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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.

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.

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.

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.

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. 

India Trip 2018: Week of 24 September

Announcement: 26 Aug 2018, 11:56 PM ET - CreditSights is organizing a corporate issuer trip to India in the week of 24 September for about 2 days. Please express your interest to join the trip.

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 ..

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.
Focused

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.
Focused

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. 

Asia Credit Calendar: Week of 21 May 2018

Strategy Analysis: 18 May 2018, 12:01 AM ET - Indian corporates Hindustan Petroleum, Vedanta Resources, Tata Motors and Motherson Sumi System will release their FY18 results (year ending March 2018) on next Tuesday and Wednesday. 

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.

Motherson: Acquires Reydel Automotive

HY Note: 03 Apr 2018, 9:52 AM ET - SMRP announced its intention to acquire Reydel Automotive Group for a purchase price of $201 mn. The deal will be leverage neutral and we think it makes strategic sense for the supplier. We maintain our O/P view on SMRP's bonds. 

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 Credit Calendar: Week of 12 February

Strategy Analysis: 08 Feb 2018, 10:58 PM ET - Chinese technology company Baidu and developer Yuexiu will release their FY17 results this week. Indian corporates Motherson Sumi and Tata Power will also be reporting their 3QFY18 results this Wednesday (year ending 31 March).

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. 

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.

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