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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  

Asia Weekly: EM Currencies Falter As Fed Hikes

Asia Weekly: 28 Sep 2018, 2:26 AM ET - On Thursday, the Fed hiked its benchmark interest rate by 0.25% to 2.25% and is expected to raise it one more time in December.  Emerging market currencies, including the Indonesian Rupiah (IDR), have been under pressure as a result. 

Asia Weekly: Stabilizing IDR Drives Returns

Asia Weekly: 20 Sep 2018, 11:49 PM ET - The Indonesian Rupiah (IDR) continued to stay in the IDR 14,800 - 14,900/$ range after recovering from IDR 14,938/$ at the start of September. In both IG and HY, Indonesian bonds performed the best, recording strong positive total returns. 

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.

Asia Weekly: Bank Indonesia Raises Repo Rate

Asia Weekly: 18 May 2018, 1:42 AM ET - Asian $-bond spreads showed some respite after a fierce sell-off that lasted 4 weeks. The 10-year US treasury yield reached a 7-year high of 3.1% while Bank Indonesia raised its 7-day repo rate yesterday to combat currency depreciation.

Asia Weekly: Sell in May and Go Away

Asia Weekly: 11 May 2018, 1:39 AM ET - Asian $-bond spreads continued to widen for the fourth week in a row.  Over the past week, the BAML Asia ex-Japan $ investment grade index widened by 3 bp, while the high yield index widened by a whopping 34 bp.

Asia Weekly: Asia HY Sell-off, Labour Day Slowdown

Asia Weekly: 04 May 2018, 12:47 AM ET - The recovery in Asian $-bond spreads in the first 2 weeks of April were thoroughly wiped out by the end of this week. Asia ex-Japan new $-bond supply declined further this week partly due to the Labour Day holiday on Tuesday.

Asia IG News: 19 February 2018

Worth Watching: 19 Feb 2018, 4:52 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Philippines: Philippine peso weakens after the central bank of the Philippines lowers its reserve requirement ratio and signalled more reductions ahead.India: Sensex slumps 800 poi ..

Oil Markets: IEA Remains Cautious due to Shale

Sector Analysis: 14 Feb 2018, 3:56 AM ET - The IEA released an Oil Market Report highlighted by an increased demand forecast and continued fears for downside price risk given its supply demand forecast for 2018.

Asia Weekly: Noble Group Talks Debt Restructuring

Asia Weekly: 25 Jan 2018, 11:57 PM ET - In Asian HY, Noble Group continued to surge ahead, with Noble 2020 and 2022 generating 12.44% and 10.20% in week-to-date total returns, respectively. Noble Group edges closer to a deal with creditors to restructure $3.5 bn of debt.
Focused

Medco Energi: New $ Bond Issue

HY Note: 21 Jan 2018, 10:21 PM ET - Medco Energi is marketing a new 7NC4 RegS/144A $ bond. The key rationale and fair value estimate is provided below.

Gajah Tunggal 9M17: Upgrade to Outperform

Earnings Note: 01 Nov 2017, 3:59 AM ET - Gajah reported weak 9M17 earnings but we believe it will recover over the next few quarters. Also considering the bond valuations, we upgrade the bond recommendation to Outperform.

Chandra Asri: Updated Fair Value Estimate at 5.7%

Worth Watching: 30 Oct 2017, 12:14 AM ET - Chandra Asri today announced the initial price guidance (IPG) for its proposed senior, unsecured $ note at 5.5%. It also revealed that the maturity of the bond will be 7 years, contrary to the 10-year tenor we had assumed earlier. In light of the ..
Focused

Medco Energi: $ Bond Re-Tap

HY Note: 16 Aug 2017, 12:53 AM ET - Medco Energi announced a re-tap of its recently issued $300 mn 8.5% August 2022 bond at 99.005 cents or 8.75%. The tap has been capped at $100 mn size.
Focused

Medco Energi: New Issue Monitor

HY Note: 10 Aug 2017, 3:59 AM ET - Medco Energi, an Indonesian upstream oil and gas producer, is marketing a new 5-year, senior unsecured $ bond. We present our fundamental analysis and relative valuation on the credit.

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