Cbonds Global

2022-08-29 10:48:39 Rating Actions in Foreign Currency on August 26, 2022

S&P Global Ratings:

affirmed Kenya at 'B' with the stable outlook.

affirmed Denmark at 'AAA' with the stable outlook.

affirmed Austria at 'AA+' changed outlook to stable from positive.

Reasons: "The stable outlook balances our view of Austria's solid macroeconomic and credit metrics, including our expectations on economic growth and further budgetary consolidation, against the rising risks to the economy emanating from the combination of high inflation and dependence on Russia for energy supplies." S&P's press release.

affirmed Georgia at 'BB' with the stable outlook.

Fitch Ratings:

affirmed Gabon at 'B-' changed outlook to positive from stable.

Reasons: "The revision of the Outlook reflects improvement in Gabon's fiscal trajectory, given higher oil revenue and continued restraint with current spending, anchored by an IMF programme." Fitch's press release.

upgraded Mozambique to 'CCC+' from 'CCC' without outlook.

Reasons: "We expect the IMF programme will serve as a policy anchor for gradual fiscal consolidation and the strengthening of the sovereign's institutional capacity, providing additional support for debt reduction." Fitch's press release. Open / Comment

2022-08-29 10:02:59 US Treasury Securities

Yield Curve

UST 2Y YTM:
3.37% ( 2 bp)
UST 5Y YTM:
3.20% ( 5 bp)
UST 10Y YTM:
3.04% ( 1 bp)
UST 30Y YTM:
3.21% ( 4 bp)

U.S. Treasuries ended the week on a mixed note with the long bond recording a modest gain while shorter tenors finished lower. The Fed Chairman said that rate hikes will continue, and the central bank expects them to begin weighing on employment and growth. The remarks were later echoed by Atlanta Fed President Bostic, who said that aggregate growth will have to be brought below the long-term potential rate.

Comment: Briefing Open / Comment

2022-08-26 10:49:06 Upcoming issue

Issuer: Chorus

Issue description: bond

Date: soon

Bookrunners and Lead Managers: Citi, HSBC and MUFG Open / Comment

2022-08-26 10:36:53 Upcoming issue

Issuer: NES Fircroft

Issue description: a $300m sustainability-linked bond

Date: soon Open / Comment

2022-08-26 10:36:31 Upcoming issue

Issuer: The UK

Issue description: 1,5% green Gilt

Date: next month Open / Comment

2022-08-26 10:27:06 Rating Actions in Foreign Currency on August 25, 2022

S&P Global Ratings affirmed Bangladesh at 'BB-' with the stable outlook. Open / Comment

2022-08-26 10:23:20 US Treasury Securities

Yield Curve

UST 2Y YTM:
3.56% ( 1 bp)
UST 5Y YTM:
3.15% ( 5 bp)
UST 10Y YTM:
3.03% ( 8 bp)
UST 30Y YTM:
3.25% ( 7 bp)

Investors will be keenly watching for news from the economic symposium, which is expected to deliver an indication of the U.S. central bank’s position on the extent of further rate hikes needed to combat inflation. Fed Chair Jerome Powell will deliver a speech at 10 a.m. ET on Friday.

Comment: CNBC Open / Comment

2022-08-25 16:20:04 Largest EM issues of August 23-25

Issue | Volume

Cote d`Ivoire
African Development Bank(Aaa/AAA/AAA), 5.15% 28oct2027, IDR 30 bn
Initial issue price (yield): 100% (5.15%)
Bookrunner: Credit Agricole CIB
Depository: Clearstream Banking S.A.

United Arab Emirates
First Abu Dhabi Bank(Aa3/AA-/AA-), FRN 1mar2027, USD 338 mln
Initial issue price (yield): 100%
The purpose of placing: General Corporate Purposes
Listing: London S.E.
Bookrunner: National Australia Bank (NAB)
Depository: Clearstream Banking S.A., Euroclear Bank

China
Red Star Macalline Group(-/B+/BB), 5.2% 26aug2025, USD 249,7 mln
Initial issue price (yield): 100% (5.20%)
The purpose of placing: Refinance
Listing: Hong Kong S.E.
Bookrunner: Bank of Shanghai, China International Capital Corporation (CICC), Haitong International Securities Group, Industrial Bank, Sigma Capital Management
Depository: Clearstream Banking S.A., Euroclear Bank

BOND SEARCH Open / Comment

2022-08-25 10:01:28 US Treasury Securities

Yield Curve

UST 2Y YTM:
3.36% ( 7 bp)
UST 5Y YTM:
3.20% ( 2 bp)
UST 10Y YTM:
3.11% ( 6 bp)
UST 30Y YTM:
3.32% ( 6 bp)

U.S. Treasuries ended Wednesday with losses across the curve after a steady retreat from their opening levels. Hawkish Fed speak drove Treasury yields higher. Minneapolis Fed President Neel Kashkari said he thinks the Fed needs to remain vigilant with tightening efforts, lest it run a risk of inflation expectations becoming unanchored, according to The Wall Street Journal.

Comment: Briefing Open / Comment

2022-08-24 17:07:42 Upcoming issue

Issuer: Macquarie Bank

Issue description: a five year deal

Date: soon

Bookrunners and Lead Managers: BNP Paribas, Credit Agricole CIB, HSBC, ING, Macquarie Bank and Société Générale Open / Comment