Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Genworth Financial Inc Cl A / Equity Bottom-Up

<div><ul><li>
Agreement With New York State: Genworth Financial (GNW.US) [Genworth] disclosed that it had reached an agreement in principle with the New York State Department of Financial Services (NYSDFS) to contribute USD 100 mn to the Genworth Life Insurance Company of New York (GLICNY) subsidiary. </li></ul></div><div><ul><li>
Still Worth a Flyer:Both sides have demonstrated patience with the sale process, as demonstrated by each side's commitment to this transaction through 13 waivers of their options to walk away from the deal. Potential closing of Genworth's deal to be acquired by a Chinese financial holding group for $5.43 per share in cash.  Shares are trading almost 30% below the deal price. </li></ul></div>


Agreement With New York State: Genworth Financial (GNW.US) [Genworth] disclosed that it had reached an agreement in principle with the New York State Department of Financial Services (NYSDFS) to contribute USD 100 mn to the Genworth Life Insurance Company of New York (GLICNY) subsidiary. 
Still Worth a Flyer:Both sides have demonstrated patience with the sale process, as demonstrated by each side's commitment to this transaction through 13 waivers of their options to walk away from the deal. Potential closing of Genworth's deal to be acquired by a Chinese financial holding group for $5.43 per share in cash.  Shares are trading almost 30% below the deal price. 

<ul><li>
New York State Now In on the Act: Genworth Financial (GNW.US) [Genworth] disclosed that it has been discussing Genworth Life Insurance Company of New York (GLICNY) with the New York State Department of Financial Services (NYSDFS).  NYSDFS approval has expired, and it  has been informed Genworth a capital contribution to GLICNY is now required for sale.</li></ul><ul>
<li>
Change of Tune at Genworth: CEO seemingly changed his tune somewhat as Genworth is ready to move on from China Oceanwide with a “Plan B” if the NYSDFS fails to approve the deal by March 31. “Plan B” could involve the sale of either one or both of its U.S. and Australia mortgage insurance subsidiaries.</li>
<li>
Still Worth a Flyer:Both sides have demonstrated patience with the sale process, as demonstrated by each side's commitment to this transaction through 13 waivers of their options to walk away from the deal. Potential closing of Genworth's deal to be acquired by a Chinese financial holding group for $5.43 per share in cash.  Shares are trading almost 30% below the deal price. </li>
</ul>


New York State Now In on the Act: Genworth Financial (GNW.US) [Genworth] disclosed that it has been discussing Genworth Life Insurance Company of New York (GLICNY) with the New York State Department of Financial Services (NYSDFS).  NYSDFS approval has expired, and it  has been informed Genworth a capital contribution to GLICNY is now required for sale.

Change of Tune at Genworth: CEO seemingly changed his tune somewhat as Genworth is ready to move on from China Oceanwide with a “Plan B” if the NYSDFS fails to approve the deal by March 31. “Plan B” could involve the sale of either one or both of its U.S. and Australia mortgage insurance subsidiaries.

Still Worth a Flyer:Both sides have demonstrated patience with the sale process, as demonstrated by each side's commitment to this transaction through 13 waivers of their options to walk away from the deal. Potential closing of Genworth's deal to be acquired by a Chinese financial holding group for $5.43 per share in cash.  Shares are trading almost 30% below the deal price. 


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our key takeaways on how best to assess the credit profiles of Chinese companies.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.  

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.  

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

<ul>
<li>Deal with China Oceanwide looks to be closer.</li>
<li>Shares trading at discount to deal on fears over buyer's financial wherewithal and whether mainland Chinese government will intervene in transaction. </li>
<li>As cash from transaction improves Genworth's overall outlook, and mainland Chinese buyer has stuck with Geneowrth for three years, deal has better than likely chance of getting done. </li>
</ul>


Deal with China Oceanwide looks to be closer.
Shares trading at discount to deal on fears over buyer's financial wherewithal and whether mainland Chinese government will intervene in transaction. 
As cash from transaction improves Genworth's overall outlook, and mainland Chinese buyer has stuck with Geneowrth for three years, deal has better than likely chance of getting done. 


Hong Kong

China Oceanwide Holdings Limited primarily engages in property investments. Through its subsidiaries, the company used to manufacture and trade toys on an OEM (Original Equipment Manufacturer) basis. The Company also operates technology business, and licensing and sourcing business.

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China Oceanwide Holdings (715 HK)

Genworth Financial - One Step Closer

Agreement With New York State: Genworth Financial (GNW.US) [Genworth] disclosed that it had reached an agreement in principle with the New York...

Thomas J. Monaco

Genworth Financial - Deal or No Deal

New York State Now In on the Act: Genworth Financial (GNW.US) [Genworth] disclosed that it has been discussing Genworth Life Insurance Company of...

Thomas J. Monaco

Asia HY Monthly - Chinese Offshore Bond Defaults - Lucror Analytics

In this month's “In-Focus”, we discuss Chinese offshore bond defaults in 2019. We look at the broader trends as well as select cases, and give our...

Lucror Analytics

Asia HY Trade Recommendations - January 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for January includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Genworth Financial - Not a Bad Flyer

Deal with China Oceanwide looks to be closer. Shares trading at discount to deal on fears over buyer's financial wherewithal and whether mainland...

Thomas J. Monaco

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