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HNA Group: The Redemption Treat

Hna Group (HNAGRZ CH) announced on 6-November that it has repaid USD300m of principal in SANYPH 11/18s which matured on the same date. The event has unfolded as per our prediction and we believe the SANYPH 11/18 repayment increases the likelihood that SANYPH 12/18s, which will mature on 3-December, will also be redeemed.

As such, we remove SANYPH 11/18s from our coverage and maintain our OVERWEIGHTrecommendation on SANYPH 12/18s and HONAIR 1/19s. We also initiate our coverage of Hainan Airlines Co (600221 CH)'s HAIAIR 10/20s with an UNDERWEIGHT recommendation. We also maintain our UNDERWEIGHT recommendation on the rest of HNA-related bonds (GRCHAR 3/19s, SANYPH 8/19s, the new Hainan Airlines' HAIAIR 10/20s, and HONAIR perp).

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