November 15, 2019

The pile of negative yield bonds in global markets is shrinking fast, triggering debate if this means the economic outlook is turning positive.

While signs of an economic recovery are yet to be confirmed, one thing is for sure: such a decline rescues the global economy from a world where savings are discouraged and borrowers do not pay for credit risk undertaken by lenders. (The t...

  • Mainland property firms have issued more debt in the first 10 days of July than in whole of June

  • More home builders are expected to head for the offshore bond market in coming months, taking advantage of a good window for high-yield corporate issuance, experts say Chinese developers’

  • Read more at https://www.scmp.com/business/article/3018088/chinese-home-builders...

July 9, 2019

A government crackdown on “irrational” overseas acquisitions forced China’s most aggressive dealmakers to shed some of their trophy assets in recent years, but Guo Guangchang looks set to reverse that trend.

The 52-year-old billionaire is often called the "Warren Buffett of China" for following the legendary American investor’s approach of using the cash flow from insurance o...

January 15, 2019

We initiate our coverage on Bangladesh with a STABLE credit outlook for the country. Prime Minister Sheikh Hasina has been re-elected in the general elections in a crucial result for the country’s economy. We expect political stability to improve the credit outlook of this South Asian nation with a renewed emphasis on rapid economic growth now seeming likely. The election was see...

January 9, 2019

In our third report in the Belt and Road Initiative (BRI) or One Belt One Road (OBOR) series, we examine a brand-new US strategic initiative to finance emerging markets economies, including OBOR, African, and Latin American countries.

The on-going trade war between China and the US makes the issue very political. Rightfully so, we believe the creation of the International Developm...

January 7, 2019

If we had to make a base observation for Asia credit markets over 2018, it was certainly caught “wrong-footed” like most of its other risky asset counterparts. The combination of a more hawkish Fed in 2018, global quantitative tightening, late-cycle economic conditions, volatility and a strong USD have all served to impact almost all the asset classes negatively. According to som...

December 24, 2018

Shaktikanta Das has been appointed as the new governor of India’s central bank. The new appointment comes as a major boost to the economy and has driven a rebound in the financial markets as well as the Indian rupee. The country’s current account deficit remains a major concern, although these recent developments further affirm India’s attractiveness as an investment destination.

...

December 20, 2018

Noble Group Ltd. finally completed its mammoth debt-for-equity restructuring, handing control of its assets to creditors as Singapore regulators continue to probe the commodity trader and its officers for possible breaches of the law.

After its preferred rescue plan was blocked by Singapore’s refusal to let it relist in the city-state, Noble pursued its Plan-B in Bermuda, where a...

December 11, 2018

Tata Steel Ltd (TATA IN)’s latest quarterly results beat our expectations. The company’s revenue for Q2FY19 (which ended in September) rose 15% YoY, with EBITDA during the same period rising nearly 50% YoY. This growth reflects a good operating and market performance during the quarter. The company has also benefitted from the amalgamation of previously-acquired Bhushan Steel (BH...

December 7, 2018

China’s Belt-and-Road-Initiative (“BRI”) (一带一路) is arguably the 21st century’s most ambitious infrastructure project involving over 65 nations and a third of global GDP. Slightly over 5 years since its inception, the BRI has created both benefits and drawn public criticism from some of its member nations. On the positive side, Chinese companies have been the clear beneficiaries (...

November 28, 2018

We initiate our coverage on Sri Lanka’s sovereign bonds (SRILAN complex) with an OVERWEIGHT recommendation. The SRILAN complex comprises SRILAN 19s, 22s, 26s and 27s. We believe Sri Lankan sovereign bonds (Moody’s: B1; S&P: B+) offer attractive yields in the market versus peers such as Vietnam (Moody’s: Ba3; S&P: BB-). Despite the sell-off due to the political chaos, we believe i...

November 25, 2018

It’s been a tough couple years for Pactera Technology International Ltd.

The tech outsourcing arm of embattled Chinese conglomerate HNA Group Co. has been ditched by Bank of America Corp. and Goldman Sachs Group Inc., sued over a collapsed acquisition and cut deep into junk territory by Moody’s Investors Service.

Now it turns out that a rare piece of s...

November 23, 2018

We examine the factors that contribute to consumption trend in China. This quantitative study finds that disposable income plays a significant role in consumption growth, and the overall effect from real estate market is insignificant. However, the wealth effects from real estate market play a significantly positive role in promoting auto sales, one important indicator of consump...

November 21, 2018

SINGAPORE -- Noble Group has insisted it will press ahead with a vital $3.5 billion debt restructuring despite Singaporean authorities this week launching an investigation into "false and misleading statements" by the company, which was once Asia's biggest commodities trader.

Noble said Wednesday that "it will continue to work towards implementing its proposed restructuring w...

November 19, 2018

Vedanta Resources (VED LN) (Vedanta) was delisted from the London Stock Exchange (LSE) on 01-October-2018. This came on the back of Volcan Investments Ltd, controlled by Executive Chairman Anil Agarwal, successfully buying out the company’s shares in September. The privatization was more noticed by the market since it happened after a series of protests against the death of 13 pe...

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