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Petrobras 5.600% 01/31 99.660 5.66%

|

WRKCo 3.900% 06/28 98.089 4.45%

|

FWD 5.000% 09/24 99.982 5.24%

|

Icahn 9.000% 06/30 100.960 8.76%

|

Bangkok Bank 5.000% Perp 98.923 6.07%

|

SMC 8.750% Perp 100.325 -

|

US STRIPS 0.000% 05/53 32.421 4.00%

|

UOB 2.550% Perp 95.770 3.75%

|

Power Finance 3.250% 09/24 99.991 3.52%

|

Firstenergy Transmission 2.866% 09/28 97.028 3.66%

|

General Motors 4.300% 04/29 98.528 4.65%

|

Philippines 4.200% 01/24 99.875 26.18%

|

Equinor 5.100% 08/40 102.408 4.88%

|

Exim India 3.875% 03/24 100.000 3.80%

|

DBS 3.300% Perp 98.859 5.80%

|

JLR 5.875% 01/28 100.200 5.80%

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Saudi Aramco 4.375% 04/49 86.745 5.34%

|

GLP 4.600% Perp 58.056 26.72%

|

BP 4.875% Perp 98.161 5.26%

|

Israel 7.750% 12/27 106.406 5.57%

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Alphabet 2.250% 08/60 62.024 4.34%

|

Malaysia Sukuk 3.043% 04/25 99.029 4.62%

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Vedanta (94% Sink Factor) 13.875% 12/28 102.145 -9.23%

|

Home Depot 5.400% 06/64 106.065 5.04%

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AIA 3.200% 03/25 99.124 4.94%

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US Treasury 0.000% 11/24 98.888 4.89%

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POSCO 2.500% 01/25 99.174 4.79%

|

GLP 3.875% 06/25 91.414 16.57%

|

OCBC 1.832% 09/30 97.110 4.81%

|

Keppel REIT 3.150% Perp 98.850 4.33%

|

Dominion Energy 4.250% 06/28 99.652 4.35%

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Sobha Sukuk 8.750% 07/28 104.262 7.45%

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Singapore 3.375% 05/34 107.007 2.55%

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Royal Caribbean 5.500% 04/28 100.941 5.16%

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Kia 2.375% 02/25 98.926 4.86%

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EXIM Malaysia 3.350% 05/25 98.598 5.51%

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South Korea 4.125% 06/44 95.785 4.44%

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Frasers Property 4.380% Perp 97.925 10.22%

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Netflix 4.900% 08/34 103.610 4.43%

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Oman 4.750% 06/26 99.499 5.04%

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Westpac 2.668% 11/35 87.207 4.47%

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Emirates NBD 1.638% 01/26 95.970 4.76%

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Saudi Aramco 5.750% 07/54 102.554 5.57%

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Vedanta (84% Sink Factor) 13.875% 12/28 100.375 9.48%

|

UOB 3.059% 04/25 99.153 4.53%

|

Volcan 4.375% 02/26 85.860 15.79%

|

PD Sukuk 8.750% 09/25 100.562 8.16%

|

NTPC 4.375% 11/24 99.891 4.81%

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UnionBank 2.125% 10/25 96.691 5.18%

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Credit Agricole 4.375% 03/25 99.405 5.52%

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ST Engineering 1.500% 04/25 98.008 4.65%

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Saudi Arabia 5.750% 01/54 103.406 5.51%

|

Estate Sky 5.450% 07/25 91.250 16.57%

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Hotel Properties 3.800% 06/25 99.327 4.73%

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Indofood 4.805% 04/52 86.908 5.75%

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SIA 3.000% 07/26 97.535 4.38%

|

CBA 3.150% 09/27 97.486 4.03%

|

PT Pertamina 6.450% 05/44 110.208 5.58%

|

Pemex 6.875% 08/26 98.887 7.50%

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Julius Baer 4.875% Perp 95.394 7.28%

|

Egypt 7.625% 05/32 85.349 10.42%

|

Krung Thai 4.400% Perp 97.690 5.97%

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China Water 4.850% 05/26 94.263 8.53%

|

Commerzbank 6.500% 04/34 107.472 3.55%

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SMC Global Power 5.450% Perp 95.200 7.80%

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TD 1.250% 12/24 98.970 5.11%

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Abu Dhabi 2.500% 04/25 98.596 4.85%

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BPI 2.500% 09/24 100.000 2.46%

