Asian Credit Strategy: Asia credit weekly spotlight (week of 7 to 13 May)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 7 to 13 May)

ault rate by amount at 0%

We did not see any defaults this week. In 2026, we expect the default rate to remain Joyce Liang Research Analyst

low, given the solid fundamentals for most Asian HY issuers (ex China property). Merrill Lynch (Singapore)

+65 6678 0408

Sector highlights: what has happened joyce.liang@bofa.com

Financial: We downgrade FRESHK and Taiwan lifers’ recommendations this week. DiResearchMiao, AnalystCFA

Tech: Tencent, Alibaba, JD.com Mar’26 quarter earnings – see our linked reports. Merrill Lynch (Hong Kong)

+852 3508 5058

Gaming: Studio City issued USD300mn 6.125% ’31 notes, and announced tender offer dmiao@bofa.com

results for its ’27 notes. Resorts World NYC reported c.USD4.9mn gross gaming revenue Xiang Gao, CFA

for its table games launched on Apr 28th till May 3rd. Research Analyst

Merrill Lynch (Singapore)

CN industrial: GLP Ptd Ltd (GLPSP) reported FY25 results, H&H plans to refinance its xiang.gao@bofa.com

term loan in 2H26 at a lower cost per Octus Rachna Jain, CFA

CN property: Vanke has extended an onshore bond & obtained further loans from SZ Research Analyst Merrill Lynch (Singapore)

Metro. China’s property market shows early signs of stabilization, but uneven recovery. rachna.jain2@bofa.com

India corp: S&P U/G VEDLN to BB/Stable from B+/Pos, & bonds to BB- from B. results Lefu Li, CFA

of UPL Ltd, HPCL, Bharti Airtel (see our linked reports). IIFL Finance received INR4.8bn Research Analyst Merrill Lynch (Hong Kong)

tax demand notice & bought back c.USD12.6mn of ’28 notes. Moody’s U/G Shriram lefu.li@bofa.com

Finance to Baa3/Stable. Sirius Chan

Other SEA corp: Thai Oil (TOPTB), Freeport Indonesia (FRIDPT) 1Q26 results. Indonesia ResearchMerrill LynchAnalyst(Hong Kong)