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.

Debt Capital Markets

iShares MSCI EM ESG Optimized / Debt Capital Markets

We initiate our coverage of Asian social bonds with a thematic report on (1) the current stage in the Asian capital markets, (2) social bond compliance regime, and (3) recent issuance in Asia. In subsequent months, we aim to launch a request for comment for our framework we will use to analyze social bond compliance with the Social Bond Principles (SBP).
This report also includes the United Nations’ Sustainable Development Goals (SDG) and how SDG is linked to ESG (Environment, Social Development, and Governance) investments. SDG is not simply Environment, Social Development, and Governance but also Productivity which results in employment, economic growth, innovation, better infrastructure, and stronger industry.
Among ESG, Governance is what we have already accounted for when analyzing credit investments. That said, the key is how we can now design investments to improve environment (i.e. green bonds), social development (i.e. social bonds), and/or both green and social bonds (i.e. sustainability bonds). 
Green bonds were the first among fixed income instruments to take off. In a time of COVID-19, the most precarious elements of the planet is human life and, in our judgment, social development can take precedence over environment, productivity, and governance although all the four elements should be considered together. The emergence of COVID-19 has led to a drastic rise in social bond issuance and we expect this realization of a lack of social development to increase demand and supply of social bonds in the near term.

We initiate our coverage of Asian social bonds with a thematic report on (1) the current stage in the Asian capital markets, (2) social bond compliance regime, and (3) recent issuance in Asia. In subsequent months, we aim to launch a request for comment for our framework we will use to analyze social bond compliance with the Social Bond Principles (SBP).
This report also includes the United Nations’ Sustainable Development Goals (SDG) and how SDG is linked to ESG (Environment, Social Development, and Governance) investments. SDG is not simply Environment, Social Development, and Governance but also Productivity which results in employment, economic growth, innovation, better infrastructure, and stronger industry.
Among ESG, Governance is what we have already accounted for when analyzing credit investments. That said, the key is how we can now design investments to improve environment (i.e. green bonds), social development (i.e. social bonds), and/or both green and social bonds (i.e. sustainability bonds). 
Green bonds were the first among fixed income instruments to take off. In a time of COVID-19, the most precarious elements of the planet is human life and, in our judgment, social development can take precedence over environment, productivity, and governance although all the four elements should be considered together. The emergence of COVID-19 has led to a drastic rise in social bond issuance and we expect this realization of a lack of social development to increase demand and supply of social bonds in the near term.

Social Bonds: Here Come the Next Green Bonds

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight">The <a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> IPO has been one of the most successful IPOs for a company whose operations are mainly in Korea. There are likely to be a lot more Korean based companies (both public and private) that will consider listing their shares in the US market after a hugely successfully Coupang IPO. In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to reduce the infamous "Korea discount."</div>14 Korean Companies That May List Their Shares in the US Stock Exchange:<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">1) Samsung Electronics (005930 KS)</a>2) Kurly (Private)3) SmartStudy (Private)4) Naver Webtoon (Private) 5) Krafton (Private) 6) LG Energy Solution (Private) 7) 11st (Private) 8) SSG.com (Private) 9) <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a>10) <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>11) Kakao Entertainment (Private)  12) <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>13) Tmon (Private) 14) Non private equity firm that acquires Ebay Korea

The Coupang (CPNG US) IPO has been one of the most successful IPOs for a company whose operations are mainly in Korea. There are likely to be a lot more Korean based companies (both public and private) that will consider listing their shares in the US market after a hugely successfully Coupang IPO. In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to reduce the infamous "Korea discount."14 Korean Companies That May List Their Shares in the US Stock Exchange:1) Samsung Electronics (005930 KS)2) Kurly (Private)3) SmartStudy (Private)4) Naver Webtoon (Private) 5) Krafton (Private) 6) LG Energy Solution (Private) 7) 11st (Private) 8) SSG.com (Private) 9) NCSOFT Corp (036570 KS)10) Naver Corp (035420 KS)11) Kakao Entertainment (Private)  12) Kakao Corp (035720 KS)13) Tmon (Private) 14) Non private equity firm that acquires Ebay Korea 

