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Huarong Reports Preliminary Loss of Up to $684mn for 1H; Bonds Slip
China's distressed asset manager Huarong announced a preliminary loss of RMB 4.6-5.0bn ($630-684mn) for the six months ended June 2023. This represents a ~73% decrease compared to its RMB 18.8bn ($2.58bn) loss in 1H 2022. The company said that it is focused on its...
Credito Real Reaches Bankruptcy Agreement With Bondholders
Credito Real and its creditors reached a deal to file for bankruptcy within 30 days, according to court filings. Atleast, 50.1% bondholders have signed the agreement. Last week, the company had warned creditors of terminating the bankruptcy agreement unless other...
Vedanta Resources May Explore Extension Of Its Dollar Bonds
According to a recent note by Standard Chartered, Vedanta Resources Ltd. (VRL) could potentially extend its outstanding dollar bonds. VRL has several avenues to tackle debt repayments which include internal cash flows, dividends, debt raising, increased management and...
US Treasuries March Upwards; PBOC Cuts 1-Year Prime Loan Rate
US Treasury yields continued their climb after a brief pause. The 2Y and 10Y rose by 3bp each to 4.95% and 4.28% respectively. The 30Y continued to hover around 4.4%, the highest level since 2011. US IG credit spreads were wider by ~0.3bp while HY CDS spreads remained...
Hong Kong Property Developers Face Headwinds as China Property Crisis Worsens
Hong Kong (HK) property developers including New World Development (NWD), CK Asset, Hang Lung and Hongkong Land with relatively sizeable China exposures are facing headwinds due to the slowdown in China, as per SCMP. The HK developers are grappling with a combination...
The Week That Was (14 – 20 Aug, 2023)
US primary market new deals were lower last week at $16.7bn vs. $34.4bn in deals a week prior. IG deals took the majority of volumes with $13.8bn in deals led by Bank of America’s $5bn four-trancher and Fiserv’s $2bn two-part deal. HY issuers contributed to $2.9bn in...
Carnival and Royal Caribbean’s Bonds Top US Junk Bond Performance YTD
The strong recovery in leisure and travel has led to a strong rally in cruise operators' bonds. The leading players, Carnival and Royal Caribbean, have seen their bonds emerge as the top performers within the US junk bond space this year. Carnival's 5.75% 2027s for...
Nigeria Dollar Bonds Jump On NNPC Obtaining $3bn Loan
Nigeria's dollar bonds jumped after the country’s state-owned energy company NNPC obtained a $3bn loan. NNPC signed the agreement with Afreximbank on Wednesday, stating that the funds will help with the nation’s dollar liquidity. NNPC’s agreement includes an immediate...
JSW Steel Weighs Bid For Majority Stake in Teck Coal Unit
JSW Steel Ltd. is looking to bid for a majority stake in Elk Valley Resources Ltd., the coal unit of Teck Resources Ltd. JSW is looking to acquire 75% stake in the entity, potentially rivalling the $8bn offer from Glencore Plc. According to sources, deliberations are...
