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The Week That Was (07 – 13 Aug, 2023)
US primary market new deals were higher last week at $34.4bn vs. $22.7bn in deals a week prior. IG deals took the majority of volumes with $29.2bn in deals led by ONEOK's $5.25bn five-trancher and Celanese's $3bn three-part deal. HY issuers contributed to $5.1bn in...
COGARD Suspends Trading of Onshore Bonds
Country Garden (COGARD) has suspended trading of at least 10 of its onshore bonds and is exploring options for its local bonds, as per Bloomberg. Its options include extending maturities, with the developer saying that it will take powerful and effective measures to...
US Steel Rejects $7.3bn Acquisition Bid from Cleveland Cliffs
US Steel rejected a $7.3bn acquisition bid from rival Cleveland-Cliffs on Sunday. Cleveland-Cliffs had proposed a shares-and-cash acquisition for a total of $35/share of US Steel stock, a 43% premium on US Steel’s closing price of $22.72 on Friday. Cleveland-Cliffs’s...
Ecuador’s Dollar Bonds Move Higher After Presidential Candidate Assassination
Dollar bonds of Ecuador were higher by 1.0-1.5 points across the curve. This comes after the assassination of presidential candidate Fernando Villavicencio is said to have led to markets interpreting it as a sign of possible stability in policy. The candidate was...
Country Garden Downgraded to Caa1 by Moody’s
Country Garden (COGARD) was downgraded to Caa1 from B1 and its senior unsecured debt was downgraded to Caa2 from B1. The downgrade reflects Country Garden's heightened liquidity and refinancing risks. This comes especially after concerns about its ability to service...
LMIRT’s Dollar Bonds Drop Amid Earnings Dip
Lippo Malls Indonesia Retail Trust's (LMIRT's) dollar bonds dropped across the curve after it reported a dip in its earnings. Net property income fell 6.6% YoY to S$32.3mn in Q2 with gross revenues inching lower by 1.9% YoY to S$50.7mn. Its rental revenues dropped...
US CPI at 3.2%, Core CPI at 4.7%
US Treasury yields jumped higher with the 5Y and 10Y yields up 10bp each. US Headline CPI for July 2023 came at 3.2%, lower than expectations of 3.3% and higher than the previous month’s 3%. Core CPI was at 4.7%, in-line with expectations of 4.7% and lower than the...
Turkey Expects $51bn UAE Investment Package to Begin at End-2023
Turkey anticipates that investments in its economy by the United Arab Emirates (UAE) worth $51bn will begin by the end of this year as part of last month’s landmark agreement. The agreements include wealth fund ADQ possibly buying as many as $8.5bn of bonds from...
Credito Real Seeking to Extend Deadline by 30 Days for Bankruptcy Package
Credito Real is seeking to extend a deadline by 30 days to secure a vote from a majority of investors for its bankruptcy filing in local courts. The distressed Mexican had defaulted on $1.9bn in bonds and its offer to get investors back its bankruptcy filing was set...