Top 14 Korean Companies That May List in the US Stock Exchanges - Close The "Korea Discount Gap"

Financials Credit Analyst

Hank Calenti, CFA

CreditContinuum

Credit

Asia headquartered banks fared well despite the global tantrum without taper in the Treasury markets. Asia headquartered bond prices fell by less than their benchmark Treasury market notes, resulting in a bout of credit outperformance. Almost all bonds tightened in credit spread terms as investors remained anchored to banks as an economic recovery play. Moderate duration, lower risk, bonds continued to outperform, although there were pockets of outperformance in China-headquartered Additional Tier 1 bonds.Bonds in the belly of the curve, that is those maturing or callable in five-years, outperformed longer dated notes. Moderate duration bonds led as investors lost faith in an inflation free economic recovery which would cap market rate rises. This is the opposite of last weeks’ performance, wherein even longer-duration note outperformed. That seemed odd given policymakers repeated statements that they would let the US economy run hot at the risk of stoking inflation. The rapid sell-off in US Treasuries during the week is evidence of market jitters regarding eventual inflation expectations.The pressure on U.S. Treasuries is largely in-line with what we have been cautioning on since the Senate run-off results in Georgia last month. Friday’s correction at the long end may be tested again.Admittedly, however, we are surprised by the credit strength of Asia-headquartered financials during the global rates rout. We attribute this to two items. First, China is further along the Covid-19 curve in recovery and will clearly benefit as the rest of the world catches-up. Second, financials are a leverage play on the global recovery. Taken together, Asia financials overall are well placed to continue outperforming other markets over the near term.Given the rate of change over the last two weeks, things are moving fast. We identify potential opportunities within. <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank of India (SBIN IN)</a> represents one credit curve where better opportunities exist in shorter duration bonds, however, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a> may offer even better values, as we note within.Market Outlook: This week’s Treasury market tantrum was not induced by Fed tapering, but it is a reminder of what it may look like when the Fed does dial back its asset purchases. Combined with the strength of the risk-on moves, this makes us uneasy. Financial repression creates a market, which in its nature, is always a one-sided bet with the Fed / ECB/ BOJ.  There is limited price discover as the market is simply sentiment driven. Credit value should remain driven by larger market forces. However, we may be fast approaching a point where the market outpaces the rate of expected economic recovery, and / or the market outpaces the rate that can be achieved without incurring substantial financial stability concerns. Our preference is for lower duration bonds, preferably in the belly of the curve. Please see our recent <a href="https://www.smartkarma.com/insights/bank-macro-manifest-risk-rally-gathers-steam-as-bad-news-more-stimulus" target="_blank" rel="noopener">Bank Macro Manifest</a> and <a href="https://www.smartkarma.com/insights/bank-credit-strategy-melt-up-before-meltdown-where-to-position" target="_blank" rel="noopener">Bank Credit Strategy</a> notes for more details.

