Asian Credit Strategy: Asia credit weekly spotlight (week of 25 June to 1 July)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 25 June to 1 July)

s, see Exhibit 22.

Sector highlights: what has happened JoyceResearchLiangAnalyst

Tech: Prosus FY26 results; Chinese smartphone makers cuts 2026 shipment target again Merrill Lynch (Singapore) +65 6678 0408

by up to 30%. Tencent signed long-term contract with CXMT worth RMB20bn. joyce.liang@bofa.com

Gaming: Jun'26 GGR fell by 12% YoY, partly dragged by World Cup. SJM announced new Di Miao, CFA

Research Analyst

CFO. Moody's revised the outlook on Wynn Resorts' B1 rating to stable from positive. Merrill Lynch (Hong Kong)

CN property: Vanke announced that it has finalized arrangements for its RMB2bn +852dmiao@bofa.com3508 5058

onshore MTN due on 7 July. CIFI failed to make scheduled cash payment under its Xiang Gao, CFA

offshore debt restructuring scheme, and paid PIK interest on its 2029 notes. Research Analyst

Merrill Lynch (Singapore)

CN industrial: GLP Pte announced its Dongguan Xiegang Data Center has obtained a xiang.gao@bofa.com

long-term strategic partnership renewal. Nine Dragons Paper had US$74.3mn of its Rachna Jain, CFA

outstanding US$400mn 14% perps been tendered as of the early tender date of 26 June. Research Analyst Merrill Lynch (Singapore)

Other SEA corp: Fitch said Indonesia facing rising pressure from confidence and FX rachna.jain2@bofa.com

buffers. Indonesia is reviewing the free meals program per Bloomberg. Lefu Li, CFA

India corp: VEDLN issued USD1.75bn three-tranche USD notes, and is raising USD1bn Merrill Lynch (Hong Kong)

bridge loan. VEDLN set cap of USD1.2bn for cash tender offers. Moody’s assigned Baa3 lefu.li@bofa.com

issuer rating to JSW Infrastructure and revised outlook to stable from positive. SiriusResearchChanAnalyst