Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<div class="content-highlight">We wish our readers a Happy New Year and May 2018 bring you joy and prosperity. We also would like to end 2017 with one of the most talked about credits in Asia, HNA.Negative headlines and the new 363-day USD bond issuance have significantly raised yields of all HNA-related bonds. While we see an attractive carry on SANYPH 11/18s and SANYPH 12/18s especially for retail investors, we do not foresee a major improvement in HNA's credit profile in the near term. HNA's execution and refinancing risks pose asymmetric downside risk to all HNA-related bonds and we maintain our UNDERWEIGHT recommendation on SANYPH and HONAIR complexes as well as GRCHAR 19s. </div>

We wish our readers a Happy New Year and May 2018 bring you joy and prosperity. We also would like to end 2017 with one of the most talked about credits in Asia, HNA.Negative headlines and the new 363-day USD bond issuance have significantly raised yields of all HNA-related bonds. While we see an attractive carry on SANYPH 11/18s and SANYPH 12/18s especially for retail investors, we do not foresee a major improvement in HNA's credit profile in the near term. HNA's execution and refinancing risks pose asymmetric downside risk to all HNA-related bonds and we maintain our UNDERWEIGHT recommendation on SANYPH and HONAIR complexes as well as GRCHAR 19s. 

HNA has grown so Huge it has become a National interest, in our judgment. Its Aggressive acquisitions backed by rising leverage have raised execution as well as refinancing risks. The group's reliance on shadow banking to reach its global aspiration leads us to question the management's long-term strategy.  Questionable corporate governance makes it difficult to measure the company's willingness to pay. Though we believe HNA's importance to the Chinese economy could mean an implicit support from the central government or government-owned banks, near-term refinancing risk toward August 2019 pose asymmetric downside risk and we are UNDERWEIGHT on the SANYPH and HONAIR complexes as well as GRCHAR 19s.

HNA has grown so Huge it has become a National interest, in our judgment. Its Aggressive acquisitions backed by rising leverage have raised execution as well as refinancing risks. The group's reliance on shadow banking to reach its global aspiration leads us to question the management's long-term strategy.  Questionable corporate governance makes it difficult to measure the company's willingness to pay. Though we believe HNA's importance to the Chinese economy could mean an implicit support from the central government or government-owned banks, near-term refinancing risk toward August 2019 pose asymmetric downside risk and we are UNDERWEIGHT on the SANYPH and HONAIR complexes as well as GRCHAR 19s.

China

HNA Group Co. Ltd. offers airlines services. The Company provides domestic and international aviation transportation, air travel, aviation maintenance, and aviation logistics services. HNA Group also operates holding, capital, tourism, logistics, and other business.

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HNA Group (HNAGRZ CH)

HNA: No Happy New Answers

We wish our readers a Happy New Year and May 2018 bring you joy and prosperity. We also would like to end 2017 with one of the most talked about...

Bondcritic

HNA: Huge,National, & Aggressive

HNA has grown so Huge it has become a National interest, in our judgment. Its Aggressive acquisitions backed by rising leverage have raised...

Bondcritic

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