Asia headquartered banks fared well despite the global tantrum without taper in the Treasury markets. Asia headquartered bond prices fell by less than their benchmark Treasury market notes, resulting in a bout of credit outperformance. Almost all bonds tightened in credit spread terms as investors remained anchored to banks as an economic recovery play. Moderate duration, lower risk, bonds continued to outperform, although there were pockets of outperformance in China-headquartered Additional Tier 1 bonds.Bonds in the belly of the curve, that is those maturing or callable in five-years, outperformed longer dated notes. Moderate duration bonds led as investors lost faith in an inflation free economic recovery which would cap market rate rises. This is the opposite of last weeks’ performance, wherein even longer-duration note outperformed. That seemed odd given policymakers repeated statements that they would let the US economy run hot at the risk of stoking inflation. The rapid sell-off in US Treasuries during the week is evidence of market jitters regarding eventual inflation expectations.The pressure on U.S. Treasuries is largely in-line with what we have been cautioning on since the Senate run-off results in Georgia last month. Friday’s correction at the long end may be tested again.Admittedly, however, we are surprised by the credit strength of Asia-headquartered financials during the global rates rout. We attribute this to two items. First, China is further along the Covid-19 curve in recovery and will clearly benefit as the rest of the world catches-up. Second, financials are a leverage play on the global recovery. Taken together, Asia financials overall are well placed to continue outperforming other markets over the near term.Given the rate of change over the last two weeks, things are moving fast. We identify potential opportunities within. State Bank of India (SBIN IN) represents one credit curve where better opportunities exist in shorter duration bonds, however, Bank Mandiri (BMRI IJ) may offer even better values, as we note within.Market Outlook: This week’s Treasury market tantrum was not induced by Fed tapering, but it is a reminder of what it may look like when the Fed does dial back its asset purchases. Combined with the strength of the risk-on moves, this makes us uneasy. Financial repression creates a market, which in its nature, is always a one-sided bet with the Fed / ECB/ BOJ.  There is limited price discover as the market is simply sentiment driven. Credit value should remain driven by larger market forces. However, we may be fast approaching a point where the market outpaces the rate of expected economic recovery, and / or the market outpaces the rate that can be achieved without incurring substantial financial stability concerns. Our preference is for lower duration bonds, preferably in the belly of the curve. Please see our recent Bank Macro Manifest and Bank Credit Strategy notes for more details.

Bank Credit Weekly: Asia Credit Outperforms Despite Treasury Tantrum

We progressed from melt-up to full risk-on duration admiration as the week progressed. The improved risk sentiment drove spreads tighter last week, with almost all bonds tightening  globally. China’s return from Lunar New Year holidays also pushed Asia’s financial spreads materially lower. Asia’s financial indexes outperformed European notes as Additional Tier 1 bonds in both regions continued to tighten.Debt investors continue to look to banks as a means to play the economic recovery trade. Every Asia bank headquartered Additional Tier 1 (AT1), Tier 2 and X-over rated bank bond compressed over the week. Almost all High Yield bank bonds tightened globally. <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> and <a href="https://www.smartkarma.com/entities/indiabulls-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:13086:1" rel="noopener">Indiabulls Housing Finance (IHFL IN)</a> bonds were among the few bonds that did not strengthen during the week. Meanwhile <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc-a723bd63-0890-486f-aaa0-3bb9ad2b95ce" target="_blank" data-smartkarma-citation="entities:21976:1" rel="noopener">HSBC Holdings (HSBA LN)</a> and <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN)</a> are expected to report results this week. These results may impact global bank investor sentiment.In addition, HSBC may entreat us to another strategic review. It is hard to not be cynical regarding these, given the lack of success with the last two. Nonetheless, the main risk for credit investors is that of a substantial geographic reorganization which negatively impacts holding company cash flows or attempts to push holding company bonds to less attractive subsidiary operations. While we think both outcomes are unlikely, we will be watching for any potential hints of this. Globally, <a href="https://www.smartkarma.com/entities/svenska-handelsbanken-ab" target="_blank" data-smartkarma-citation="entities:22480:1" rel="noopener">Svenska Handelsbanken's (SHBA SS)</a> 4¾% coupon 2031 callable note led Additional Tier 1 (AT1) and broader bank US$-bond performance. This bond also led global spread performance in the week prior. Other long-callable AT1 bonds also outperformed during the week, including Standard Chartered’s and UBS’s 2031 maturity bonds, as well as HSBC’s coupon 2030 maturity note. These each compressed by 13bps.Given the rate of change over the last two weeks, there are clear opportunities within the credit curves of some banks. These are potential buy or sell opportunities, depending on whether your expectations are for the current risk-on rally to continue.  We identify these by security type within.Market Outlook: Unlike 2019 when we experienced a rally that everyone loved to hate, everyone loves this rally. Combined with the strength of the risk-on moves, this makes us uneasy. Financial repression creates a market, which in its nature, is always a one-sided bet with the Fed / ECB/ BOJ. There is limited price discover as the market is simply sentiment driven. Credit value should remain driven by larger market forces. However, we may be fast approaching a point where the market outpaces the rate of expected economic recovery, and / or the market outpaces the rate that can be achieved without incurring substantial financial stability concerns. Our preference is for lower duration bonds, preferably in the belly of the curve, but the market has duration admiration. Please see our recent <a href="https://www.smartkarma.com/insights/bank-macro-manifest-risk-rally-gathers-steam-as-bad-news-more-stimulus" target="_blank" rel="noopener">Bank Macro Manifest</a> and <a href="https://www.smartkarma.com/insights/bank-credit-strategy-melt-up-before-meltdown-where-to-position" target="_blank" rel="noopener">Bank Credit Strategy</a> notes for more details.

