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Asia Weekly: Trading Sideways

Asia Weekly: 10 Aug 2018, 3:46 AM ET - Asian $-bond spreads traded sideways this week after a swift rebound from the high in mid-July.  The BAML Asia ex-Japan $ investment grade index remained flat, while the high yield index tightened by 2 bp. 

Asia Credit Calendar: Week of 13 August 2018

Strategy Analysis: 10 Aug 2018, 12:20 AM ET - The National Bureau of Statistics of China will release its July monthly report on Real Estate Investment and Sales, and Monthly Home Price Indices for Top 70 Cities next week. The 1H18 earnings season begins for Chinese issuers.

How to Maintain Access to Funding in China

Strategy Analysis: 06 Jun 2018, 3:47 AM ET - Amid China's deleveraging campaign, we suggest 8 factors that could influence companies' ability to retain access to funding.

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Asia Weekly: Issuance Strong As Trump Takes Office

Asia Weekly: 22 Jan 2017, 9:45 PM ET - It was a strong week for Asian dollar issuance as spreads tightened through to Thursday, though spreads gave up some of the tightening on Friday.
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Texhong Textile: Redeems 6.5% 2019

Worth Watching: 18 Jan 2017, 8:16 PM ET - Texhong Textile (Texhong, Ba3/BB) announced that it has redeemed the full $182 mn outstanding under its 6.5% 2019 bond.  The bond turned callable yesterday, 18 January 2017 at 103.25.  Texhong has been trying to reduce its foreign exchange expo ..
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Asian High Yield: Foreign Exchange Risk

Strategy Analysis: 12 Jan 2017, 9:56 PM ET - Chinese developers are the heaviest issuers of $ bonds, but their reliance on domestic funding makes them less vulnerable to currency movements than other sectors. 
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Asia High Yield Recommendations: December 2016

Asia Corporate Recommendations: 03 Jan 2017, 8:42 PM ET - We raised our recommendation on Vedanta 6% 2019 from Market perform to Speculative Buy, after meeting the company in Mumbai.
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Asian High Yield 2016 Euro Conference Transcript

Transcript: 19 Dec 2016, 8:07 PM ET - China's cooling property market and curbs on onshore bond issuance create fundamental and technical headwinds for Asian high yield. 
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Asia High Yield Recommendations: November 2016

Asia Corporate Recommendations: 01 Dec 2016, 2:47 AM ET - We lowered our recommendations on Agile and Evergrande to Underperform in November. We also lowered our recommendations on MIE 2018 and 2019 to Market perform. 

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
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Asian HY Outlook: 9 Themes to Watch in 2017

Strategy Outlook: 28 Nov 2016, 8:35 PM ET - China's slowing property market could hurt not just developers, but also commodity producers and consumer companies.  

Asia High Yield Recommendations: October 2016

Asia Corporate Recommendations: 01 Nov 2016, 5:53 AM ET - We raised our recommendation on Vedanta 8.25% 2021 to Speculative Buy from Market perform and lowered Vedanta 9.5% 2018 to Market perform from Speculative Buy.  We also lowered our recommendation on Franshion 5.375% 2018 to Market perform.
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Texhong Textile: Share Placement and Subscription

Worth Watching: 12 Oct 2016, 11:24 PM ET - Texhong Textile (Texhong, Ba3/BB) announced a share placement and top-up subscription this morning.  The net proceeds will total around HKD 281 mn, which Texhong will use for capex in Vietnam and for general working capital.  We view the place ..

Asia High Yield Snapshot: 2016 Interim Edition

Asia High Yield Snapshot: 06 Oct 2016, 7:17 PM ET - This semi-annual report includes charts of Asian high yield issuers' key credit metrics, cash flow trends, profitability and other financial indicators, updated after 1H16 results.  

Asia High Yield Recommendations: September 2016

Asia Corporate Recommendations: 03 Oct 2016, 7:00 PM ET - We did not change any of our Asian high yield recommendations in September.  We initiated coverage on Chinese car rental firm CAR Inc with Underperform recommendations on CAR 2020 and 2021.  

Asian High Yield: Highs and Lows of 1H16 Results

Strategy Analysis: 13 Sep 2016, 7:17 PM ET - Five Chinese property developers and the car maker Geely Automobile raised their full-year guidance, while Indonesian real estate firm Lippo Karawaci slashed its target. We pick out some of the highs and lows from the recent results season.

Asia High Yield Recommendations: August 2016

Asia Corporate Recommendations: 01 Sep 2016, 8:44 PM ET - We initiated coverage of the Chinese state-linked developers Beijing Capital Land, Greenland Hong Kong, Greentown and Franshion this month. We also initiated coverage of the Indonesian developers Modernland Realty and Pakuwon Jati. 
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Texhong Textile: 1H16 Credit Analyst Meeting

Company Meetings: 19 Aug 2016, 4:03 AM ET - Texhong held a meeting for credit analysts yesterday to discuss its 1H16 results.   The group has raised its full-year sales volume target to 600,000 tonnes and expects gearing to fall by year-end as its capex starts to tail off. 

Chinese High Yield: 1H16 Results Calendar

Earnings Note: 04 Aug 2016, 11:55 PM ET - A calendar and our results expectations for 19 Chinese high yield companies. The 1H16 reporting season begins this month. 

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