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Ascendas REIT 3.000% Perp 98.740 4.27%

|

UBS 5.125% Perp 97.642 6.47%

|

BPCE 5.000% 03/34 102.768 3.32%

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Conagra 1.375% 11/27 91.356 4.33%

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Olam 5.375% Perp 97.965 6.54%

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China 1.950% 12/24 99.444 4.25%

|

HDFC Bank 5.686% 03/26 101.521 4.61%

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KNOC 5.250% 11/26 101.837 4.35%

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JLR 4.500% 10/27 98.244 5.12%

|

Piedmont 3.500% 06/29 96.527 4.31%

|

Methanex 5.250% 12/29 98.727 5.52%

|

Muthoot 4.400% 09/23 100.000 -

|

Netflix 5.400% 08/54 106.956 4.94%

|

Rizal 3.000% 09/24 100.000 2.95%

|

Scotiabank 3.625% 10/81 87.230 4.13%

|

San Miguel 5.500% Perp 53.125 94.31%

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Israel 4.500% 04/99 74.551 6.06%

|

Syngenta 4.892% 04/25 99.772 5.25%

|

Abja 5.450% 01/28 101.785 4.86%

|

Scotiabank 4.500% 12/25 99.662 4.77%

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Julius Baer 4.750% Perp 99.750 34.04%

|

HSBC 6.875% Perp 100.585 -

|

Adani 4.375% 07/29 93.328 5.98%

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Honeywell 9.065% 06/33 131.322 4.65%

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Huarong 3.800% 11/25 98.947 4.73%

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NatWest 6.000% 12/23 100.000 -

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Centerpoint 5.400% 06/29 103.844 4.47%

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Dah Sing 3.000% 11/31 95.233 4.13%

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US STRIPS 0.000% 02/49 35.003 7.59%

|

Santander 6.350% 03/34 106.147 5.51%

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Baidu 3.075% 04/25 98.979 4.85%

|

DoubleDragon 7.250% 07/25 97.099 10.72%

|

Sands China 5.125% 08/25 99.509 5.67%

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NextEra 4.625% 07/27 101.326 4.11%

|

Ford 4.346% 12/26 99.041 4.79%

|

Cathay Pacific 4.875% 08/26 99.824 4.96%

|

Power Finance 3.350% 05/31 90.829 4.97%

|

Conocophillips 6.500% 02/39 116.746 4.86%

|

Wells Fargo 4.100% 06/26 99.364 4.48%

|

REC 2.250% 09/26 95.257 4.78%

|

Egypt 8.700% 03/49 77.927 11.39%

|

Olam 4.000% 02/26 98.250 5.25%

|

KHNPC 3.125% 07/27 96.961 4.25%

|

REC 5.625% 04/28 102.846 4.75%

|

ICTSI 3.500% 11/31 90.785 5.04%

|

Keppel 4.900% Perp 101.248 4.74%

|

US Treasury 0.250% 05/25 97.045 4.39%

|

Micron 5.875% 09/33 106.583 4.94%

|

Shell 3.875% 11/28 99.720 3.94%

|

US Treasury 4.875% 10/28 105.102 3.54%

|

Philippines 9.500% 10/24 100.624 4.32%

|

Pemex 10.000% 02/33 102.743 9.50%

|

Muthoot 7.125% 02/28 102.080 6.42%

|

SIA 5.250% 03/34 106.256 4.42%

|

Axis Bank 4.100% Perp 94.962 6.84%

|

Citibank 5.803% 09/28 107.075 3.86%

|

Turkey 9.875% 01/28 112.049 5.86%

|

US Treasury 0.000% 12/24 98.556 4.83%

|

Caterpillar 8.250% 12/38 136.282 4.72%

|

UBS 3.750% 03/25 99.289 5.08%

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BIM 7.375% 05/26 78.957 23.26%

|

SocGen 6.447% 01/27 101.810 5.02%

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Xcel 4.000% 06/28 98.676 4.38%

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Korea Electric Power 6.000% 12/26 103.421 4.37%

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Citigroup 4.600% 03/26 100.021 4.58%

|

Tencent 3.800% 02/25 99.556 4.83%

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SocGen 8.500% Perp 99.813 8.52%

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Filinvest 4.125% 09/25 97.556 6.61%

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Singtel 3.250% 06/25 98.965 4.55%

