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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 High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

Glenmark 1HFY19: Dismal U.S. Sales Drag Earnings

Worth Watching: 15 Nov 2018, 6:08 AM ET - Glenmark 1HFY19 or Glenmark Pharmaceuticals (Bond Ratings: BB-/ NR/ BB) revenues rose slightly by 3% YoY to INR 46.7 bn in 1HFY19 (1HFY18: 45.5 bn), driven by a 33% and a 9% growth in sales from Europe (especially Western Europe and Nordic regi ..

Asia Credit Calendar: Week of 12 November 2018

Strategy Analysis: 08 Nov 2018, 11:01 PM ET - The earnings season continues next week, with Indian and Singapore-listed corporates, and Tencent releasing their 2QFY19/3Q18 results. Economic releases from China, India, Indonesia, South Korea, Thailand and the U.S are also due next week.

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.

Glenmark: Partial Repurchase of CB

Worth Watching: 03 Oct 2018, 6:13 AM ET - Glenmark or Glenmark Pharmaceuticals (Bond ratings: BB-/ NR/ BB) repurchased $86.5 mn in principal amount of its $200 mn, 2% June 2022 convertible bond (CB). The CB was bought back at 105%, for a total of $90.8 mn, plus accrued interest. Gle ..

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. 

India Trip 2018: Itinerary

Announcement: 06 Sep 2018, 11:04 PM ET - Please contact us if you are keen to join the trip on 24-25 September 2018. We have scheduled meetings with Delhi International Airport, Vedanta, Glenmark Pharma, JSW Steel, Tata Steel and Jain Irrigation. 

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.

India Trip 2018: Week of 24 September

Announcement: 26 Aug 2018, 11:56 PM ET - CreditSights is organizing a corporate issuer trip to India in the week of 24 September for about 2 days. Please express your interest to join the trip.

Indian HY Corporates: Currency Risk

HY Note: 17 Aug 2018, 3:57 AM ET - $/INR has breached 70 for the first time ever. We summarise the foreign currency revenues and costs of Indian high yield issuers, as well as their foreign exchange hedging strategies and sensitivity to $/INR movements. 

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 Credit Calendar: Week of 30 July 2018

Strategy Analysis: 27 Jul 2018, 6:04 AM ET - Baidu will hold its 2Q18 earnings call next Wednesday, while Japanese banks Sumitomo Mitsui Banking Corp, Mizuho and MUFG will report their 1QFY19 earnings next week.

Asian Corporates: Refinancing Risk

Strategy Analysis: 17 Jul 2018, 3:21 AM ET - The primary $ bond markets are not shut, but high yield corporates are finding it hard to launch new deals in these markets. We highlight some Asian corporates that we would monitor for liquidity pressure over the coming months.

Glenmark: Proposed Sale of API Business

Worth Watching: 10 Jul 2018, 5:54 AM ET - Glenmark or Glenmark Pharmaceuticals (Bond ratings: BB-/NR/BB) said that it is in early stages of talks to sell a significant stake in its active pharmaceutical ingredient (API) business. It is holding discussions separately with 3 private equi ..

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.

Glenmark FY18: U.S. Business a Drag

Worth Watching: 01 Jun 2018, 6:01 AM ET - Glenmark FY18  (or Glenmark Pharmaceuticals; Bond ratings: BB-/NR/BB) revenues were flat year-on-year (YoY) at INR 89.7 bn. Revenues from India and Europe grew 9% and 28% YoY respectively. The India business recovered in 2HFY18 (year ending 31 ..

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. 

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