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China’s Big Banks Report Increase in NPLs Tied to the Property Sector
Chinese banking majors including Bank of Communications (BOCOM), China Merchants Bank (CMB), China Construction Bank (CCB) and Bank East Asia (BEA) have reported an increase in non-performing loans (NPLs), impacted by China's property market crisis. BOCOM's NPLs...
Hong Kong’s NWD, Li & Fung, Hysan, Lifestyle International See Their Dollar Bonds Slip
Dollar bonds of several Hong Kong companies dropped sharply by 3-7 points on Thursday. This includes dollar bonds from issuers including NWD, Li & Fung, Hysan and Lifestyle International. Hong Kong property developers reported their lowest sales since 2019 for new...
Turkey’s Dollar Bonds and Lira Rally On Central Bank’s 750bp Rate Hike to 25%
Turkey hiked its benchmark policy rate by 750bp to 25%, much higher than forecasts of a 250bp hike and its highest level since 2019. The central bank, CBRT, said that rising oil prices and a deterioration in inflation expectations showed that inflation would end the...
Markets Await Powell’s Comments at Jackson Hole
US Treasury yields rose 3-4bp across the curve with markets awaiting Jerome Powell's comments later today at 10:05 AM Washington DC time. Initial jobless claims for the prior week in the US decreased by 10k to 230k, better than estimates of 240k. US IG credit spreads...
Vedanta Agrees to $250mn Payment to Zambia Creditors; Dollar Bonds Edge Lower
Vedanta Resources agreed to pay $250mn that it owed to its creditors and suppliers in Zambia. The company plans to resume control of its 80%-owned Konkola Copper Mines that were seized by the Zambian government in 2019. The Zambian government had at the time accused...
Guacolda Energia Upgraded to CCC- by S&P
Guacolda Energia was upgraded to CCC- from D by S&P. This comes after it completed the tender offer and debt exchange of its 2025s. Guacolda has reduced its debt by $22mn, after having paid ~$15mn in cash during the transaction. Additionally, it exchanged the...
Global Bonds’ Yield Premium Over Stocks at Widest Levels in 15 Years
The Treasury curve flattened further on Wednesday with the 2Y down 6bp to hover near the 5% mark while the 10Y yield fell 10bp to 4.20%. US business activity expanded in early August at the weakest pace in six months. The S&P Global Flash Composite PMI fell 1.6...
COGARD’s Dollar Bond Grace Period Causes Confusion; COGARD Services Cut to BB+
Distressed Chinese developer Country Garden's (COGARD), which missed coupon payments earlier this month is now causing some confusion regarding the exact deadline to its grace period. COGARD missed $22.5mn in coupon payments on two of its dollar bonds - its 4.2% 2026s...
Delta Airlines Upgraded to BB+ by S&P
Delta Airlines was upgraded to BB+ from BB by S&P on several positive updates. The rating agency believes that Delta is likely to "meaningfully improve its credit measures in 2023, with further strengthening anticipated in 2024". They expect Delta to generate...
