Asian Credit Strategy: Asia credit weekly spotlight (week of 16 to 22 July)

Research evidence excerpt

Asian Credit Strategy: Asia credit weekly spotlight (week of 16 to 22 July)

on avg, price was down 0.1ppt, yield rose by 3bp, and spread 4bp

tighter. For individual deals, see Exhibit 22. Joyce Liang

Research Analyst

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

Tech: Alibaba fined EUR550mn the European Union. Tencent reportedly in talks to buy joyce.liang@bofa.com

SuperPlay in up to USD1.5bn deal, per Bloomberg. Di Miao, CFA

Gaming: RWNYC generated USD30.8mn weekly GGR between 5 Jul – 12 Jul. Studio City Merrill+852 3508Lynch5058(Hong Kong)

completed redemption of USD165mn of STCITY 6.5% 2028 notes, and USD335mn of dmiao@bofa.com

the notes remain outstanding. Xiang Gao, CFA

CN property: YTD, more than 80 Chinese cities have issued homebuyer subsidies to Merrillxiang.gao@bofa.comLynch (Singapore)

reduce home purchase costs. Shenzhen Metro provides a loan of up to RMB519mn to Rachna Jain, CFA

Vanke per Bloomberg. Yuexiu Property expects 1H26 core net profit to fall 90–95% YoY. Research Analyst

Merrill Lynch (Singapore)

Other SEA corp: Danantara looking to issue long-dated USD bonds. Fitch assigned AA- rachna.jain2@bofa.com

(tha) rating to PTTGC’s proposed THB bonds issuance. LefuResearchLi, CFAAnalyst

Merrill Lynch (Hong Kong)

India corp: Continuum Green issued USD390mn 7.875% 2031 notes. JSW Steel lefu.li@bofa.com

(report), Piramal Finance (report), IIFL Finance (report) reported 1QFY27 results. Sirius Chan

Australia: Santos (report) reported 2Q26 revenue +6% QoQ driven by stronger realized Merrillsirius.chan@bofa.comLynch (Hong Kong)

pricing despite lower sales volume. Karoon (report) 2Q26 revenue -9% QoQ primarily Suyang Lu

due to lower sales volumes. Research Analyst

suyang.lu@bofa.com

Jing Peng