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Goodyear’s Bonds Drop After Reporting Loss
Goodyear's bonds dropped by up to 2.5 points after reporting a second quarter loss of $0.34/share as compared to a profit of $0.46/share in the same period last year. Its revenues also dropped by 7% YoY to $4.87bn. The tyre-maker's overall net loss was reported at...
COGARD’s Dollar Bonds Due Jan 2024 Drop to 26 Cents on the Dollar
Dollar bonds of Country Garden (COGARD) continued to drop with its 8% bonds due January 2024 plummeting from 41 to 26 cents on the dollar. The developer earlier this week issued a loss warning in 1H 2023 due to a decrease in gross profit margins for its real estate...
Treasury Supply Sees Yields Rise; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Treasury yields jumped higher as the curve continued to bear steepen - 2Y yields were flat while 10Y and 30Y yields were up 7-9bp. The 10Y yield touched 4.09%, the highest level since November 2022. The US Treasury announced it will sell $103bn of securities across...
Egypt’s Dollar Bonds Trade Lower by 3-4% on Drop in Foreign Assets
Egypt’s dollar bonds moved 3-4% lower after net foreign assets held in its commercial banks reached a record deficit of $17.1bn in June (from a $14.5bn deficit in May). This decrease was driven by a lack of inflows and its efforts to stabilize its domestic currency....
Kenya’s Bond Buyback May Constitute a Default, says Moody’s
Kenya’s dollar bonds ticked lower by ~1 point after Moody’s warned that a planned buyback of half of Kenya’s 6.875% 2024s might constitute a default. Kenya’s President had earlier announced it will buy back half of the $2bn outstanding bonds. However, vice president...
US Downgraded to AA+ from AAA by Fitch
Treasury yields inched higher as the curve bear steepened - 2Y yields rose 1bp while the 10Y and 30Yyields were up 6-8bp. The 2s10s curve is now at -86bp, retracing from the lows of -109bp seen in the beginning of July. Fitch downgraded the US' long-term rating to AA+...
Pemex’s Dollar Bonds Move Lower; Shuts Down Mexico’s Largest Oil-Exporting Terminal
Pemex’s dollar bonds fell 2-4% after it shut down Mexico’s largest oil-exporting terminal on Sunday due to a leak in one of its hose trains. This adds to the list of major operational woes Pemex has faced recently - this includes a gas platform explosion that killed...
Pakistan Expects Roll Over of $11.3bn of Maturing Debt
Pakistan’s central bank Governor Jameel Ahmad has announced that Pakistan expects $11.3bn of its debt maturing this fiscal year to be rolled over. This amounts to about half of its overall $24.5bn of debt due. Ahmad added that officials believe the remaining amount...
Lumen’s Bonds Dip After Almost $9bn Net Loss
Lumen Technologies' dollar bonds dropped after it reported a net loss of $8.74bn. The company was hit by an impairment charge of $8.8bn in Q2 due to a sustained decline in their share price and variance in the market valuation in the April-June period. Revenues during...