We progressed from melt-up to full risk-on duration admiration as the week progressed. The improved risk sentiment drove spreads tighter last week, with almost all bonds tightening  globally. China’s return from Lunar New Year holidays also pushed Asia’s financial spreads materially lower. Asia’s financial indexes outperformed European notes as Additional Tier 1 bonds in both regions continued to tighten.Debt investors continue to look to banks as a means to play the economic recovery trade. Every Asia bank headquartered Additional Tier 1 (AT1), Tier 2 and X-over rated bank bond compressed over the week. Almost all High Yield bank bonds tightened globally. Yes Bank (YES IN) and Indiabulls Housing Finance (IHFL IN) bonds were among the few bonds that did not strengthen during the week. Meanwhile HSBC Holdings (HSBA LN) and Standard Chartered (STAN LN) are expected to report results this week. These results may impact global bank investor sentiment.In addition, HSBC may entreat us to another strategic review. It is hard to not be cynical regarding these, given the lack of success with the last two. Nonetheless, the main risk for credit investors is that of a substantial geographic reorganization which negatively impacts holding company cash flows or attempts to push holding company bonds to less attractive subsidiary operations. While we think both outcomes are unlikely, we will be watching for any potential hints of this. Globally, Svenska Handelsbanken's (SHBA SS) 4¾% coupon 2031 callable note led Additional Tier 1 (AT1) and broader bank US$-bond performance. This bond also led global spread performance in the week prior. Other long-callable AT1 bonds also outperformed during the week, including Standard Chartered’s and UBS’s 2031 maturity bonds, as well as HSBC’s coupon 2030 maturity note. These each compressed by 13bps.Given the rate of change over the last two weeks, there are clear opportunities within the credit curves of some banks. These are potential buy or sell opportunities, depending on whether your expectations are for the current risk-on rally to continue.  We identify these by security type within.Market Outlook: Unlike 2019 when we experienced a rally that everyone loved to hate, everyone loves this rally. Combined with the strength of the risk-on moves, this makes us uneasy. Financial repression creates a market, which in its nature, is always a one-sided bet with the Fed / ECB/ BOJ. There is limited price discover as the market is simply sentiment driven. Credit value should remain driven by larger market forces. However, we may be fast approaching a point where the market outpaces the rate of expected economic recovery, and / or the market outpaces the rate that can be achieved without incurring substantial financial stability concerns. Our preference is for lower duration bonds, preferably in the belly of the curve, but the market has duration admiration. Please see our recent Bank Macro Manifest and Bank Credit Strategy notes for more details.

