Islam, Islamic, Islamic News, Fatwa's and Islamic Business/Finance with Islam Online

Bond Risk Falls on Cyprus Accord; Defaulter Suzlon Markets Notes

25 Mar 2013 08:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق

Bond risk in the Asia-Pacific region dropped after Cyprus reached an accord with creditors on an international bailout. Suzlon Energy Ltd. (SUEL), the Indian wind- turbine maker which defaulted on its convertible bonds last year, and China State Construction International Holdings Ltd. began marketing U.S. dollar-denominated notes.

Suzlon, which needs money to repay foreign creditors and boost equity capital under its liability-restructuring agreement with lenders, is offering five-year debt at a yield of about 5 percent, a person familiar with the matter said. Its outstanding notes due 2016 tumbled to an all-time low of 35 cents in October, when it failed to repay $209 million in India's biggest convertible-bond default.

A gauge of Asian bond risk is on track to drop for the first time in more than a week as overnight talks in Brussels paved the way for 10 billion euros ($13 billion) of emergency loans to Cyprus, which would make it the fifth country to tap a rescue since the euro debt crisis broke out in Greece in 2009. The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan fell 2 basis points to 118 basis points as of 8:18 a.m. in Hong Kong, set for its first fall since March 15, Royal Bank of Scotland Group Plc and CMA prices show. Wire External StoryFrom Source: Bloomberg - Read full article here is not responsible for the content of external internet sites


Loading comments ...