In today’s briefing:
- Lucror Analytics – Morning Views Asia
- New World Development – Event Flash – Exchange Offers For All USD Perps And Bonds – Lucror Analytics
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Adani Ports, Bharti Airtel
- UST yields declined c. 3 bps across the curve yesterday as treasuries advanced amid a slump in risk assets, with the yield on the 2Y and 10Y UST falling to 3.58% and 4.09%, respectively.
- Equities retreated, after several Wall Street chief executives expressed caution about stretched valuations.
New World Development – Event Flash – Exchange Offers For All USD Perps And Bonds – Lucror Analytics
- We believe that New World Development’s (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.
- Hence, the exercise, if completed, would be credit positive for the company.
- This would in turn support the prices of the existing straight bonds.
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