Three macro events this week should drive near term returns. The outcomes may appear fiendish to over-extended investors, much in the same way that Krampus, the mythical counterparty to St. Nicholas, taunts naughty children.The events include the outcome of the Fed’s Federal Open Market Committee meeting, the final week for the US Congress to agree addition US federal stimulus bill this year and the almost final week towards a Brexit deal. Resulting US dollar strength could snuff out the recent rally in Asia and broader EM US$-denominated credit.Expectations that the Fed could alter its bond purchase program at its upcoming meeting has limited bearish sentiment in the long end of the Treasury market. Look for a decision to extend the weighted average maturity of its bond purchases. The failure of the Fed to deliver could embolden the market to break a psychological 1% barrier on the 10-year Treasury bond. This would be beneficial to bank securities over the short term, especially if it occurs in tandem with continued bear steepening from the short end of the curve. However, this would raise the real effective rate and could be dollar negative. Asia and EM securities could react.Even if the Fed delivers what one-half of the market expects by altering its bond buying program, there are other extenuating circumstances that could result in a flight to quality, such as renewed lockdowns, the lack of a federal fiscal package and / or Brexit agreement. In a reversal of the recent trend of bad news = buy, the lack of federal stimulus would lower risk sentiment. We remain unconvinced that an actual agreement is the underlying goal of these negotiations. Control of the US Senate is at stake and the political posturing plays right into that race. Failure to reach an agreement would move all eyes to the Senate run-off races in January. Please see out last weekly, <a href="https://www.smartkarma.com/insights/bank-credit-weekly-new-equation-is-bad-news-buy" target="_blank" data-smartkarma-citation="insights:46058" rel="noopener">The New Equation is Bad News = Buy</a>, for more details. The continuing saga of Brexit negotiations may also change investor risk preferences. As we approach a no deal deadline, signaling to prepare for a ‘hard Brexit’ or ‘Australian-option’ trade agreement, depending on your Brexit stance, is already impacting rates. The lack of an agreement could revive flight to quality trades as we cross into the new year.Against this backdrop, Asia High Yield securities continued to outperform US HY, as in the last few weeks. Caa-rated US credits softened slightly, although by less than Ba and B rated securities. Risk remains over-bid and the consensus trade on rates, the dollar and trade is disconcerting. Regarding over-bid risk, please see <a href="https://www.smartkarma.com/insights/yes-bank-par-is-plenty-move-to-underweight" target="_blank" data-smartkarma-citation="insights:46120" rel="noopener">YES Bank: Par is Plenty- Move to Underweight</a>. As regards a trade to counter the over-consensus market, please see <a href="https://www.smartkarma.com/insights/societe-generale-at1-resolution-or-resilience-in-the-retail-restructuring-take-shorter-duration" target="_blank" data-smartkarma-citation="insights:46244" rel="noopener">Société Générale AT1: Resolution or Resilience in the Retail Restructuring? Take Shorter Duration</a>.Market Outlook: A strong start in Asia on the back of the US FDA approval of Pfizer’s vaccine may begin the week. However, the cognitive dissonance trade which ignores distribution and time extension risk may be overcome by a buy the rumor, sell the fact tactical trade since positive sentiment from vaccine news is already priced in. Event risk should take hold as the week progresses. With economic recovery increasingly priced-into risk assets but mispriced in risk-free assets due to central bank policies, the ability to hedge market downturns may be impaired. This could exacerbate a market correction.

