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Noble Group: Authorities Block Re-Listing

Worth Watching: 06 Dec 2018, 9:50 PM ET - Noble Group  (Noble, Ca/D/C). The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX Regco) blocked Noble's plans to transfer its listing status to New Noble yesterday. The authorities stated that "there are significan ..

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.
Focused

Noble Group: Under Investigation in Singapore

Worth Watching: 20 Nov 2018, 7:40 AM ET - Noble Group  (Noble, Ca/D/C) has been placed under investigation by the Commercial Affairs Department of the Singapore Police Force, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA). The thr ..
Focused

Noble Group: 3Q18 Meets Guidance

Worth Watching: 13 Nov 2018, 9:24 PM ET - Noble Group (Noble, Ca/D/C) released 3Q18 results after market close yesterday. The key figures were all in line with the guidance the company had issued in late October. The company also announced that the existing Noble shares will cease trading ..
Focused

Noble Group: 3Q18 Results Today

Worth Watching: 12 Nov 2018, 11:18 PM ET - Noble Group (Noble, Ca/D/C) will release its 3Q18 results this afternoon, followed by an analyst call at 6.30pm SGT/HKT. The company already announced detailed guidance in late October, so there should be few surprises in the results. The company ..
Focused

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.
Focused

Asia Credit Calendar: Week of 5 November 2018

Strategy Analysis: 02 Nov 2018, 3:12 AM ET - Events this week include State Bank of India's 1HFY19 results, Noble Group's restructuring meetings and foreign reserve data from China.  Singapore markets will be closed on Tuesday for Deepavali.

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.
Focused

Noble Group: Perp Exchange and Scheme Meetings

Worth Watching: 17 Oct 2018, 12:05 AM ET - Noble Group (Noble) gave an update on its restructuring to the Singapore Stock Exchange last night. The commodities trader has been granted permission by the English High Court to convene English Scheme Meetings and permission by the Bermuda Supr ..
Focused

Asia Credit Calendar: Week of 15 October 2018

Strategy Analysis: 12 Oct 2018, 4:13 AM ET - Noble's Bermuda Scheme Convening Hearing will be held on Monday. Its debt restructuring documentation is expected to be on website on Tuesday. September China Real Estate Investment and Sales Report will be released on Friday.

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. 
Focused

Noble Group: Restructuring Update

Worth Watching: 24 Sep 2018, 3:42 AM ET - Noble Group (Noble) issued an update on its restructuring on Friday night. The company also issued a Practice Statement Letter to its creditors, providing information on the Schemes of Arrangement and the proposed voting classes. The English Sc ..
Focused

Asia Credit Calendar: Week of 24 September 2018

Strategy Analysis: 21 Sep 2018, 2:33 AM ET - Noble Group will have a pre-trial hearing on PT Altas Resources lawsuit in Jakarta on Wednesday.  Next week is expected to be a quiet week, owing to the Mid-autumn Festival. 

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.
Focused

Noble Group: Shareholders Approve Restructuring

Worth Watching: 27 Aug 2018, 5:48 AM ET - Noble Group (Noble). According to the press, over 99% of the votes cast at Noble's special general meeting this afternoon were in favour of the restructuring, securing enough support to approve the plan. The company now needs to obtain formal app ..
Focused

Noble Group: Trust Linked to Founder Tenders Bonds

Worth Watching: 26 Aug 2018, 9:56 PM ET - Noble Group  (Noble).  A trust ultimately owned by the children of Noble's founder, Richard Elman, has tendered $10.5 mn principal of Noble 6.75% 2020 under the tender offer made by Deutsche Bank earlier this month. The trust, Noble Holdings Li ..
Focused

Noble Group: Surprise Tender Offer

Worth Watching: 17 Aug 2018, 4:22 AM ET - Noble Group  (Noble). In an unexpected twist, Deutsche Bank launched a tender offer yesterday to holders of Noble $379 mn 3.625% 2018, $1.2 bn 6.75% 2020 and $750 mn 8.75% 2022. The minimum purchase price is 45 cents and the tender will be cond ..
Focused

Noble Group 2Q18: As Guided

Worth Watching: 14 Aug 2018, 11:20 PM ET - Noble Group 2Q18 (Noble) released 2Q18 results after market close yesterday, followed by a brief analyst call. The key figures were in line with the detailed guidance the company had given last month. We summarise the results below. Noble's $400 m ..
Focused

Noble Group: 2Q18 Tomorrow

Worth Watching: 12 Aug 2018, 11:44 PM ET - Noble Group (Noble) will announce 2Q18 results on 14 August, followed by a conference call at 6.30pm SGT.  The group released detailed guidance in late July, so the earnings are unlikely to hold many surprises. The next key date for the company ..

Asia Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

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