Asian Credit Strategy: Asia credit weekly spotlight (week of 9 to 15 July)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 9 to 15 July)

dual deals, see Exhibit 22. Joyce Liang

Research Analyst

Merrill Lynch (Singapore)Sector highlights: what has happened +65 6678 0408

Financial: New USD/CNH sub-debts from China CITIC Bank (CINDBK) joyce.liang@bofa.com

Tech: TSMC 2Q revenue +36% YoY, expect ’26 revenue up 40%. Baidu pursues dual- Di Miao, CFA

primary listing on HKEX & Nasdaq. ResearchMerrill LynchAnalyst(Hong Kong)

Gaming: Resorts World New York City (RWNYC) generated USD30.9mn weekly GGR +852 3508 5058

dmiao@bofa.com

between 28 Jun – 5 Jul.

CN property: Yuexiu got CNH1bn revolving loan for a term of 364 days after drawdown XiangResearchGao,AnalystCFA

date. Vanke expects net loss of RMB12bn-15bn in 1H26, vs RMB12bn loss in 1H25. Merrill Lynch (Singapore)

xiang.gao@bofa.com

CN industrial: H&H’s BHA filed appeals against ATO tax ruling concerning its tax

Rachna Jain, CFA

assessments. Hongqiao expects its 1H26 net profit to increase by 39% YoY, thanks to Research Analyst

the increase in the sales prices of aluminium alloy products. Merrill Lynch (Singapore)

rachna.jain2@bofa.com

Other SEA corp: S&P affirmed Indonesia at BBB, stable outlook. Indika mulls selling

Lefu Li, CFA

Kideco at US$1bn (report). Freeport Indonesia expect 0.8bn pounds copper output in ’26. Research Analyst

India corp: RBI proposed broader participation in term money market (see report). Merrill Lynch (Hong Kong) lefu.li@bofa.com

Vedanta Resources tender offers results & signing US$1bn bridge facility. Greenko

Sirius Chan

Energy FY26 results. Continuum to redeem its USD435mn 2027 notes. Tata Capital Research Analyst

issued USD400mn 2030 notes. Merrill Lynch (Hong Kong) sirius.chan@bofa.com