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COGARD, Vanke Report Large Drop in Sales as Liquidity Worries Persist
Large Chinese property developers Country Garden (COGARD) and China Vanke reported a sizeable drop in its July contracted sales. COGARD and Vanke reported a 60% and 35% drop in contracted sales to $1.7bn and $3.1bn respectively. Contracted sales have been weak across...
Royal Caribbean Upgraded To BB- by S&P
Royal Caribbean Cruises was upgraded to BB- by S&P citing favorable booking and strong ticket pricing that will see a faster improvement in leverage. The cruise company said that booking volumes in Q2 was significantly higher than the same period in 2019 and at...
Macro; Rating Changes; Talking Heads; Top Gainers and Losers
US 10Y and 30Y Treasury yields continued to jump higher by 7-8bp as the curve continued to bear steepen with the 2s10s now at -72bp. US initial jobless claims rose 6k to 227k, in-line with expectations but still hovering over the lowest levels this year, supporting...
Country Garden’s Bonds Dip Further After Downgrade to B1, Fall in Contracted Sales
Country Garden's (COGARD) dollar bonds continued to drop further following its downgrade by Moody’s to B1 from Ba3. The main reasons cited for the downgrade were the weakening contracted sales, continued constraints on funding access and a significant amount of debt...
Vedanta’s Dollar Bonds Rally Despite Negative Outlook by S&P after Stake Sale
Vedanta Resources' dollar bonds rallied across the curve with its 6.125% bonds due August 2024s up over 7% to currently trade at 71.8. This comes despite the conglomerate's outlook being revised to negative by S&P citing increased refinancing risks. Twin Star...
Wanda Pays Coupon During Grace Period; Upgraded to CC by Fitch
Dalian Wanda Commercial Management Group (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) (Wanda HK) were upgraded to CC from C by Fitch. This upgrade follows Wanda's repayment of a coupon it missed last week on its 11% 2025s within the 10-day grace...
Goodyear’s Bonds Drop After Reporting Loss
Goodyear's bonds dropped by up to 2.5 points after reporting a second quarter loss of $0.34/share as compared to a profit of $0.46/share in the same period last year. Its revenues also dropped by 7% YoY to $4.87bn. The tyre-maker's overall net loss was reported at...
COGARD’s Dollar Bonds Due Jan 2024 Drop to 26 Cents on the Dollar
Dollar bonds of Country Garden (COGARD) continued to drop with its 8% bonds due January 2024 plummeting from 41 to 26 cents on the dollar. The developer earlier this week issued a loss warning in 1H 2023 due to a decrease in gross profit margins for its real estate...
Treasury Supply Sees Yields Rise; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Treasury yields jumped higher as the curve continued to bear steepen - 2Y yields were flat while 10Y and 30Y yields were up 7-9bp. The 10Y yield touched 4.09%, the highest level since November 2022. The US Treasury announced it will sell $103bn of securities across...