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Chinese LGFVs: Ratings Downgrades

Worth Watching: 12 Sep 2018, 5:24 AM ET - Chinese LGFVs: S&P downgraded the ratings of 7 of its 15 rated Chinese local government financing vehicles (LGFVs) today. Moody's shortly followed suit, downgrading the ratings of 5 LGFVs this afternoon. Both agencies cited the gradual weakening ..

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

BCHINA: Lower Provisions Help Bottom Line in 1Q18

Worth Watching: 30 Apr 2018, 4:34 AM ET - BCHINA saw profits rise 5% but this was solely due to provisions which fell 30% YoY. While state-owned peers mostly raised impairments in 1Q to account for IFRS 9 and and ahead of the introduction of new regulations related to shadow loans, BCHINA ..

Hyundai Capital Svcs: Profit Steady, Mix Shifts

Earnings Note: 24 Apr 2018, 11:11 PM ET - Hyundai Capital Services reports steady results for 2017 but is shifting its mix from auto loans to higher return assets.  

Asia-Pac Financials Relative Value: April 2018

Asia Relative Value / Fin Movers: 10 Apr 2018, 2:51 AM ET - We summarize our relative value views for Asia Pacific Financials for April 2018.

Asia-Pac Financials Relative Value: March 2018

Asia Relative Value / Fin Movers: 06 Mar 2018, 8:04 PM ET - We summarize our relative value views for Asia Pacific Financials for March 2018.

Asia-Pac Financials Relative Value: February 2018

Asia Relative Value / Fin Movers: 08 Feb 2018, 1:48 AM ET - We summarize our fundamental and relative value views for Asia Pacific Financials for February 2018.

Asia FinMovers: Will China Sov Pull Banks Tight?

Asia Relative Value / Fin Movers: 05 Sep 2017, 9:20 PM ET - We discuss (i) whether tight pricing on a new China sovereign issue could pull Chinese policy and commercial banks tighter, (ii) HK banks B3 vs B2 Tier 2 bonds, (iii) other RV ideas, (iv) August returns and spread moves on Asian financials.

China Securities Firms: Income and Funding Trends

Sector Analysis: 29 Jun 2017, 5:46 PM ET - We update on the Chinese securities firms' operating environment, regulatory ratios and financial performance, in anticipation of an upcoming visit in July.

Hyundai Capital Services Inc: Steady But Pricey

Earnings Note: 28 Mar 2017, 11:09 PM ET - We update our view on Hyundai Capital Services Inc, the captive auto-finance provider for Hyundai Motors in Korea. 

IG Note: Thoughts on Huarong USD Snr Perp NC5s

IG Note: 24 Jan 2017, 5:00 AM ET - Huarong's USD Senior Perp Non-Call 5s have low extension risk due to a large back-end spread, but face some coupon deferral risk. Still, the latest perps trade 40 bp wide of an existing perp, with the former looking somewhat attractive.

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.

UNBK 2QFY17: Poor Results, Slippages Down Slightly

Earnings Note: 06 Nov 2016, 9:41 PM ET - UNBK reported weak results in 2QFY17 due to still high provision costs. Its NPA ratio saw a more moderate increase in 2Q but this was due to higher upgrades. We continue to view management's 9% target NPA ratio by end-FY17 as challenging. 

China Banks: Regulating Wealth Management Products

Sector Analysis: 06 Sep 2016, 7:04 PM ET - We describe the flows between wealth management products and the banking system, which identifies where credit and liquidity risks might emerge. We discuss implications of the latest draft of WMP regulations and market data. 

Asia FinMovers: Yields Hunted Down

Asia Relative Value / Fin Movers: 01 Sep 2016, 8:43 PM ET - Asian bank spreads continued to compress in August in a bid for yield. We take a look at relative value in Asian bank senior debt and capital instruments for August 2016.

Zhongrong International Trust: Issues New US$ Bond

HY Note: 29 Jun 2016, 12:13 AM ET - We update our brief analysis of a Chinese trust investment company as it makes a second US$ bond issue. 

China Securities: Regulation Update; 1Q16 Results

Sector Analysis: 24 May 2016, 5:46 AM ET - The CSRC has proposed changes to how the firms calculate capital and liquidity, which if implemented will significantly affect their regulatory capital ratios. 1Q16 results were poor, with profits down sharply, though ROE remains positive.

Global Banks: Talkin' 'bout a Resolution

Transcript: 28 Sep 2015, 12:46 PM ET - A transcript of our recent Global Banks Seminars in New York and London, focusing on how banks in North America, Europe and Asia-Pacific are aiming to comply with new resolution and TLAC rules.

China Securities, Part 2: On Citic & Haitong

Sector Analysis: 19 Jul 2015, 2:56 PM ET - In this note, we look at the financial performance and shareholding structure of Citic and Haitong Securities - China's two largest brokerages - and consider relative value in their USD bonds.

China Securities, Part 1: The CCP vs. Mr Market

Sector Analysis: 08 Jul 2015, 8:05 PM ET - We initiate on China's securities firms in a two-part report. Part 1 gives an overview of the main business segments, particularly brokerage and margin financing. It also reviews the major regulatory requirements on capital and liquidity.

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