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 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 (...

October 24, 2018

We initiate our coverage on Agile Property Holdings (3383 HK) (“Agile”) with an overall NEUTRAL recommendation on the AGILE complex (increasing leverage concerns are mitigated by a strong business profile at the moment) and a tactical OVERWEIGHT recommendation on AGILE 21s which we view as a cheaper/higher spread pick-up option compared to its peer group.

Agile is a well-entr...

September 4, 2018

We continue our coverage on Noble Group Ltd (NOBL SP) (“Noble”) with our recommendations under continuing review on the NOBLSP complex given its impending debt-to-equity swap/debt exchange and restructuring into New Noble (“Newco”) bonds.

With the recent run of events and negotiations among all of the company’s vested interest groups over the last few months, it would finally...

March 30, 2018

We initiate our coverage on Logan Property Holdings Co Ltd (3380 HK) (“Logan”) with a NEUTRAL recommendation on the LOGPH senior-unsecured USD complex. Logan is considered a smaller sized regional Chinese property developer with a predominant presence in the Guangdong-Hong Kong-Macau Greater Bay Area (“Greater Bay Area”). The company originally began its businesses in 1996 as a d...

March 21, 2018

We initiate our coverage on Press Metal Aluminium Holdin (PMAH MK) (“Press Metal”) with a NEUTRAL recommendation on the new PMALMK 22s. Press Metal began its operations in 1986 in peninsula Malaysia as an aluminium extrusion producer, mainly for the domestic market. Since then, it has expanded from a single-site operation to 4 production sites, and included aluminium smelting in...

March 21, 2018

Proposed Restructure Version II

Since Noble Group (“Noble”) announced its restructuring plan in January 2018, there has been a substantial amount of negotiation and backlash from its various vested interests. This has resulted in certain tweaks and changes to the company’s restructuring (see the chart below). Existing senior unsecured creditors have been rather silent on the surfa...

February 9, 2018

This is a follow-up to our report dated 30 January 2018 after Noble Group (“Noble”) released more details in its restructuring. Unlike certain vocal shareholders, Noble’s existing senior creditors have been more “silent”, preferring to let actions speak for themselves in trading the market (or perhaps in closed-door negotiations). Beneath this veneer of silence and opacity, we ar...

January 30, 2018

Noble Group (“Noble”) has emerged with a second cut of its debt restructuring after Asian trading hours last night. The market had been anticipating a formalized proposal for some weeks now. After some false starts (i.e. the trading halt implemented late last week on the stock to approve the sale of four Kamsarmax Vessels), we finally have some restructuring details to digest.

Rea...

January 26, 2018

Kaisa Group (“Kaisa”) will probably go down in history as one of the most curious situations in the market. In our view, the company can certainly hold the infamous title of being the only Chinese property developer (at this point in time) to willingly default in the offshore debt markets, despite the fact that other Chinese developers have come close in the past.

To recap, Kaisa...

January 7, 2018

2017 was a decent year for EM bonds in general (both hard and local currencies), amidst strong portfolio/fund net inflows, higher risk appetite and a resultant stronger incentive to chase yield. Such bullish sentiment has been led by low volatility, giving rise to better than expected risk-reward. The market has regained its composure in the last 1.5yrs or so due to accommodative...

December 22, 2017

Noble Group (“the company” or “Noble”), once one of Asia’s larger commodity trading houses and supply-chain managers, is currently undergoing a major restructuring exercise that will determine the fate of all its vested interests. As it hurtles along towards its “D-Day” which we estimate to be in Feb 2018 at the latest, the company has shed assets and continues to do so in a bid...

December 13, 2017

Sunac China Holdings (“the company” or ”Sunac”) is a mid-sized Chinese property developer of high-end residential and commercial properties. Its business is predominantly located in Tier 1-3 cities within the Beijing/​Tianjin vicinity, Yangtze River Delta (“YRD”) and Pearl River Delta (“PRD”) regions. The company and its sponsors are known to exhibit highly opportunistic and aggr...

December 2, 2017

Guangzhou R&F (“the group” or “R&F”) is a mid-sized Chinese property developer with a strong entrenched product and execution track record in predominantly Tier 1 and 2 residential/​commercial property markets such as Guangzhou, Beijing and Tianjin. It has embarked on nationwide ambitions in recent years by venturing into Tier 3 and 4 cities, but not quite at the scale or magnitu...

Please reload

  • Facebook Social Icon
  • LinkedIn Social Icon
  • Twitter Social Icon

© 2023 by Talking Business.  Proudly created with Wix.com

  • Twitter Social Icon
  • LinkedIn Social Icon
  • Facebook Social Icon