. The coupons totaled $22.5mn on the two notes as their grace period ended on September 5-6. Bloomberg analysts...
Several Deals Priced Including UBS, VW, DBS, AIA, ING, ADCB and others
US Treasury yields rose by 6bp across the curve on Tuesday. Federal Reserve Governor Christopher Waller indicated that there was no need to "do anything imminent anytime soon" signaling he supports holding rates steady at the next meeting on September 20. US IG CDS...
Lenovo Upgraded to BBB by S&P
Lenovo was upgraded to BBB from BBB- by S&P. It cited the company's "improved operational resiliency with solid profitability and cash flow" as the primary reasons in a market where PC hardware revenues have fallen. Lenovo's superior working capital management...
Sri Lanka Expects Major Debt Restructuring Deals as IMF to Review Bailout
Sri Lanka's dollar bonds inched higher as it expects to strike major deals as part of its domestic debt restructuring this month. This comes at a time when the IMF is conducting the first review of its $3bn loan program to the nation. The central bank governor said...
BIM Land Downgraded to B3 by Moody’s
Vietnamese property developer BIM Land Joint Stock Company (BIML) was downgraded to B3 from B2 and its dollar bonds were cut to Caa1 from B2, by Moody's. It cited "weakened financial policies and increased governance risks following its tender offer". Moody's...
Pemex Set to Receive Budget Allocation from Mexican Government
Pemex is set to receive a budget allocation from the Mexican government for its amortization payments in 2024 totaling about $11bn, as per sources citing a draft budget. They added that the inclusion of Pemex’s maturing debt is an effort to ease concerns about the oil...
NWD’s China Unit Reports $1.4bn in Home Sales in a Positive Update
New World Development's (NWD) unit in mainland China reported that it sold residential projects worth $1.37bn year-to-date. The unit New World China Land (NWCL), is said to have made its place into the top 100 developers in the region following the numbers, adding...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields rose by 2-3bp across the curve this morning after US markets were closed on Monday on account of Labor Day. There was no economic data release with US CDS and equity markets also closed. European equity markets were marginally lower on Monday. In...
China Property Crisis Sees 34 of Top 50 Developers Default
China's property market crisis has seen 34 of its top 50 private-sector developers defaulting on its offshore debt, as per Bloomberg. The remaining 16 including the likes of COGARD have $1.48bn in onshore and offshore bond payments in September, the highest monthly...
