Asian Credit Strategy: Asia credit weekly spotlight (week of 18 to 24 June)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 18 to 24 June)

ast week's new issue, on avg, price was up

0.1ppt, yield declined by 1bp, spread 5bp wider. For individual deals, see Exhibit 22.

Joyce Liang

Sector highlights: what has happened ResearchMerrill LynchAnalyst(Singapore)

Financial: Strong USD bond supply from India financials, HDFC senior better value. +65 6678 0408 joyce.liang@bofa.com

Tech: Alibaba sued the US Department of Defense over China military label. Tencent Di Miao, CFA

was exploring exits from some holdings of its game studio investments in Japan. Research Analyst

Gaming: Studio City announced that it will redeem USD165mn of STCITY'28 on July 18. Merrill+852 3508Lynch5058(Hong Kong)

In May, Macau saw a 4.2% YoY increase in visitor arrivals from the Chinese mainland. dmiao@bofa.com

CN property: ICAC HK executed a search warrant at Greentown’s HK office related to a Xiang Gao, CFA

corruption case involving a former employee. Shui On secured approval for a RMB5.6bn ResearchMerrill LynchAnalyst(Singapore)

ABS issuance. Seazen is planning up to RMB2.1bn private REIT as early as this month. xiang.gao@bofa.com

CN industrial: Bloomberg reported that China is urging domestic rating firms to curb Rachna Jain, CFA

the concentration of top-tier AAA ratings. ResearchMerrill LynchAnalyst(Singapore)

Other SEA corp: Indonesia may relax nickel mining quotas from Jul’26 (per Bloomberg). rachna.jain2@bofa.com

Harita Nickel is conducting fixed-income investor meetings. MSCI has postponed its Lefu Li, CFA

Research Analyst

Indonesia equity market review to Nov’26. Moody’s revised Thai Oil’s Baa3 outlook to Merrill Lynch (Hong Kong)

stable and affirmed PTTGC at Baa3 with a negative outlook. lefu.li@bofa.com