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HDFC 3.700% Perp 95.046 6.42%

|

Finland 6.950% 02/26 103.828 4.18%

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Morgan Stanley 3.125% 07/26 97.871 4.30%

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UBS 5.600% Perp 102.900 4.96%

|

BDO Unibank 2.125% 01/26 96.189 5.07%

|

HSBC 8.000% Perp 106.785 5.82%

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UBS 5.875% Perp 100.000 -

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StanChart 7.875% Perp 103.020 7.20%

|

Pemex 5.350% 02/28 91.563 8.21%

|

Cardinal Health 3.410% 06/27 97.865 4.23%

|

HSBC 6.375% Perp 100.000 6.18%

|

KNOC 0.875% 10/25 96.161 4.55%

|

Vedanta 9.250% 04/26 99.282 9.72%

|

Santander 4.750% Perp 93.849 7.84%

|

Korea Electric Power 3.625% 06/25 99.315 4.53%

|

Kenya 6.300% 01/34 76.897 10.17%

|

Lockheed Martin 4.070% 12/42 90.724 4.83%

|

Sprint 7.625% 03/26 103.356 4.60%

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General Motors 5.200% 04/45 93.440 5.74%

|

Turkey 6.625% 02/45 89.600 7.63%

|

US Treasury 4.000% 02/34 102.391 3.69%

|

REC 5.250% 11/23 100.000 5.11%

|

INALUM 4.750% 05/25 99.668 5.23%

|

Motorola 4.600% 02/28 101.035 4.25%

|

BMO 5.200% 12/24 99.979 5.21%

|

Emirates NBD 6.125% Perp 100.280 5.93%

|

BNP 8.000% Perp 105.514 6.98%

|

FWD 7.635% 07/31 106.990 6.35%

|

HSBC 5.250% Perp 100.770 5.06%

|

Allianz 3.200% Perp 84.915 8.90%

|

Reliance 2.875% 01/32 88.256 4.78%

|

LG Chem 3.250% 10/24 99.815 4.90%

|

SBI 5.950% 12/24 100.103 5.32%

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Abu Dhabi 5.500% 04/54 108.177 4.96%

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SocGen 8.250% Perp 106.412 5.77%

|

ICTSI 5.875% 09/25 100.557 5.31%

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Philippines 5.500% 03/26 101.594 4.43%

|

Egypt 5.250% 10/25 97.725 7.48%

|

US Treasury 0.000% 02/24 99.938 22.88%

|

ESR Group 5.100% 02/25 90.400 28.38%

|

DP World 5.500% 09/33 104.386 4.87%

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ReNew Power 4.500% 07/28 92.519 6.73%

