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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. 

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. 

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 ..

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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 IG News: ICBC, DBS, Hyundai

Worth Watching: 05 Jun 2018, 5:49 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research) Greater China: Industrial and Commercial Bank of China London Branch proposed to issue a 3-year/5-year Reg S $-floating rate notes (FRNs) at initial price targets (IPTs) 3-month LIBO ..
Focused

Hyundai Capital America: Pass on New Issuance

IG Note: 04 Jun 2018, 10:19 AM ET - Hyundai Capital America is in the market with 3Y and 5Y fixed/floating rate notes. We remain at an underperform based on fundamentals and would recommend investors pick up captive finance exposure elsewhere, despite new issue concession.
Focused

Asia IG News: CCB, DBS, Hyundai, Sichuan Dev.

Worth Watching: 04 Jun 2018, 5:41 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research) Greater China: China Construction Bank Hong Kong priced its $900 mn 3-year floating rate note (FRN) and $600 mn 5-year FRN at 3-month LIBOR +73 bp/ +83 bp vs. initial price targets ( ..

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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.  

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.

US Strategy: Korean Free Trade Deal Fix

Strategy Analysis: 26 Mar 2018, 2:29 PM ET - The US-Korean free trade deal (KORUS) tends to get less focus in the US markets even if it looms large for some sectors such as beef, steel, and autos among others. KORUS at least brought some good news in trade.

Asia Weekly: Healthy New Issuance Led By ChemChina

Asia Weekly: 09 Mar 2018, 2:24 AM ET - Asian $ credit spread movements were mixed last week. The BAML Asia ex-Japan $ investment grade index tightened by 3 bp, while the high yield index widened by 3 bp. The 10-year US treasury has hovered between 2.8-2.9% since February.
Focused

Hyundai Capital America: Pass on New 3Y Issuance

Company Analysis: 07 Mar 2018, 9:59 AM ET - Hyundai Capital America is in the market with 3Y fixed/floating rate notes. We remain at an underperform based on fundamentals and would recommend investors pick up captive finance exposure elsewhere, despite healthy new issue concession.

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.

Asia IG News: 31 January 2018

Worth Watching: 31 Jan 2018, 4:26 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Greater China:Alibaba is going to report its 3QFY18 results on 1 February (Eastern Time).Tencent formed partnership with Shaanxi Provincial government to build Xi'an smart city.Sta ..
Focused

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.

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