Lakshmi Iyer, CFA

Credit

<p>Post the Reliance - Future Retail deal announcement, bonds of <a href="https://www.smartkarma.com/entities/future-retail-ltd-4b025726-3be6-41e3-9f59-22ab2a17a8b2" target="_blank" data-smartkarma-citation="entities:26799:1" rel="noopener">Future Retail (FRETAIL IN)</a> have traded up sharply. Even so, we think there is further upside. In the absence of full information, we look at three potential scenarios. We think the potential for the deal to fall through (due to regulatory hurdles) is extremely low.</p><div class="content-highlight"><p><em>Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.</em></p></div>

Post the Reliance - Future Retail deal announcement, bonds of Future Retail (FRETAIL IN) have traded up sharply. Even so, we think there is further upside. In the absence of full information, we look at three potential scenarios. We think the potential for the deal to fall through (due to regulatory hurdles) is extremely low.Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.

Future Retail - Where Should the Bonds Trade Post-Deal?

India

Future Market Networks Ltd. constructs, develops and manages markets.  The Company builds wholesale and retail markets and logistics parks that support them.

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