APAC Credit Roundup: Asia Frontier economies, China credit, Macau gaming, Adani Ports, Krakatau Posco

Research evidence excerpt

APAC Credit Roundup: Asia Frontier economies, China credit, Macau gaming, Adani Ports, Krakatau Posco

J P M O R G A N Asia Pacific Credit Research

02 July 2026

APAC Credit Roundup

Asia Frontier economies, China credit, Macau gaming,

Adani Ports, Krakatau Posco

• Asian Frontier economies – Revising the outlook: Off the boil Asia Pacific Credit Research

• China credit – More restrictions on high-yield issuance from municipals and Soo Chong Lim AC

LGFVs (852) 2800-7387

soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited• Macau gaming – June GGR declines 12% yoy as expected

• Adani Ports & SEZ – Announces US$1.4bn investment by MSC in Vizhinjam Matthew Hughart AC

Port (852) 2800-6518

matthew.hughart@jpmorgan.com

• Krakatau Posco – EU’s steel safeguard measures come into effect J.P. Morgan Securities (Asia Pacific) Limited

Alvin Au AC

(852) 2800-8533

alvin.au@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

ACAsia Frontier economies – Revising the outlook: Off the Aman Aggarwal

boil (852) 2800-0081

aman.aggarwal@jpmchase.com

With fears of a prolonged Strait of Hormuz closure receding and oil-price projections J.P. Morgan Securities (Asia Pacific) Limited

ACmaterially lower, our Economic Research team has revised its outlook for Asia’s Shirley Yau

Frontier economies (note). We have left growth forecasts for Mongolia, Pakistan, Sri (852) 2800-0566

Lanka, and Vietnam broadly unchanged but revised inflation and external balance shirley.yau@jpmorgan.com

projections in a more benign direction: J.P. Morgan Securities (Asia Pacific) Limited

Emma Xing AC

• Vietnam’s inflation outlook has been lowered reflecting the decline in oil (852) 2800-8727

prices and the extension of fuel tax relief measures which would result in a emma.xing@jpmorgan.com