Cbonds Global

2022-05-23 16:28:33 Upcoming issue

Issuer: Deutsche Pfandbriefbank

Issue description: €300m no grow 10.25 year non-call 5.25 tier two note

Date: soon Open / Comment

2022-05-23 11:10:42 Rating Actions in Foreign Currency on May 20, 2022

Moody's downgraded Ukraine to 'Caa3' from 'Caa2' assigned the negative outlook.

Reasons: "The downgrade of the ratings to Caa3 is driven by the increased risks to Ukraine's government debt sustainability from the invasion by Russia leading to a more protracted military conflict than Moody's initially expected, which increases the likelihood of a debt restructuring and losses being imposed on private-sector creditors." Moody's press release.

S&P Global Ratings:

affirmed Hong Kong at 'AA+' with the stable outlook.

affirmed South Africa at 'BB-' changed outlook to positive from stable.

Reasons: "The positive outlook reflects our expectation that favorable terms of trade, a path toward contained fiscal expenditure, and the implementation of some structural reforms could lead to a continued easing of fiscal and external pressures."S&P's press release.

affirmed Slovakia at 'A+' changed outlook to negative from stable.

Reasons: "We revised the outlook to negative because we see risks that the EU's ambition to transition away from Russian oil and gas could lead to a challenging economic situation for Slovakia, given that country's high dependence Russian energy. "S&P's press release.

Fitch Ratings affirmed Slovenia at 'A' with the stable outlook. Open / Comment

2022-05-23 10:00:17 US Treasury Securities

Yield Curve

UST 2Y YTM:
2.60% ( 3 bp)
UST 5Y YTM:
2.80% ( 4 bp)
UST 10Y YTM:
2.78% ( 6 bp)
UST 30Y YTM:
2.99% ( 6 bp)

Treasury yields dropped Friday, continuing a trend of falling rates this week in the face of rising recession fears. Inflation has already weighed on investor sentiment for some time, but earnings from retailers week has sparked concerns that pricing pressures are starting to now take a toll on consumer spending and economic growth.

Comment: CNBC Open / Comment

2022-05-20 19:08:49 Upcoming issue

Issuer: Japan Bank for International Cooperation

Issue description: euro trade

Date: investor calls from Friday through to the end of Monday

Bookrunners and Lead Managers: Citi, Crédit Agricole, Daiwa and Goldman Sachs Open / Comment

2022-05-20 18:45:54 Upcoming issue

Issuer: New Zealand

Issue description: two syndicated sovereign bonds

Date: expected in late 2022

Bookrunners and Lead Managers: Bank of New Zealand and Deutsche Bank Open / Comment

2022-05-20 10:21:53 Rating Actions in Foreign Currency on May 19, 2022

Fitch Ratings:

downgraded Sri Lanka to 'RD' from 'C' without outlook.

Reasons:"We have downgraded Sri Lanka's foreign-currency issue ratings to 'D' from 'C', given the default on the senior unsecured foreign-currency bonds and the cross-default clauses triggered in the other rated international foreign-currency sovereign bonds."Fitch's press release.

affirmed Chile at 'A-' with the stable outlook. Open / Comment

2022-05-20 10:01:18 US Treasury Securities

Yield Curve

UST 2Y YTM:
2.63% ( 5 bp)
UST 5Y YTM:
2.84% ( 5 bp)
UST 10Y YTM:
2.84% ( 4 bp)
UST 30Y YTM:
3.05% ( 1 bp)

Treasury yields fell Thursday, pushing prices higher, as investors continued to seek shelter in bonds after a steep sell-off in equities.

Comment: CNBC Open / Comment

2022-05-19 15:51:27 Rating Actions in Foreign Currency on May 18, 2022

S&P Global Ratings affirmed Paraguay at 'BB' with the stable outlook.

Fitch Ratings affirmed Mongolia at 'B' with the stable outlook. Open / Comment

2022-05-19 11:30:33 Upcoming issue

Issuer: Romania

Issue description: dual tranche, with maturities in November 2027 and May 2034

Date: soon

Bookrunners and Lead Managers: Citigroup, Erste Group, JP Morgan, Société Générale and Raiffeisen Bank Open / Comment

2022-05-19 11:14:31 Upcoming issue

Issuer: The Republic of Poland

Issue description: 10 year euro benchmark

Date: soon

Bookrunners and Lead Managers: Citi, Commerzbank, ING, JPMorgan, PKO BP and Santander Open / Comment