Three macro events this week should drive near term returns. The outcomes may appear fiendish to over-extended investors, much in the same way that Krampus, the mythical counterparty to St. Nicholas, taunts naughty children.The events include the outcome of the Fed’s Federal Open Market Committee meeting, the final week for the US Congress to agree addition US federal stimulus bill this year and the almost final week towards a Brexit deal. Resulting US dollar strength could snuff out the recent rally in Asia and broader EM US$-denominated credit.Expectations that the Fed could alter its bond purchase program at its upcoming meeting has limited bearish sentiment in the long end of the Treasury market. Look for a decision to extend the weighted average maturity of its bond purchases. The failure of the Fed to deliver could embolden the market to break a psychological 1% barrier on the 10-year Treasury bond. This would be beneficial to bank securities over the short term, especially if it occurs in tandem with continued bear steepening from the short end of the curve. However, this would raise the real effective rate and could be dollar negative. Asia and EM securities could react.Even if the Fed delivers what one-half of the market expects by altering its bond buying program, there are other extenuating circumstances that could result in a flight to quality, such as renewed lockdowns, the lack of a federal fiscal package and / or Brexit agreement. In a reversal of the recent trend of bad news = buy, the lack of federal stimulus would lower risk sentiment. We remain unconvinced that an actual agreement is the underlying goal of these negotiations. Control of the US Senate is at stake and the political posturing plays right into that race. Failure to reach an agreement would move all eyes to the Senate run-off races in January. Please see out last weekly, The New Equation is Bad News = Buy, for more details. The continuing saga of Brexit negotiations may also change investor risk preferences. As we approach a no deal deadline, signaling to prepare for a ‘hard Brexit’ or ‘Australian-option’ trade agreement, depending on your Brexit stance, is already impacting rates. The lack of an agreement could revive flight to quality trades as we cross into the new year.Against this backdrop, Asia High Yield securities continued to outperform US HY, as in the last few weeks. Caa-rated US credits softened slightly, although by less than Ba and B rated securities. Risk remains over-bid and the consensus trade on rates, the dollar and trade is disconcerting. Regarding over-bid risk, please see YES Bank: Par is Plenty- Move to Underweight. As regards a trade to counter the over-consensus market, please see Société Générale AT1: Resolution or Resilience in the Retail Restructuring? Take Shorter Duration.Market Outlook: A strong start in Asia on the back of the US FDA approval of Pfizer’s vaccine may begin the week. However, the cognitive dissonance trade which ignores distribution and time extension risk may be overcome by a buy the rumor, sell the fact tactical trade since positive sentiment from vaccine news is already priced in. Event risk should take hold as the week progresses. With economic recovery increasingly priced-into risk assets but mispriced in risk-free assets due to central bank policies, the ability to hedge market downturns may be impaired. This could exacerbate a market correction.

Bank Credit Weekly: Krampus Is Coming to Town: Fed, Stimulus & Brexit to Taunt Over-Eager Investors

South Korea

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of consumer and commercial banking-related financial services.  The company's main businesses include banking, securities brokerage, trust banking, and assets management to individuals, businesses, and other financial institutions.

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Shinhan Financial (055550 KS)

Top 14 Korean Companies That May List in the US Stock Exchanges - Close The "Korea Discount Gap"

In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to...

Douglas Kim

Bank Credit Weekly: Asia Credit Outperforms Despite Treasury Tantrum

Global bank bond prices fell by less than their benchmark notes, resulting in a bout of credit outperformance. Given the rate of change, there are...

Hank Calenti, CFA

Bank Credit Weekly: Duration Admiration

We moved from melt-up to full risk-on duration admiration. Almost all bank bonds tightened globally. Given the rate of change, there are mispriced...

Hank Calenti, CFA

Bank Credit Weekly: Krampus Is Coming to Town: Fed, Stimulus & Brexit to Taunt Over-Eager Investors

3-macro event outcomes this week may taunt over-eager investors. US-$ strength could halt the recent rally in Asia and broader EM US$-denominated...

Hank Calenti, CFA

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52-week Range

Market Cap (USDm)

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Social Bonds: Here Come the Next Green Bonds

Social bonds are the new green bonds as COVID-19 has made investors realize social development is as important as environment. Here is our...

Bondcritic

Top 14 Korean Companies That May List in the US Stock Exchanges - Close The "Korea Discount Gap"

In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to...

Douglas Kim

Bank Credit Weekly: Asia Credit Outperforms Despite Treasury Tantrum

Global bank bond prices fell by less than their benchmark notes, resulting in a bout of credit outperformance. Given the rate of change, there are...

Hank Calenti, CFA

Bank Credit Weekly: Duration Admiration

We moved from melt-up to full risk-on duration admiration. Almost all bank bonds tightened globally. Given the rate of change, there are mispriced...

Hank Calenti, CFA

Bank Credit Weekly: Krampus Is Coming to Town: Fed, Stimulus & Brexit to Taunt Over-Eager Investors

3-macro event outcomes this week may taunt over-eager investors. US-$ strength could halt the recent rally in Asia and broader EM US$-denominated...

Hank Calenti, CFA