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eHi Car Services: Our Passenger Experience

Site Visits: 12 Dec 2018, 3:38 AM ET - Fears that eHi would default on its $200 mn 7.5% bond last Saturday were assuaged when it confirmed a syndicated loan at the last minute. Our customer experience showed no signs of strain at the popular car service provider though. 

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

American Honda Finance: Attractive New Issue

IG Note: 11 Jul 2018, 10:45 AM ET - American Honda Finance is in the market with 2Y floating as well as 2Y and 5Y fixed offerings. We  would view any new issue concession as an opportunity for investors to gain exposure to this high quality captive finance company.

Toyota Motor Corp: Multi-Tranche Issuance

IG Note: 10 Jul 2018, 11:55 AM ET - Toyota Motor Corp (parent) is in the market this morning with 3Y, 5Y and 10Y fixed offerings. We remain at an underperfom on Toyota family bonds, but would view a +5 bp concession to secondary as attractive.

Asia Credit Calendar: Week of 4th June 2018

Strategy Analysis: 01 Jun 2018, 12:51 AM ET - With reporting season out of the way for many issuers, this coming week's calendar is light.

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. 

Asia Weekly: Supply Picks Up

Asia Weekly: 20 Apr 2018, 3:56 AM ET - Asia ex-Japan new issuance totalled $14 bn for the week ended 19 April, $4.8 bn of which came from ChemChina-owned Syngenta.  

Toyota Motor Credit: Buy New Issue

IG Note: 10 Apr 2018, 9:53 AM ET - Toyota Motor Credit is in the market this morning with 3Y FRNs as well as 3Y and 7Y fixed offerings.We are at an underperform on the credit based on valuation but would view any new issue concession as an opportunity to add exposure.

Asia Credit Calendar: Week of 26 March

Strategy Analysis: 23 Mar 2018, 12:58 AM ET - Chinese property developers and industrial corporates continue their FY17 earnings season.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

US IG Autos 2018: Underperform

Sector Analysis: 24 Jan 2018, 4:13 AM ET - Given the short duration bias of the Auto Index relative to the IG Index we expect it will underperform again in 2018. We are taking a more nuanced view and expect GM and F long paper to outperform the ML Index at the long end of the curve.

Euro Autos: 2018 Outlook

Sector Outlook: 17 Jan 2018, 9:52 PM ET - In this report we review our outlook for the automotive market in 2018, discuss long term trends and short term implications, and update our investment recommendations.

US Strategy: South Korea Trade Risk

Strategy Analysis: 09 Jan 2018, 11:12 PM ET - While the NAFTA countdown and China trade strategy are the main events, South Korea is now moving back onto the stove even if not on the front burner. We look at some of the moving parts of the US-ROK free trade risks.

Asia Credit Calendar: Week of 4 December

Strategy Analysis: 30 Nov 2017, 11:10 PM ET - Tencent will hold a non-deal roadshow from Monday-Thursday. The meetings are intended to update equity investors after the Chinese tech firm's 3Q17 results, released last month. Tencent is reportedly in talks with banks for a $ bond deal.

Asia High Yield Snapshot: 2017 Interim Edition

Asia High Yield Snapshot: 30 Nov 2017, 2:30 AM ET - Credit quality for many Asian high yield issuers has strengthened this year, while the rally in Asian credit markets has made refinancing easier. Supply risk is a threat as we enter 2018, though, as Chinese issuers turn to offshore markets.

Asian Corporates: S&P Reviews Notching Criteria

Strategy Analysis: 25 Sep 2017, 6:15 AM ET - Agile, China Hongqiao, Country Garden, eHi, Franshion, Greenland, Health & Happiness, Noble Group and Yanlord are among the companies that may be affected. 

Asia Credit: The Week Ahead, 5 June 2017

Strategy Analysis: 01 Jun 2017, 9:29 PM ET - Car rental firm eHi Car Services will report 1Q17 results on Monday. Road King will hold a Special General Meeting to approve its expressway spin-off on Tuesday. Alibaba's Investor Day will take place on Thursday and Friday. 

May US Auto Sales: First Look

IG Note: 01 Jun 2017, 11:06 AM ET - As the first wave of May auto sales are reported by automakers, we expect that YoY industry sales will continue to moderate while SAAR will likely settle in the under 17 mn level for the third consecutive month.

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