Asia Pacific Credit Biweekly: What we published over the last 2 weeks

Research evidence excerpt

Asia Pacific Credit Biweekly: What we published over the last 2 weeks

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Asia Pacific Credit Biweekly

What we published over the last 2 weeks

Credit Analysis

Asia Credit 360o 03 July 2026

Our full spectrum view <page 2 – Joyce Liang> Global Emerging Markets | Corporate

Credit

The Model Portfolio Pacific Rim

June: Modest spread widening; strong supply led by Japan <page 3 – Joyce Liang>

Joyce Liang

Asian Credit Strategy ResearchMerrill LynchAnalyst(Singapore)

Asian Credit Strategy: Asia credit weekly spotlight (week of 18 to 24 June) 25 June 2026 +65 6678 0408 joyce.liang@bofa.com

Asian Credit Strategy: Asia credit weekly spotlight (week of 25 June to 1 July) 03 July Sirius Chan

2026 ResearchMerrill LynchAnalyst(Hong Kong)

sirius.chan@bofa.com

Asian Corporates Xiang Gao, CFA

Asia Pacific Credit Update: 2026 Korea Conference Takeaways for credit investors Research Analyst

Merrill Lynch (Singapore)

<page 4 – Suyang Lu> xiang.gao@bofa.com

Nickel Industries Ltd: HPAL investments lift near-term capax, but manageable; MW on YusukeResearchIkedaAnalyst

NICAU’30 <page 5 – Xiang Gao> BofAS Japan

yusuke.ikeda@bofa.com

Banks – India: USD supply returns, but relative value favors AY1s: OW new AXSBIN Perp Rachna Jain, CFA

<page 6 – Lefu Li> ResearchMerrill LynchAnalyst(Singapore)

rachna.jain2@bofa.com

Australia Credit Bond: Initiate on PON & NCIG – deleveraging credits + coal premium

Lefu Li, CFA

overbaked in bonds <page 7 – Xiang Gao> Research Analyst

Merrill Lynch (Hong Kong)

Japan Credit lefu.li@bofa.com

Mizuho Bank (Subsidiary issuer): OpCo USD senior bonds: The first issuance in 10+ Suyang Lu Research Analyst

years, overweight on 10yr 23 June 2026 Merrill Lynch (Hong Kong)

suyang.lu@bofa.com

Di Miao, CFAAsian Credit

Research Analyst