APAC Credit Roundup: US Economy, Piramal Finance, ChemChina, Indika Energy

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APAC Credit Roundup: US Economy, Piramal Finance, ChemChina, Indika Energy

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

17 July 2026

APAC Credit Roundup

US Economy, Piramal Finance, ChemChina, Indika

Energy

Asia Pacific Credit Research

Soo Chong Lim AC

(852) 2800-7387

soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

• US Economy – Implications of the Fed Chair’s five task forces Matthew(852) 2800-6518Hughart AC

matthew.hughart@jpmorgan.com• Piramal Finance – Steady execution in the June quarter

• ChemChina – Syngenta IPO potentially postponed to 2027 AC Alvin Au

• Indika Energy – Out of coal? (852) 2800-8533

alvin.au@jpmorgan.com

Aman Aggarwal AC

(852) 2800-0081

US Economy – Implications of the Fed Chair’s five task aman.aggarwal@jpmchase.com

forces J.P. Morgan Securities (Asia Pacific) Limited

Shirley Yau AC

Our US rates team and economists published a report on the impact of the Fed Chair’s (852) 2800-0566

task forces (communications, balance sheet, data, productivity jobs, and inflation shirley.yau@jpmorgan.com

frameworks) on monetary policy (see here). Our colleagues believe that the Fed is J.P. Morgan Securities (Asia Pacific) Limited

likely to continue moving away from explicit forward guidance towards more data- Emma Xing AC

dependent, reaction-function-based communication. A key market question is (852) 2800-8727

whether the dot plot survives. They expect the most near-term, implementable emma.xing@jpmorgan.com

changes to come from communications and balance-sheet workstreams, while the

EM, Economic and Policy Researchinflation task force could have the most lasting impact on the conduct of monetary

policy over the medium term. Mahmoud Harb

(65) 6882-1640