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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.

RCom: Government Seeks Bank Guarantees

Worth Watching: 26 Nov 2018, 7:10 AM ET - RCom or Reliance Communications (unrated) will attend hearings in the Supreme Court of India on 27 November against a plea by the Government of India to halt the asset sale to Reliance Jio (RJio). The government seeks INR 29.4 bn in the form of ..

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.

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. 

Asia Credit Calendar: Week of 17 September 2018

Strategy Analysis: 13 Sep 2018, 11:24 PM ET - Alibaba will hold a 2-day Investor Day in Hangzhou on Monday and Tuesday. Reliance Communication will hold an AGM on Tuesday. Yuzhou Properties will hold a non-deal roadshow in Singapore to update investors post-1H18 results on Thursday. 

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.

RCom: Bondholders Approve Restructuring Proposals

Worth Watching: 24 Aug 2018, 7:01 AM ET - RCom or Reliance Communications (not rated) said the bondholders of its $300 mn, 6.5% 2020 bond approved the monetisation and the bond exchange proposals. The existing bond could be exchanged for a new unsecured, 0.1% coupon, 4-year bond to be ..

RCom: Revised Restructuring Proposal

Worth Watching: 07 Aug 2018, 7:47 AM ET - RCom or Reliance Communications (not rated) put forth a revised restructuring plan for its existing $300 mn, 6.5% 2020 bond. It seeks to concurrently approve an extraordinary resolution for contingent value rights (CVR). It has offered the inve ..

Asia Credit Calendar: Week of 6 August 2018

Strategy Analysis: 03 Aug 2018, 12:05 AM ET - CQS will be seeking partial summary judgement against China Shanshui Cement in New York court next week. Reliance Communications has scheduled a meeting to consider proposals relating to restructuring of its $300 mn 6.5% 2020.

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. 

Asia Credit Calendar: Week of 14 May 2018

Strategy Analysis: 11 May 2018, 12:41 AM ET - A handful of Japanese banks and Indian corporates will report their FY18 results next week. Chinese car rental firm CAR Inc, Chinese developer Yanlord, Tencent and Noble Group will also report their 1Q18 earnings on Tuesday and Wednesday.

Asia Corporate Recommendations: May 2018

Asia Corporate Recommendations: 02 May 2018, 5:42 AM ET - Last month's changes include Baidu 2019 and 2020 (Outperform), Jimao 2022 (Market perform), rest of Jinmao $ complex (Underperform), Yanlord 2022 (Outperform) and Lippo 2026 (Underperform). 

Asia IG News: Jinmao, Poly RE, Reliance Jio

Worth Watching: 10 Apr 2018, 5:23 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Greater China:China Jinmao's stock price rose 4% today as its contracted sales in 1Q18 jumped 3.04 times year-on-year (YoY) to RMB 38.7 bn (1Q17: RMB 9.6 bn).Poly Real Estate's sto ..

RCom: Asset Sale Ban Not Lifted Yet

Worth Watching: 06 Apr 2018, 1:54 AM ET - RCom or Reliance Communications (unrated) received an order from the Supreme Court of India to approach the National Company Law Tribunal (NCLT) directly to lift the ban on the sale of its assets.Last month, RCom's operational creditor, Ericsson f ..

Asia Corporate Recommendations: April 2018

Asia Corporate Recommendations: 03 Apr 2018, 5:49 AM ET - We initiate on the new Baidu 2023 and 2028 with Underperform recommendations, on the new Lenovo 2023 with a Market perform recommendation and on Agile 6.875% perpetual with an Outperform recommendation. 

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