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Beijing Infrastructure Investment

BII (北京基础设施投资有限公司, PRC-based) is the sole investment and financing entity for the Beijing subway. Its key businesses comprise railway construction and operation (56% of 1H17 revenues), primary land and real estate development (37%) and commodity sales (7%). The Beijing government appropriates special fiscal funds and subsidies annually to BII according to the project construction progress and fiscal budget. BII operates 22 of Beijing's subway lines, has 20 lines under construction and 2 lines at the planning stage as of 30 June 2018. According to the National Development and Reform Commission (NDRC), the Beijing railway network will comprise 30 lines with a total length of 1,177 km by 2020. Metro Land, 33.6% held by BII, is BII's property development arm. It is listed on the Shanghai Stock Exchange (600683.SH). It realized RMB 2.2 bn of total operating revenues and RMB 216 mn of net income in 9M18. BII is also a primary land developer. Primary land development businesses are usually delegated by district or county governments; the returns cover costs plus a 8%-12% profit margin. (29 Nov 2018)

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Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

Asia Corporate Recommendations: March 2018

Asia Corporate Recommendations: 01 Mar 2018, 5:39 AM ET - We raised our recommendations on Jababeka 2023 and Yingde 2020 to Outperform and raised Baidu's short-dated bonds to Market perform. We also assigned an Outperform recommendation to Agile's new perp. 

Asia Corporate Recommendations: January 2018

Asia Corporate Recommendations: 01 Feb 2018, 3:37 AM ET - We raised our recommendations on Hongqiao 2018 and Beijing Capital Land 8.375% perp to Market perform, and lowered our recommendation on Indika 2023 to Market perform. We also lowered our recommendation on MIE 2018 to Market perform. 

Asia Corporate Recommendations: December 2017

Asia Corporate Recommendations: 02 Jan 2018, 2:45 AM ET - We raised our recommendations on Evergrande 7% 2020 and 6.25% 2021 to Market perform. We downgraded our recommendation on Road King 7% perpetuals to Underperform. We revise our recommendation on Indika 2023 to Market perform.

Asia Corporate Recommendations: November 2017

Asia Corporate Recommendations: 04 Dec 2017, 2:13 AM ET - We raised our recommendation on Alam Sutera 2022 to Outperform and assigned Outperform recommendations to the new Alibaba 2027, 2037, 2047 and 2057. We also assign an Outperform recommendation to the new Anton 2020. 

Asia Corporate Recommendations: October 2017

Asia Corporate Recommendations: 02 Nov 2017, 1:46 AM ET - We raised our recommendations on Gajah Tunggal 2022 to Outperform and the Road King 7% perp to Market perform. We lowered our recommendations on Indika  2022 to Market perform and the Greentown bond complex to Underperform. 

China: The Value of Government Ownership

Strategy Analysis: 25 Oct 2017, 1:07 AM ET - We compare state and non-state-owned Chinese property developers, European utilities and European telecoms issuers to deduce the relative value premium for government ownership. 

Asia Corporate Recommendations: September 2017

Asia Corporate Recommendations: 02 Oct 2017, 6:43 AM ET - We raised our recommendations on MIE 2018, Indika 2022, and Glenmark 2021 last month. We change our recommendation on Greenland HK 2019 from Underperform to Market perform. 

China S&P Downgrade: Impact on Corporates

Worth Watching: 21 Sep 2017, 7:15 AM ET - China S&P Downgrade: S&P downgraded China's sovereign rating from AA- (Negative) to A+ (Stable) this afternoon, Singapore time. Moody's had already downgraded China's sovereign rating to A1 (Stable) in May 2017 (see: China Moody's Downgrade: Imp ..

Beijing Infrastructure Investment: New Bond Today

Worth Watching: 19 Sep 2017, 1:46 AM ET - Beijing Infrastructure Investment (BII, company ratings A1/A+/A+, bond ratings A2/NR/A+) released price guidance of around T+150 bp for its proposed 3-year bond. The deal may price today, according to the press. The initial price guidance looks ..

Beijing Infrastructure Investment: $ Bond Roadshow

Worth Watching: 13 Sep 2017, 2:52 AM ET - Beijing Infrastructure Investment Co Ltd (BII) is meeting investors in Asia and London in preparation for a new Reg S $ bond. The notes will be issued under BII's $6 bn medium-term note programme. The deal terms are as follows: Issuer: Easter ..

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Hanjin Bankruptcy: 100-Year Supply Chain Flood

Sector Analysis: 22 Sep 2016, 9:30 PM ET - International admiralty and local bank laws cannot handle large containership liquidations.  Just-in-time customers should increase buffer inventories.

Using the New E-Mail Alerts System

Announcement: 18 Feb 2015, 11:28 PM ET - CreditSights launched its new beta e-mail Alerts system on  Mon, February 23rd. A new interface allows users to manage their e-mail  Alerts. This is a user guide for managing your e-mail Alerts in the new system.

Announcing CreditSights' New E-Mail Alerts System

Announcement: 12 Feb 2015, 11:27 PM ET - CreditSights announced the launch of its new beta e-mail Alerts system on Monday, February 23rd. Your previous e-mail Alert preferences will be carried over into the new beta e-mail Alerts system.

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