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United Airlines’ Bonds Rise on Solid Profit Forecast
United Airlines’ bonds have trended upwards this week with the company releasing its Q3 2022 financial results yesterday, that beat analysts expectations all around. Its Q3 adjusted earnings and revenue were $2.81 per share and $12.9bn respectively, beating market...
China to Crackdown on Local Government Land Buying, Depriving Developers; COGARD, Longfor to Issue State-Backed Bonds
China's Ministry of Finance said that government-backed entities would be strictly prohibited from purchasing land by raising debt, calling it a “sham”. Tommy Wu, senior China economist with Commerzbank said that the move targets "those state-owned companies and local...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Treasury yields eased slightly with the 2Y and 10Y yields down 3bp and 1bp. The peak Fed Funds Rate was unchanged at 4.94% for the FOMC’s March 2023 meeting. In the credit markets, US IG CDS spreads tightened 5.3bp and HY CDS spreads saw a 33bp tightening. US...
Fosun’s Dollar Bonds Jump on Plans of $2.1bn Asset Sales
Fosun Group's dollar bonds jumped over 2.5 points on news that it has agreed to sell its stake in the parent company of Nanjing Iron & Steel Co. for RMB 15bn ($2.1bn), as per sources. Bloomberg notes that Jiangsu Shagang Group Co. will be buying a 60% stake in...
Credit Suisse Pays $495mn Settlement; Seeks Middle East Capital; Places US Asset Management for Sale
Credit Suisse has agreed to pay a $495mn settlement for a legacy case involving mortgage-linked investments in the US leading up to the 2008 financial crisis. This is the latest settlement in a long list of litigation issues surrounding its sale of residential...
Ecuador Bonds Rally 2-5 points on Buyback Rumors
Dollar bonds of Ecuador were higher by over 2-5 points on news that the government may buyback its bonds. The news comes after Finance minister Pablo Arosemena said last week in a private event that the nation may fund a buyback of some of its outstanding debt by...
Shriram Transport Launches Tender Offer for 5.1% 2023s
Shriram Transport Finance launched a tender offer to buyback up to $250mn of its outstanding $500mn 5.1% social bonds due July 2023 as per a filing. The company is is offering $985 per $1,000 in principal until an early-bird deadline of October 28, and $955 thereafter...
Moody’s Downgrades CIFI to Ca
CIFI Holdings was downgraded to Ca/C from B3/Caa1 by Moody’s following its failure to promptly repay interest and amortization payments on an offshore convertible bond due on October 8. As concerns of default on its other debt obligations continue to grow, Moody’s is...
Bank of America Reports 8% Net Income Drop
Bank of America (BofA) reported an 8% YoY drop in its Q3 net income to $7.1bn on net revenues of $24.5bn, up 8%. Net interest income (NII) was up 24% to $13.8bn, thanks to higher interest rates, including lower premium amortization expense, and solid loan growth. Its...
