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Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Asia IG News: Vanke, Everbright Bank, Huarong, CCB

Worth Watching: 18 May 2018, 5:32 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:S&P affirmed Li&Fung's BBB+ long-term issuer credit rating on its outstanding senior unsecured notes and BBB- on its subordinated debt after Li&Fung's stock price plunge ..
Focused

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

Asia IG News: Tencent, Great Wall AMC, Vanke

Worth Watching: 17 May 2018, 5:50 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:China Great Wall Asset Management Company set a final price guidance for its proposed 5-year Reg S $600 mn (capped) bond at T+155 bp vs. initial price target (IPT) of T+ ..
Focused

China Great Wall AMC: New 5Y $ Bond

IG Note: 16 May 2018, 10:44 PM ET - Great Wall Asset Management Corporation is coming to market with a new RegS $ 5Y issue. We see fair value for the new issue at T5+157 bp/Z+147 bp vs IPT of T5+180 bp.

Asia IG News: China Great Wall AMC, OCBC, Alibaba

Worth Watching: 07 May 2018, 6:22 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:Fitch affirmed the ratings of CMB Financial Leasing and CMB International Leasing Management at BBB/ Stable.China Great Wall AMC has hired seven banks for a potential $- ..

BCHINA: Lower Provisions Help Bottom Line in 1Q18

Worth Watching: 30 Apr 2018, 4:34 AM ET - BCHINA saw profits rise 5% but this was solely due to provisions which fell 30% YoY. While state-owned peers mostly raised impairments in 1Q to account for IFRS 9 and and ahead of the introduction of new regulations related to shadow loans, BCHINA ..

Hyundai Capital Svcs: Profit Steady, Mix Shifts

Earnings Note: 24 Apr 2018, 11:11 PM ET - Hyundai Capital Services reports steady results for 2017 but is shifting its mix from auto loans to higher return assets.  

Asia-Pac Financials Relative Value: April 2018

Asia Relative Value / Fin Movers: 10 Apr 2018, 2:51 AM ET - We summarize our relative value views for Asia Pacific Financials for April 2018.

Asia-Pac Financials Relative Value: March 2018

Asia Relative Value / Fin Movers: 06 Mar 2018, 8:04 PM ET - We summarize our relative value views for Asia Pacific Financials for March 2018.

Asia-Pac Financials Relative Value: February 2018

Asia Relative Value / Fin Movers: 08 Feb 2018, 1:48 AM ET - We summarize our fundamental and relative value views for Asia Pacific Financials for February 2018.

Asia FinMovers: Will China Sov Pull Banks Tight?

Asia Relative Value / Fin Movers: 05 Sep 2017, 9:20 PM ET - We discuss (i) whether tight pricing on a new China sovereign issue could pull Chinese policy and commercial banks tighter, (ii) HK banks B3 vs B2 Tier 2 bonds, (iii) other RV ideas, (iv) August returns and spread moves on Asian financials.
Focused

China Great Wall AMC: New 3Y/5Y/10Y $ Bonds

IG Note: 23 Aug 2017, 11:03 PM ET - Great Wall Asset Management Corp is coming to market with a new RegS/144A $ issue in three tranches.  We see fair value for the 3Y issue at T3+141bps/Z+121bps, the 5Y issue at T5+147bps/Z+141bps and the 10Y issue at T10+193bps/Z+201bps.

China Securities Firms: Income and Funding Trends

Sector Analysis: 29 Jun 2017, 5:46 PM ET - We update on the Chinese securities firms' operating environment, regulatory ratios and financial performance, in anticipation of an upcoming visit in July.

Hyundai Capital Services Inc: Steady But Pricey

Earnings Note: 28 Mar 2017, 11:09 PM ET - We update our view on Hyundai Capital Services Inc, the captive auto-finance provider for Hyundai Motors in Korea. 

IG Note: Thoughts on Huarong USD Snr Perp NC5s

IG Note: 24 Jan 2017, 5:00 AM ET - Huarong's USD Senior Perp Non-Call 5s have low extension risk due to a large back-end spread, but face some coupon deferral risk. Still, the latest perps trade 40 bp wide of an existing perp, with the former looking somewhat attractive.

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.

UNBK 2QFY17: Poor Results, Slippages Down Slightly

Earnings Note: 06 Nov 2016, 9:41 PM ET - UNBK reported weak results in 2QFY17 due to still high provision costs. Its NPA ratio saw a more moderate increase in 2Q but this was due to higher upgrades. We continue to view management's 9% target NPA ratio by end-FY17 as challenging. 

Asia Weekly: China Property Curbs Sapping Returns?

Asia Weekly: 23 Oct 2016, 8:08 PM ET - Asian sectors generally delivered positive returns last week, although CCC-rated Chinese real estate bonds and Chinese AT1s posted negative returns.

China Banks: Regulating Wealth Management Products

Sector Analysis: 06 Sep 2016, 7:04 PM ET - We describe the flows between wealth management products and the banking system, which identifies where credit and liquidity risks might emerge. We discuss implications of the latest draft of WMP regulations and market data. 

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