|

Rio Tinto 5.200% 11/40 103.346 4.89%

|

Indika Energy 8.750% 05/29 101.548 8.33%

|

BNP 5.900% Perp 103.866 4.68%

|

Metinvest 8.500% 04/26 79.635 24.32%

|

Amazon.com 1.650% 05/28 92.483 3.85%

|

BOC Aviation 3.250% 04/25 98.919 4.96%

|

US Treasury 5.000% 10/25 101.000 4.09%

|

Kenya 8.250% 02/48 78.938 10.72%

|

Macquarie 6.798% 01/33 110.153 5.27%

|

US Treasury 3.875% 08/33 101.453 3.68%

|

KOWEPO 4.125% 06/25 99.613 4.60%

|

HPCL 5.250% 04/27 98.096 6.03%

|

Bombardier 7.875% 04/27 100.433 3.04%

|

Mapletree Industrial Trust 3.150% Perp 97.430 4.76%

|

SMC Global Power 7.000% Perp 99.750 7.22%

|

Thaioil 5.375% 11/48 96.318 5.65%

|

JSW Steel 3.950% 04/27 95.308 5.93%

|

GC Treasury Center 5.200% 03/52 92.406 5.75%

|

UnitedHealth 5.375% 04/54 104.390 5.08%

|

WEC 1.375% 10/27 91.728 4.24%

|

Lai Sun 5.000% 07/26 69.052 26.88%

|

Teva 3.150% 10/26 95.725 5.35%

|

Senegal 6.750% 03/48 72.428 9.76%

|

Saudi Arabia 5.000% 01/53 93.562 5.44%

|

American Express 3.950% 08/25 99.371 4.66%

|

Westpac 5.000% Perp 97.632 5.86%

|

Conocophillips 7.800% 01/27 107.524 4.35%

|

Delhi Intl Air 6.125% 10/26 100.502 5.86%

|

Kraft Heinz 3.000% 06/26 97.816 4.31%

|

Delhi Intl Air 6.450% 06/29 101.990 5.95%

|

HSBC 4.250% 08/25 99.303 5.00%

|

MetroBank 2.125% 01/26 96.358 4.92%

|

CVS 5.400% 06/29 103.612 4.52%

|

ABN AMRO 6.339% 09/27 103.334 4.59%

|

Reliance 4.125% 01/25 99.672 4.95%

|

Santos 6.875% 09/33 110.891 5.30%

|

AT&T 5.539% 02/26 100.039 4.52%

|

US Treasury 4.500% 02/44 105.492 4.08%

|

Lloyds 4.500% 11/24 99.825 5.51%

|

JP Morgan 3.200% 06/26 98.290 4.20%

|

Exelon 5.150% 03/28 102.802 4.26%

|

Walmart 4.300% 04/44 96.032 4.60%

|

Manila Water 4.375% 07/30 95.543 5.26%

|

Kernel 6.750% 10/27 76.679 16.55%

|

Qatar 5.103% 04/48 102.997 4.88%

|

Petronas 3.500% 03/25 99.276 4.88%

|

Nvidia 2.850% 04/30 94.751 3.90%

|

Egypt 7.600% 03/29 94.163 9.21%

|

Embraer 5.050% 06/25 99.561 5.30%

|

BNP 8.500% Perp 106.123 6.70%

|

Southwestern Electric Power 4.100% 09/28 99.089 4.34%

|

SK Hynix 3.000% 09/24 99.979 3.63%

|

Egypt 5.800% 09/27 92.231 8.73%

|

Pakistan 8.250% 09/25 97.114 11.18%

|

DBS 1.169% 11/24 99.300 4.50%

|

Campbell 5.200% 03/29 103.606 4.30%

|

Keybank 5.850% 11/27 103.509 4.62%

|

PCPD Capital 5.125% 06/26 90.101 11.40%

|

Korea Electric Power 7.000% 02/27 106.241 4.23%

|

BCT 5.750% 01/25 96.417 15.16%

|

Israel 7.250% 12/28 108.042 5.12%

|

JLR 5.500% 07/29 99.806 5.54%

|

Rwanda 5.500% 08/31 80.739 9.33%

|

TAQA 6.500% 10/36 115.530 4.79%

|

Delta Air 7.000% 05/25 101.008 5.39%

|

Pemex 6.625% 06/35 78.236 9.96%

|

Del Monte Pacific 3.750% 12/24 100.379 2.25%

|

DTE 5.100% 03/29 102.756 4.40%

|

US Treasury 0.000% 10/24 99.325 4.78%

|

KSA Sukuk 5.250% 06/34 104.435 4.67%

|

Bank East Asia 5.825% Perp 98.189 7.52%

|

PNC Bank 3.100% 10/27 96.582 4.27%

|

Scotiabank 5.250% 12/24 99.991 5.21%

|

DBS 5.479% 09/25 101.151 4.30%

|

KOGAS 3.500% 07/25 99.161 4.48%

|

REC 3.500% 12/24 99.605 4.96%

|

BNP 4.250% 10/24 99.895 5.13%

|

StanChart 4.750% Perp 86.235 7.51%

|

ING Groep 8.000% Perp 106.196 6.66%

|

Jollibee 4.125% 01/26 98.732 5.08%

|

Alibaba 3.600% 11/24 99.663 5.04%

|

Lockheed Martin 7.200% 05/36 115.085 5.43%

|

Verizon 2.625% 08/26 96.997 4.25%

|

Barclays 6.125% Perp 99.360 6.65%

|

AerCap 3.650% 07/27 97.872 4.44%

|

Wells Fargo 3.000% 04/26 98.020 4.27%

|

HSBC 4.000% Perp 96.647 6.36%

|

ARA 5.650% Perp 96.822 6.58%

|

Vedanta (47% Sink Factor) 13.875% 01/27 100.225 10.94%

|

ArcelorMittal 4.250% 07/29 98.803 4.52%

|

Lenovo 6.536% 07/32 109.674 4.99%

|

Barclays 7.300% Perp 104.606 5.92%

|

StanChart 6.296% 07/34 108.511 5.08%

|

