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Shimao Announces Restructuring Proposal; Agile Downgraded to Caa2
Shimao Group has announced a restructuring proposal for $11.7bn of its offshore debt, according to a press release by the company. As per the release, the company has presented 4 restructuring options to its bondholders and is seeking their approval for a...
Zambia and Creditors Agree to Offshore Debt Restructuring
Zambia has agreed to restructure $3bn of its offshore bonds with the latest move coming after a three-year effort amid several delays and a debt default. The finance ministry said that the terms were compatible with the official creditor committee’s assessment of...
FWD Prices $ 5Y at 8.4%; Bombardier Prices 7NC3 at 7.287%
US Treasury yields trudged lower across the curve on Friday. While there was no data from the US, Atlanta Fed President Raphael Bostic came out with his take on rate cuts. He said that he now expects just a single 25bp rate cut this year instead of the earlier two...
Argentina’s Dollar Bonds Trend Higher on Positive Sentiment
Dollar bonds of Argentina continued to march higher across the curve, reaching near record highs. Reuters notes that the move comes on the back of positive investor sentiment that President Javier Milei's administration which has been in power since December, will be...
The Week That Was (18 – 24 March, 2024)
Whilst overall deal volumes were milder due to the BOJ and FOMC meeting, US primary markets stayed active, with new deals at $23.1bn vs. $24.8bn seen a week before this. IG issuers racked up $18.3bn in deals with UnitedHealth's $6bn six-part deal and Toyota's Motor...
China Holds Policy Meet on Property Sector; Vanke Downgraded to BB+
The China State Council held a policy meeting on Friday, which raised hopes of further state support for the troubled property sector. According to the Xinhua news agency, Li Qiang chaired the meeting where optimization of real estate policies were discussed to...
Altice and Creditors Hire Advisers Amid Deleveraging Standoff
Altice France and its creditors are said to have started talks with financial and legal advisers, amid disagreements over the company’s debt load. Altice is in talks with Lazard while some creditors like Attestor Capital and Arini are in talks with advisers Houlihan...
Sri Lanka Reportedly Reaches Staff Level Agreement with IMF
Sri Lanka is said to have reached a staff level agreement with the IMF for the release of the next loan tranche from the $3bn IMF bailout program, according to sources. The staff-level agreement is subject to certain provisions and IMF officials are scheduled to meet...
Radiance Defaults on Dollar Bond; Aoyuan Completes Restructuring
Chinese developer Radiance Holdings Group defaulted on its outstanding $300mn 7.5% bond that matured on March 20. The company missed the payment amid contracting sales and said that it will “exert its utmost effort” to ensure property delivery. Just over the past...
