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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

BUMA: Consent Solicitation for Bond Amendments

Worth Watching: 11 Dec 2018, 4:48 AM ET - BUMA or Bukit Makmur Mandiri Utama (Bond ratings: NR; Ba3; BB-) is seeking consent from the holders of its $350 mn 7.75% 2022 note to amend the terms of the bond indenture. It requires a majority to approve the proposed amendments. The consent ..

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.

Metals & Mining ESG: Sector View and Ratings

Sector Analysis: 26 Nov 2018, 9:04 PM ET - We are following up on the formal launch of the CreditSights ESG investment framework with an in-depth look at ESG issues in the metals & mining sector.
Focused

Indonesia Coal: Lower Tax Rates for Coal Miners

Worth Watching: 15 Nov 2018, 3:59 AM ET - Indonesia Coal: The Indonesian Government proposes to slash the income tax rates for Indonesian coal miners from 45% to 25%. The move is aimed at placating miners whose coal contacts of work (CCoW) is poised to expire soon. A few coal mining ..

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Credit: New York City Investor Meetings

Strategy Analysis: 03 Oct 2018, 12:13 AM ET - Our Asia corporate analysts spent two days meeting investors in New York earlier this month. We met a mix of investor types, including US and non-US based asset managers, investment advisers, investment banks, hedge funds and private banks.

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. 
Focused

Asia Credit Calendar: Week of 13 August 2018

Strategy Analysis: 10 Aug 2018, 12:20 AM ET - The National Bureau of Statistics of China will release its July monthly report on Real Estate Investment and Sales, and Monthly Home Price Indices for Top 70 Cities next week. The 1H18 earnings season begins for Chinese issuers.
Focused

BUMA 1H18: Burdened by Equipment Purchases

Worth Watching: 08 Aug 2018, 6:59 AM ET - BUMA 1H18 (or Bukit Makmur, Bond Ratings: NR/ Ba3/ BB-) revenues rose 7% year-on-year (YoY) to $384 mn, led by a 20% YoY growth in revenues garnered from PT Kideco Jaya Agung in 1H18. However, revenues from PT Berau Coal, which constituted half ..

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

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.

Indonesia Coal: Govt. Mulls Lifting DMO

Worth Watching: 30 Jul 2018, 12:22 PM ET - Indonesia Coal : The Indonesian government is said to be mulling scrapping an obligation on Indonesian coal miners to supply coal to the domestic power stations. The Indonesian coal miners are currently bound to supply a minimum quantity of coa ..

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.
Focused

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 High Yield Snapshot: 2017 Full Year Edition

Asia High Yield Snapshot: 30 May 2018, 11:05 PM ET - Credit quality remains broadly healthy, although we see mixed trends ahead. We maintain our defensive stance towards Asian high yield. 

Indonesia Trip 2018: IDR/$ Hedges

HY Note: 21 May 2018, 3:29 AM ET - Following our meetings in Jakarta last week, we provide an update on the IDR/$ FX derivative hedges put in place by Indonesian companies. 

Asia Weekly: Bank Indonesia Raises Repo Rate

Asia Weekly: 18 May 2018, 1:42 AM ET - Asian $-bond spreads showed some respite after a fierce sell-off that lasted 4 weeks. The 10-year US treasury yield reached a 7-year high of 3.1% while Bank Indonesia raised its 7-day repo rate yesterday to combat currency depreciation.
Focused

BUMA: New Contract with Bayan Resources

Worth Watching: 10 May 2018, 12:19 AM ET - BUMA or Bukit Makmur (Bond ratings: NR/ Ba3/ BB-) secured a new mining services contract with PT Indonesia Pratama (IPR), a subsidiary of PT Bayan Resources Tbk. The mining area is located in Kutai Kartanegara Regency, East Kalimantan. Bay ..

Asian Corporates: Post-Results Report Cards

Earnings Note: 04 May 2018, 3:55 AM ET - We take stock of FY17 and 1Q18 results season and update our outlooks for 35 companies in FY18. 

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