ICICI 4.200% 10/24 99.941 4.80%

|

Hutchison Whampoa 3.625% 10/24 99.831 4.69%

|

US Treasury 4.375% 05/34 105.438 3.70%

|

PNB 3.280% 09/24 99.896 5.03%

|

Deutsche Bank 7.500% Perp 99.725 7.74%

|

Goldman Sachs 3.750% 05/25 99.182 4.92%

|

KOMIR 5.375% 05/28 102.950 4.49%

|

Maldives 9.875% 04/26 69.683 36.64%

|

Humana 3.700% 03/29 97.406 4.33%

|

Charles Schwab 3.250% 05/29 95.985 4.19%

|

BoFAML 5.526% 08/26 102.677 4.02%

|

Deutsche Bank 6.000% Perp 96.236 9.64%

|

EIB 2.500% 10/24 99.733 4.92%

|

BPCL 4.000% 05/25 99.417 4.88%

|

KOGAS 3.500% 07/26 98.558 4.32%

|

Jollibee 4.750% 06/30 98.084 5.13%

|

Metropolitan Life 3.000% 09/27 96.689 4.17%

|

Buenos Aires 5.000% 09/37 37.625 17.10%

|

Emirates NBD 1.840% 05/26 94.854 4.99%

|

Abu Dhabi 2.125% 09/24 99.900 3.80%

|

US Treasury 0.000% 09/24 99.759 4.34%

|

Philippines 10.625% 03/25 103.050 4.70%

|

Ford 4.750% 01/43 85.311 6.08%

|

Walmart 4.500% 09/52 96.390 4.73%

|

Globe Telecom 2.500% 07/30 87.260 5.02%

|

Pricoa 5.100% 05/28 103.300 4.13%

|

SBI 4.875% 05/28 101.140 4.53%

|

Shriram 6.625% 04/27 101.245 6.09%

|

Qatar 6.400% 01/40 117.704 4.76%

|

Tyson Foods 5.400% 03/29 103.852 4.43%

|

Wells Fargo 4.150% 01/29 99.526 4.26%

|

Shriram 4.150% 07/25 98.282 6.20%

|

Principal Financial Group 3.700% 05/29 97.545 4.28%

|

Pakistan 7.375% 04/31 80.500 11.70%

|

Mercedes-Benz 5.500% 11/24 100.040 5.24%

|

Indofood 4.745% 06/51 86.128 5.76%

|

Korea East West Power 3.600% 05/25 99.318 4.64%

|

Vale 3.750% 07/30 94.100 4.92%

|

Arabian Centres 9.500% 03/29 104.041 8.40%

|

Pemex 5.950% 01/31 83.390 9.46%

|

BNP 4.625% Perp 92.594 8.15%

|

Exim India 5.500% 01/33 105.125 4.74%

|

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Bond Market News

Greenland Downgraded to B+ by S&P on Impaired Funding and Weak Operating Conditions

October 14, 2021

China
Credit Ratings
High Yield Bonds

Greenland Holding was downgraded two notches to B+ from BB and its senior unsecured notes to B from BB- by S&P. They also downgraded its subsidiary Greenland Hong Kong Holdings Ltd. to B from BB- with a negative outlook. The downgrade comes on the back of its impaired funding and weak operating conditions which are unlikely to improve in the near-term. S&P said, “Without an improvement in funding access, the company will need to heavily rely on onshore bank loans and internal cash flow to meet its debt maturities; any execution risk on this front could weigh on its liquidity”. Given expectations of tight mortgage conditions, soft purchasing sentiment and limited room to cut construction and capex, its cash generation and contracted sales will weaken.

S&P believes Greenland’s upcoming bond maturities are still manageable given its cash balance and cash from offshore projects. It has ~RMB 83.7bn ($13bn) of unrestricted cash and liquid investments as of end-June 2021, mainly situated onshore. It has $500mn and $1.82bn of offshore bonds due in the remainder of 2021 and in 2022 which accounts for only 5% of total debt at the end-June 2021. They also expect cash collection from Greenland’s offshore projects to reach RMB 5-7bn ($800mn-1.1bn) by end-2022, covering 30-45% offshore bond repayments. Given Greenland’s high concentration on bank funding that account for 80% of total borrowings, any weaknesses in bank support represents a key risk. However, S&P expects access to bank financing to be unaffected thanks to its “established relationships and a gradual improvement in meeting the three red lines requirements”.

Greenland’s dollar bonds were traded lower with its 7.25% bonds due March 2022 down 3.5 points to 69.5 cents on the dollar.

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