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US Treasury Yields Take A Breather; Yuan Slides To Lowest Levels Since 2007
US Treasury yields took a pause on Thursday, easing across the curve. The 2Y fell by 7bp to 4.92% while the 10Y eased 3bp to 4.25%. The 30Y briefly touched 4.422%, the highest level since 2011 before closing at 4.37%, down 1bp. Over the past month, longer-dated...
Evergrande Files for Chapter 15 Bankruptcy in New York; Concerns Over COGARD Grow
Distressed Chinese property developer Evergrande filed for Chapter 15 bankruptcy in New York on Thursday. This follows a default by the company, the world's most indebted developer, in late 2021. Evergrande's default sparked a much larger crisis across the broader...
Asia ex-Japan CDS Widens By 21bp This Week
US Treasury yields continued to rise across the curve with the 2Y closing at 4.99% and the 10Y rising to 4.38%. The Fed released its 25-26 July meeting minutes, where while most Fed members continued to see significant upside risks to inflation, there was no consensus...
COGARD Warns of Major Uncertainties In Bond Payments; Longfor Makes Early Payment on Local Bond
Country Garden warned about “major uncertainties” over meeting redemptions of its bonds. Last week, the company had suspended trading of its onshore bonds. The trading in some of its local bonds will remain suspended, the company added. In related news, Longfor's...
Fitch Expects Mexican Government to Continue Supporting Pemex
Fitch expects the Mexican Government to continue to support Pemex financially. However, the rating agency believes that the state will not outright guarantee the company's debt. Fitch expects government support to be around $15bn per year. However, should the...
Adani Green Planning to Raise $5bn via Bonds
The renewable energy arm of Adani Group, Adani Green is said to be planning a $5bn fundraise via offshore bonds to fund its proposed capacity expansion. As per sources, the fundraise will be in tranches, starting with an issuance this financial year. The sources added...
ArcelorMittal Considering Potential Bid Offer for US Steel
ArcelorMittal is discussing a potential bidding offer for US Steel with its investment bankers, according to sources. However, there is uncertainty on ArcelorMittal going ahead with the offer. Last week, US Steel rejected an offer of $7.3bn from Cleveland-Cliffs. The...
Egypt’s Dollar Bonds Slip Over IMF Uncertainty
Egypt's dollar bonds traded 3-5% lower on Tuesday following uncertainty over the country's agreement with the IMF. As per Egypt Today, the IMF's first review was postponed due to Egypt's urgent need for dollar liquidity and its inability to meet agreed-upon requests...
US Retail Sales Tops Forecasts, China Cuts Key Policy Rates
US 2Y Treasury yields briefly spiked above 5%, a level it has not breached since early March, before reversing course to close at 4.93%, down 3bp. 10Y Treasury yields rose 1bp to the highest levels since October at 4.2%. Retail sales topped forecasts of 0.4% by rising...
