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Country Garden Misses Coupon on Dollar Bonds
Country Garden (COGARD), the largest Chinese developer by sales, has missed coupon payments on two of its dollar bonds. The bonds in question are its 4.2% 2026s and 4.8% 2030s where a 30-day grace period has been triggered for both notes. The total coupons on the...
WeWork’s Bonds Collapse to 10 Cents on the Dollar after Bankruptcy Warning
WeWork’s dollar bonds have plunged by ~20 points to trade at just 10 cents on the dollar after it announced that there is "substantial doubt" about its ability to continue operating, citing sustained losses and cancelled memberships. WeWork continued to report losses...
Markets Await US CPI
US Treasury yields were broadly steady across the curve as markets await the US CPI figures tonight. Forecasts point to a 3.3% YoY rise as compared to a 3% in June. Meanwhile, Core CPI is expected to cool to 4.7% YoY from 4.8% in June. Separately, Philadelphia Fed...
American Airlines Upgraded to B1 by Moody’s
American Airlines was upgraded to B1 from B2 by Moody's. It also upgraded senior secured ratings to Ba2 from Ba3 and senior unsecured debt to B3 from Caa1. The upgrade was a reflection of the company’s improving operating performance due to a recovery in travel...
Adani Enterprises Mulls Selling Stake in Wilmar Joint Venture
Adani Enterprises, the flagship entity of Adani Group, is considering exiting its JV with Wilmar International by selling its 44% stake, currently worth about $2.6bn, in the JV. This sale would free up capital for Adani Group’s core business, as per reports. The JV,...
BNP Paribas Prices PerpNC5 AT1 Bond at 8.5%
BNP Paribas raised $1.5bn via a PerpNC5 AT1 bond at a yield of 8.5%, a strong 50bp inside initial guidance of 9% area. If uncalled, the coupon will reset at the first reset date of 14 August 2028 and every 5 years thereafter at the 5Y US Treasury rate plus 435.4bp....
HSBC, OCBC, Goldman, ANZ Price New Issues; Macro; Rating Changes; Gainers and Losers
US 2Y Treasury yields were down 5bp while the rest of the curve held stable. Following the large selloff in US Treasuries last week, Goldman Sachs and JPMorgan have come out with calls to buy Treasuries. They believe that the sell-off especially in the 10Y and 30Y...
Yuzhou Announces Debt Restructuring Plan
Chinese developer Yuzhou Properties has announced its debt restructuring plan noting that it was in discussions with offshore creditors. It has offered three options: Option 1: Exchange the existing notes for new notes with a short-term maturity (STN) Option 2:...
Altice’s Bonds Jump on Plan to Tap Bond Markets in Second Half of This Year
Altice International is said to be ready to tap the bond markets in H2 2023 to address its 2025 maturities and "potentially" its debts due 2026, as per an investor call. Altice said that it was confident about delivering on the sale of its Portugal data center to...
