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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...
August 2023: 64% of Dollar Bonds Trade Weaker as Soft Landing Theme Continues
The month of August was a poor one for bond markets with dollar bonds ending lower across the board. There was not much to separate the performance of investment grade and high yield bonds. In August, 66% of IG bonds ended in the red compared to 65% of HY bonds that...
NWD’s Dollar Bonds Reverse Some of Its Losses
New World Development's (NWD) dollar bonds staged a recovery after a sharp sell-off last week. After rumors that NWD “had pledged its projects” to obtain financing saw their bonds crash, a spokesperson for the company said that the allegations were untrue. The...
NFP at 187k, ISM Manufacturing PMI Continues to Show Contraction
The US Treasury yield curve bear steepened with long end yields moving higher - the 10Y and 30Y yields were up 7-9bp while the 2Y and 5Y yields were up 1-4bp. US NFP for August came at 187k, higher than the surveyed 170k and at the same level as last month's 187k....
Tata Steel in Advanced Talks with UK Government for Funding
Tata Steel is said to have been in advanced talks with the British government for the latter providing £500mn ($630mn) in funding aid. The above funding would be in addition to £700mn ($881mn) from Tata Steel's Indian parent into the Port Talbot steelworks plant in...
China Takes Steps To Ease Real Estate Concerns
China has taken steps to allow its largest cities to cut down-payments for homebuyers whilst also encouraging lenders to lower existing mortgage rates. The minimum down-payment will be uniformly set at 20% for first-time buyers and 30% for second-time buyers, as per a...
