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Sinopec

As of December 31, 2017, Sinopec Corp. was the largest integrated petroleum and petrochemical company in China and one of the largest in Asia in terms of revenue. Sinopec engages primarily in oil refining and petrochemical production. The company also has assets relating to oil exploration, production, and transportation. In FY17, 56.1% of revenues came from the sale of refined petroleum products and 15.8% came from the sale of chemical products. Sinopec saw a steady decline in crude oil production and a steady rise in natural gas production from FY15 - FY17. Crude oil production dropped from 958 thousand barrels in FY15 to 804 thousand barrels a day in FY17. Conversely, natural gas production climbed from 1.96 bn cubic feet in FY15 to 2.50 bn cubic feet a day in FY17. As of 31 December 2017, Sinopec held 217 production licenses and 211 exploration licenses in China. Overseas subsidiaries and associates held 73 production licenses and 4 more exploration licenses. All licenses range between 10 - 80 years of validity. The company operates a total of 295 oil and gas producing fields. (17 Sep 2018)

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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.

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.

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 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 Weekly: Slipped After September's Recovery

Asia Weekly: 05 Oct 2018, 2:41 AM ET - Asian $-bond markets lost some ground this week as spreads widened after a mild recovery in September, while treasury yields spiked shortly after the Fed hiked its benchmark interest rate.  

Asian New Issuance 9M18: Flight to Quality

Strategy Analysis: 04 Oct 2018, 3:09 AM ET - We expect high grade credits to sustain the issuance pipeline as we enter 4Q. Supply risk in high yield should moderate as many of the larger Chinese developers have used up their offshore issuance quotas for this year. 

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 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: Rain After a Long Drought of Issuance

Asia Weekly: 06 Sep 2018, 11:49 PM ET - Asian $-bond markets were weighed down slightly this week by a strong return of investment grade $-bond supply and depreciating Asian EM currencies such as the Indonesian Rupiah. 
Focused

Sinopec: New $3 bn Deal

Worth Watching: 05 Sep 2018, 5:57 AM ET - Sinopec (bond ratings: A+/A1) is planning to issue a 4-tranche 144A/Reg S $-bond deal with maturities of 5, 7, 10 and 30 years. The total issue size is said to be around $3 bn and the initial price guidance for each tranche are as follows: 5 year ..

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.

Asia Weekly: White Knight For Wintime Energy

Asia Weekly: 24 Aug 2018, 2:07 AM ET - Asian $-bond spreads have continued to trade sideways since the start of August, after the market rout in June and July. State-owned Beijing Energy Holdings will seek a major shareholding in Wintime's controlling holder Yongtai Group.

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

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.

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.
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.

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.
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. 

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