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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

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.

Metals & Mining ESG: Sector View and Ratings

Sector Analysis: 26 Nov 2018, 9:04 PM ET - We are following up on the formal launch of the CreditSights ESG investment framework with an in-depth look at ESG issues in the metals & mining sector.
Focused

Tata Steel 1HFY19: Bhushan Boosts Earnings, Debt

Worth Watching: 14 Nov 2018, 9:27 AM ET - Tata Steel 1HFY19 or Tata (Bond Ratings: BB-/ Ba3/ BB) revenues rose by 28% YoY to INR 804 bn in 1HFY19 (1HFY18: INR 629 bn), owing to the inclusion of INR 80 bn from the acquisition of Bhushan Steel during the period since 18 May 2018. The dom ..
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

Tata Steel: Indirect Acquisition of Usha Martin

Worth Watching: 26 Oct 2018, 9:34 AM ET - Tata Steel or Tata (Bond ratings: BB-/ NR/ BB) assured its subsidiary, Tata Sponge Ltd of its support for the acquisition of Usha Martin Ltd (UML) by the latter. Tata Sponge is a 55%-owned subsidiary of Tata Steel. It manufactures sponge iro ..

Asia Weekly: China Sovereign Defies Weak Market

Asia Weekly: 12 Oct 2018, 2:33 AM ET - Asian $-bond markets showed some continued weakness this week as spreads widened for a second week.  The BAML Asia ex-Japan $ investment grade (IG) index widened by 4 bp, while the high yield (HY) index widened by 22 bp. 

India Trip Notes 2018: JSW Steel

Company Meetings: 10 Oct 2018, 3:00 AM ET - We met the Investor Relations team of JSW Steel in Mumbai during our issuer trip to India recently. The key takeaways from the meeting are highlighted here.

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.

India Trip 2018: Itinerary

Announcement: 06 Sep 2018, 11:04 PM ET - Please contact us if you are keen to join the trip on 24-25 September 2018. We have scheduled meetings with Delhi International Airport, Vedanta, Glenmark Pharma, JSW Steel, Tata Steel and Jain Irrigation. 

Indon & India Corporates: Currency Risk

Worth Watching: 06 Sep 2018, 6:30 AM ET - Indon & India Corporates : Both INR and IDR are in another renewed bout of weakness against the $. $/INR recently breached 70 for the first time ever and is currently trading at 71.9. The $/IDR is just shy of the 15,000 mark, presently trading ..

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.

Indian HY Corporates: Currency Risk

HY Note: 17 Aug 2018, 3:57 AM ET - $/INR has breached 70 for the first time ever. We summarise the foreign currency revenues and costs of Indian high yield issuers, as well as their foreign exchange hedging strategies and sensitivity to $/INR movements. 

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.

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 
Focused

Tata Steel: ThyssenKrupp Merger Issues Ironed Out

Worth Watching: 29 Jun 2018, 5:46 AM ET - Tata Steel or Tata (Bond Ratings: BB-/NR/BB) and ThyssenKrupp AG (TKA) have agreed on the final terms of the European steel merger of their respective steel units. Over the past few days, the few pending issues for the merger were ironed out, i ..

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. 
Focused

Tata Steel FY18: Firm Under Strong Steel Prices

Worth Watching: 30 May 2018, 6:00 AM ET - Tata Steel FY18 (Bond ratings: BB-/ NR/ BB) revenues soared 13% year-on-year (YoY) to INR 1.33 tn, buoyed by higher steel prices in India and higher deliveries in Europe. The revenue growth was led by a 17% surge YoY in the Indian operations. Th ..

Asia IG News: Tencent, Great Wall AMC, Vanke

Worth Watching: 17 May 2018, 5:50 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research)Greater China:China Great Wall Asset Management Company set a final price guidance for its proposed 5-year Reg S $600 mn (capped) bond at T+155 bp vs. initial price target (IPT) of T+ ..

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.

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