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

<ul>
<li>Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; </li>
<li>Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and </li>
<li>Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   </li>
</ul>


Be a hero, just take Evergrande to zero. The scrip isn't worth the paper their written on; 
Without an Act of God, the likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil; and 
Major creditor, China Cinda, be placed in charge creates a massive conflict of interest that no investor or creditor should get comfortable with.   


China Evergrande Group – Just Stop the Nonsense

<ul>
<li>Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    </li>
<li>Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and </li>
<li>This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. </li>
</ul>


Evergrande’s seven-member risk management committee includes China Cinda, a major Evergrande creditor;    
Adding insult to injury, a China Cinda senior executive was appointed as an Evergrande director; and 
This is massive conflict of interest coupled with the local municipality bonepickers give us little confidence that any creditor will be treated fairly. 


China Evergrande Group – Fox in Henhouse

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese PPI and CPI inflation, South Korean interest rates.</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>
</li>
</ul>


Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese PPI and CPI inflation, South Korean interest rates.

 Companies mentioned:Kakao Corp (035720 KS), LG Electronics (066570 KS), Alibaba Group (9988 HK), Ant Financial Services Group (6688 HK)



GEM Weekly (14 Jan 2022): Chinese Inflation, South Korean Repo Rate, Kakao, LG, Alibaba, Ant

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US equities ended marginally higher with the S&amp;P and Nasdaq up 0.2% and 0.1%. Most sectors were in the green led by Energy, Utilities and Healthcare up over 0.5%. US 10Y Treasury yields eased 1bp to 1.63%. European stocks were higher with the DAX up 1% and the CAC and FTSE up 0.8% each. Brazil’s Bovespa was down 2.1%. In the Middle East, UAE’s ADX and Saudi TASI were down 0.4% each. Asian markets have opened broadly lower – Shanghai, HSI and Nikkei were down 0.9%, 1.5% and 0.6% while STI was up 0.5%. US IG and HY CDS spreads were 0.4bp and 3.1bp tighter. EU Main and Crossover CDS spreads were 1.1bp and 6.5bp tighter. Asia ex-Japan CDS spreads tightened by 1.9bp.

BOC London, China Cinda Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gai...

China Huarong Asset Management / Equity Bottom-Up

*Stress All Around: China Huarong Asset Management (2799.HK) [Huarong] still continues to teeter on the edge of insolvency and ongoing silence from Beijing has materially impacted funding costs. The USD 23.3 bn in Huarong debt, however, still risks crippling the USD credit market in mainland China. As Huarong is one of mainland China's largest issuers in offshore markets, this would be by far the largest credit default to date of an important state-owned company. Potential contagion risks via higher a cost of funding for offshore borrowing are occurring;  and *Evergrande Harbinger: Mainland Chinese authorities are going to great lengths to prevent a systemic daisy chain impact of a China Evergrande Group (3333.HK) [Evergrande] default on the mainland Chinese financial system. Given the systemic risks also posed by Huarong, we believe the mainland Chinese will construct some form of bailout. Distressed investors should consider picking away at Huarong’s debt; we’ll believe it when see Beijing imposing losses SOEs.

*Stress All Around: China Huarong Asset Management (2799.HK) [Huarong] still continues to teeter on the edge of insolvency and ongoing silence from Beijing has materially impacted funding costs. The USD 23.3 bn in Huarong debt, however, still risks crippling the USD credit market in mainland China. As Huarong is one of mainland China's largest issuers in offshore markets, this would be by far the largest credit default to date of an important state-owned company. Potential contagion risks via higher a cost of funding for offshore borrowing are occurring;  and *Evergrande Harbinger: Mainland Chinese authorities are going to great lengths to prevent a systemic daisy chain impact of a China Evergrande Group (3333.HK) [Evergrande] default on the mainland Chinese financial system. Given the systemic risks also posed by Huarong, we believe the mainland Chinese will construct some form of bailout. Distressed investors should consider picking away at Huarong’s debt; we’ll believe it when see Beijing imposing losses SOEs.

China Huarong Asset Management – Preventing Another Daisy Chain

China

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

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China Cinda Asset Management (1359 HK)

China Evergrande Group – Just Stop the Nonsense

EVERGRANDE: The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil. Major creditor, China Cinda, be...

Thomas J. Monaco

China Evergrande Group – Fox in Henhouse

EVERGRANDE: Evergrande’s risk management committee includes China Cinda, a major Evergrande creditor. This is massive conflict provides little...

Thomas J. Monaco

GEM Weekly (14 Jan 2022): Chinese Inflation, South Korean Repo Rate, Kakao, LG, Alibaba, Ant

Global Emerging Markets weekly provides a summary of the key news developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

BOC London, China Cinda Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gai...

US equities ended marginally higher with the S&P and Nasdaq up 0.2% and 0.1%. Most sectors were in the green led by Energy, Utilities and...

BondEvalue

China Huarong Asset Management – Preventing Another Daisy Chain

CHINA HUARONG: Huarong still continues to teeter on the edge of insolvency. The USD 23.3 bn debt, however, still risks crippling the USD credit...

Thomas J. Monaco

Price Gauge

52-week Range

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