Asia credit weekly spotlight (week of 11 to 17 June)

Research evidence excerpt

Asia credit weekly spotlight (week of 11 to 17 June)

individual deals, see Exhibit 22.

Sector highlights: what has happened JoyceResearchLiangAnalyst

Financial: HDFCB printed new senior bonds with attractive valuation. (Our report) Merrill Lynch (Singapore) +65 6678 0408

Tech: Alibaba 1) launched first data center in France, 2) offered US$1.5bn to buy joyce.liang@bofa.com

grocery firm Pupu. China’s regulator released draft rules on food delivery subsidies. Di Miao, CFA

Gaming: Genting Overseas Holdings withdrew its offering of SGD NC5.5Y perps. Sands ResearchMerrill LynchAnalyst(Hong Kong)

China’s Londoner Macao launches new high-limit baccarat zone. BofA channel checks: +852 3508 5058

dmiao@bofa.com

Macau gaming avg. daily GGR in the second week of June is 20% below the avg. in May.

CN property: Vanke has secured a loan facility of up to RMB1.14bn from Shenzhen XiangResearchGao,AnalystCFA

Metro. Vanke will use proceeds to pay debt obligations and interest payments. Merrill Lynch (Singapore)

xiang.gao@bofa.com

CN industrial: China Education Group priced USD200mn 5.625% ’29 note at 98.963 to

Rachna Jain, CFA

yield 6.008%. ENN Energy confirms lapse of privatization offer from ENN Natural Gas Research Analyst

with no extension due to uncertain regulatory approvals & change in macro/business. Merrill Lynch (Singapore)

rachna.jain2@bofa.com

Other SEA corp: Bank of Indonesia raises benchmark rate 25bps to 5.75%. Danantara

Lefu Li, CFA

CEO Rosan Roeslani said it is exploring plan to sell 30Y bonds following 5Y/10Y USD Research Analyst

bond issuance. Govt is considering revising the domestic coal price cap for power plants. Merrill Lynch (Hong Kong)

lefu.li@bofa.com

India corp: Vedanta demerger listing & Fitch upgrade; GMR Airports record traffic/cargo

Sirius Chan