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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.

Geely: Meeting Notes-Hoping for a Strong Finish

Company Meetings: 26 Nov 2018, 3:01 AM ET - 4Q is typically Geely's strongest sales period. The Chinese car maker will be watching this quarter's performance closely before confirming a 2 mn unit sales target for 2019. 
Focused

Zhejiang Geely & Geely Auto: Meeting & Plant Visit

Worth Watching: 23 Nov 2018, 1:35 AM ET - Zhejiang Geely & Geely Auto . On Monday 3 December, CreditSights will be meeting representatives from Zhejiang Geely's Treasury Department at the company's Hangzhou headquarters. The meeting will be followed by a visit to Geely Auto's Chunxiao ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.
Focused

Asia Weekly: Strong Rebound for Chinese Developers

Asia Weekly: 09 Nov 2018, 4:12 AM ET - Chinese developers rebounded significantly this week. Country Garden (Cogard) led the rebound: Cogard 7.125% 22, Jan-23, 24 and 25 all tightened in excess of 140 bp. Evergrande 22, 23, 24 and 25 registered weekly returns of 3.58%-5.86%.
Focused

Zhejiang Geely: New 3-Year Bond

Worth Watching: 07 Nov 2018, 3:57 AM ET - Zhejiang Geely (NR/NR) has released initial price guidance for its debut 3-year Reg S $ bond at 5.25% area. The Chinese car maker had begun marketing the bond in mid-October, but there had been no news on the deal since the roadshow ended. When ..

Asia Weekly: Chinese Single-B Developers Sell Off

Asia Weekly: 26 Oct 2018, 3:47 AM ET - Chinese property developers underperformed this week with the single-B developers selling off the most. 9 out of the 10 worst performers were Chinese developers including single-B names such as Evergrande, China South City, and Fantasia. 
Focused

Zhejiang Geely: New Issue Monitor

IG Note: 19 Oct 2018, 3:19 AM ET - The Chinese car maker, parent of Geely Automobile and Volvo Car, is marketing a 3-year Reg S $ bond. 

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

American Honda Finance: Attractive New Issue

IG Note: 11 Jul 2018, 10:45 AM ET - American Honda Finance is in the market with 2Y floating as well as 2Y and 5Y fixed offerings. We  would view any new issue concession as an opportunity for investors to gain exposure to this high quality captive finance company.

Toyota Motor Corp: Multi-Tranche Issuance

IG Note: 10 Jul 2018, 11:55 AM ET - Toyota Motor Corp (parent) is in the market this morning with 3Y, 5Y and 10Y fixed offerings. We remain at an underperfom on Toyota family bonds, but would view a +5 bp concession to secondary as attractive.

Toyota Motor Credit: Buy New Issue

IG Note: 10 Apr 2018, 9:53 AM ET - Toyota Motor Credit is in the market this morning with 3Y FRNs as well as 3Y and 7Y fixed offerings.We are at an underperform on the credit based on valuation but would view any new issue concession as an opportunity to add exposure.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

US IG Autos 2018: Underperform

Sector Analysis: 24 Jan 2018, 4:13 AM ET - Given the short duration bias of the Auto Index relative to the IG Index we expect it will underperform again in 2018. We are taking a more nuanced view and expect GM and F long paper to outperform the ML Index at the long end of the curve.

Euro Autos: 2018 Outlook

Sector Outlook: 17 Jan 2018, 9:52 PM ET - In this report we review our outlook for the automotive market in 2018, discuss long term trends and short term implications, and update our investment recommendations.

US Strategy: South Korea Trade Risk

Strategy Analysis: 09 Jan 2018, 11:12 PM ET - While the NAFTA countdown and China trade strategy are the main events, South Korea is now moving back onto the stove even if not on the front burner. We look at some of the moving parts of the US-ROK free trade risks.

May US Auto Sales: First Look

IG Note: 01 Jun 2017, 11:06 AM ET - As the first wave of May auto sales are reported by automakers, we expect that YoY industry sales will continue to moderate while SAAR will likely settle in the under 17 mn level for the third consecutive month.

European Autos: 2017 Outlook

Sector Outlook: 30 Jan 2017, 10:21 PM ET - In this report, we take a look at the current trends in the European automotive market, review our outlook for the sector and update our investment recommendations within the European automotive space.

US Autos 2017: Cyclical Pause – Structural Risks

Sector Analysis: 26 Jan 2017, 4:07 AM ET - Auto sector risk reward symmetry is currently unattractive as the sector positions itself for moderating cyclical volumes. Handicapping trade policy risk and planning for a tech-intensive future remain primary industry concerns.

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