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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 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. 

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 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.

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. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

Tech: EU Plans Tax on Digital Company Revenues

Sector Analysis: 14 Mar 2018, 10:35 PM ET - The EU states are currently negotiating a 2-6% tax on the “aggregated gross revenues” of large digital companies.

Asia Corporate Recommendations: March 2018

Asia Corporate Recommendations: 01 Mar 2018, 5:39 AM ET - We raised our recommendations on Jababeka 2023 and Yingde 2020 to Outperform and raised Baidu's short-dated bonds to Market perform. We also assigned an Outperform recommendation to Agile's new perp. 

Asian Credit: What to Buy in a Sell-Off

Strategy Analysis: 12 Feb 2018, 5:17 AM ET - We suggest 33 bonds that we would be comfortable holding amid volatile markets. 

Asia Corporate Recommendations: January 2018

Asia Corporate Recommendations: 01 Feb 2018, 3:37 AM ET - We raised our recommendations on Hongqiao 2018 and Beijing Capital Land 8.375% perp to Market perform, and lowered our recommendation on Indika 2023 to Market perform. We also lowered our recommendation on MIE 2018 to Market perform. 

Asia Corporate Recommendations: December 2017

Asia Corporate Recommendations: 02 Jan 2018, 2:45 AM ET - We raised our recommendations on Evergrande 7% 2020 and 6.25% 2021 to Market perform. We downgraded our recommendation on Road King 7% perpetuals to Underperform. We revise our recommendation on Indika 2023 to Market perform.

Asia Corporate Recommendations: November 2017

Asia Corporate Recommendations: 04 Dec 2017, 2:13 AM ET - We raised our recommendation on Alam Sutera 2022 to Outperform and assigned Outperform recommendations to the new Alibaba 2027, 2037, 2047 and 2057. We also assign an Outperform recommendation to the new Anton 2020. 

India: Moody's Upgrade, Impact on Bank & Corps

IG Note: 17 Nov 2017, 12:28 AM ET - Moody's has  decided to upgrade the Government of India's ratings to Baa2 from Baa3 with the outlook changed from Positive to Stable. In this note, we discuss the impact on Indian banks and corporates. 

Asia Corporate Recommendations: October 2017

Asia Corporate Recommendations: 02 Nov 2017, 1:46 AM ET - We raised our recommendations on Gajah Tunggal 2022 to Outperform and the Road King 7% perp to Market perform. We lowered our recommendations on Indika  2022 to Market perform and the Greentown bond complex to Underperform. 

Asia Corporate Recommendations: September 2017

Asia Corporate Recommendations: 02 Oct 2017, 6:43 AM ET - We raised our recommendations on MIE 2018, Indika 2022, and Glenmark 2021 last month. We change our recommendation on Greenland HK 2019 from Underperform to Market perform. 

HT Global/Hexaware: $ Bond Re-tap

HY Note: 05 Sep 2017, 10:49 PM ET - HT Global/Hexaware announced a re-tap of its $300 mn 7% July 2021 bond. The tap has been capped at $85 mn size.

Asia Corporate Recommendations: August 2017

Asia Corporate Recommendations: 04 Sep 2017, 6:38 AM ET - Our recommendation changes and initiations last month included China Jinmao, Greentown, Greenland HK, Sunac, Agile, Geely Auto, Yingde Gases and Gajah Tunggal. 
Focused

Asian Credit: Hong Kong Client Meeting Notes

Strategy Analysis: 14 Aug 2017, 2:05 AM ET - Recurring questions and themes from our recent client meetings in Hong Kong.  These include anecdotes on the 'Chinese onshore bid' for $ bonds and what investors are buying as the reach for yield continues. 

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