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Vedanta

Vedanta Resources is a diversified international natural resources company, engaged in the exploration, extraction and procession of minerals and oil and gas. It produces zinc, lead, silver, copper, aluminium, iron ore and commercial power. Headquartered in London, the Company holds assets and operations across four continents in countries including India, Zambia and South Africa. With its primary focus on India, the company holds copper producer Sterlite Industries and owns a controlling stake in India's largest private-sector iron ore producer, Sesa Goa. Vedanta's Oil & Gas operations comprise the combined assets of Cairn Oil & Gas in India. In April 2017, Vedanta Limited announced the merger with Cairn India Limited, which was earlier a subsidiary. Within India, Hindustan Zinc Limited owns and operates a fully-integrated zinc-lead business and is one of the world's largest zinc-lead producer by volume. Vedanta Limited, a subsidiary of Vedanta Resources owns 64.9% of HZL. (08 Jun 2018)

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Asian High Yield Outlook: 8 Themes for 2019

Strategy Analysis: 11 Dec 2018, 9:12 PM ET - 1) Easing $ supply risk. 2) China onshore funding. 3) Fundamental credit headwinds. 4) Rising funding costs.  5) Equity volatility and share-backed financing.  6) Elections in India and Indonesia.  7) LGFV refinancing. 8) China slowdown. 

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.

November 2018 Asian Company Recommendation Change

Asian Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the three company recommendation changes made on Asian companies during the month of November.

Asia Weekly: All Eyes on G20 Summit

Asia Weekly: 30 Nov 2018, 4:45 AM ET - The market will be watching the G20 Buenos Aires summit closely today and tomorrow if trade tensions between US and China ease or escalate. Chinese property developers outperformed across the credit spectrum.
Focused

Asia Credit Calendar: Week of 3 December 2018

Strategy Analysis: 29 Nov 2018, 10:59 PM ET - Shinmao Property will host its 2-day Reverse Roadshow this week. Economic releases from Australia, China, India, Indonesia, Malaysia, South Korea and the United States are also due this week. 
Focused

Vedanta: Green Panel Favours Copper Plant Restart

Worth Watching: 29 Nov 2018, 10:58 AM ET - Vedanta or Vedanta Resources (Bond ratings: B+/ B2/ NR) saw India's National Green Tribunal (NGT) tilt in favour of the restart of Vedanta's Tuticorin copper plant, which has been shut since April 2018 amid protests by environmental activists. ..

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

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.
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Vedanta 1HFY19: EBITDA Flat, Leverage Rises Mildly

Worth Watching: 16 Nov 2018, 8:45 AM ET - Vedanta 1HFY19 or Vedanta Resources (Bond Ratings: B+/ B2/ NR) revenues rose slightly by 4% YoY to $7.1 bn in 1HFY19 (1HFY18: $6.8 bn), driven by a 52% increase in Aluminium sales and a 44% increase each in Oil & Gas and Power sales. Better YoY ..

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.
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Vedanta: Rajasthan Oil Block PSC Extended

Worth Watching: 30 Oct 2018, 2:56 AM ET - Vedanta or Vedanta Ltd (Bond ratings: B+/ B2/ NR) received a 10-year extension of its production sharing contract (PSC) for its Rajasthan oil and gas block. The PSC was due to expire in May 2020. Vedanta owns stakes in 9 oil blocks, one of wh ..
Focused

Asia Weekly: Singyes Solar Defaults

Asia Weekly: 19 Oct 2018, 3:22 AM ET - High yield corporates suffered from the default of Singyes Solar and a bribery investigation into Indonesian developer Lippo Karawaci. 
Focused

India Trip Notes 2018: Vedanta

Company Meetings: 17 Oct 2018, 4:35 AM ET - We met the Investor Relations team of Vedanta in Mumbai during our issuer trip to India recently. The key takeaways from the meeting are highlighted here.
Focused

Vedanta: 2QFY19 Production Update

Worth Watching: 15 Oct 2018, 6:42 AM ET - Vedanta or Vedanta Resources (Bond ratings: B+/ B2) announced production updates for 2QFY19 (quarter ending September 2018). Vedanta Ltd reported lower production volumes of zinc in India and in the Copper India and Iron Ore business segments. A ..

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.
Focused

Asia Credit Calendar: Week of 8 October 2018

Strategy Analysis: 05 Oct 2018, 4:11 AM ET - There was no Asia ex-Japan $-bond supply last week, but we expect issuers to start coming back after the Golden Week holidays. 

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.

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. 

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