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Real-time News
On September 20th, Country Garden Holdings announced plans to restructure nine of its public market bonds. The restructuring plan indicates that the restructuring entity intends to adjust the principal and interest repayment arrangements for the restructured bonds and offer other options, including a repurchase option, Country Garden Holdings stock options, and general debt options. As of the end of June, the outstanding balance of the nine bonds was 13.85828 billion yuan. These bonds include H16 Biyuan 5, H19 Bidi 3, H20 Bidi 3, H20 Bidi 4, H1 Bidi 01, H1 Bidi 02, H1 Bidi 03, H1 Bidi 04, and H16 Tengyue 2. Regarding the cash early repayment arrangement, or consent fee, the plan indicates that for holders who vote in favor of all resolutions at the bondholder meeting, 0.1% of the bonds held will be paid in advance and cancelled, with all interest waived. Country Garden is offering holders a cash repurchase option. The repurchaser will implement the repurchase option through a registration application. The repurchaser intends to repurchase the underlying bonds for up to RMB 450 million in cash at a price of 12% of the bonds face value. The final allocation ratio may vary among the underlying bonds, and any unallocated portion may be eligible for subsequent options.On September 20th, Societe Generale stated that the Federal Reserves decision to cut interest rates by 25 basis points was in line with widespread expectations and did not disappoint. While our unconventional forecast of a 50 basis point rate cut did not materialize, as we stated last week, a 25 basis point cut at the September meeting would have likely led to further 25 basis point cuts in October and December, as evidenced by the median dot plot. We also note that the Feds projected interest rates to reach 3.38% by the end of 2026 are consistent with our forecast, but nearly 50 basis points higher than current market pricing. Next week, market focus will shift entirely to personal income and expenditure data and the Feds preferred inflation indicator, the Personal Consumption Expenditures (PCE) price index.Pony.ai (PONY.O): Partners with ComfortDelgro to expand into the Singapore market and deploy autonomous vehicles.Polish military: Poland scrambled aircraft to secure its airspace after Russia launched an attack on Ukraine.Microsoft (MSFT.O): H-1B and H-4 visa holders are strongly advised to return to the United States before the deadline tomorrow.
