Lakshmi Iyer, CFA

Credit

<p><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> , which raised $500mn by means of a bond issue in January, has an upcoming interest payment tomorrow (July 22). As there is little visibility regarding the source of funding for this payment, we reiterate our "Take profit" call. </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>

Future Retail (FRETAIL IN) , which raised $500mn by means of a bond issue in January, has an upcoming interest payment tomorrow (July 22). As there is little visibility regarding the source of funding for this payment, we reiterate our "Take profit" call. 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 Ltd

Future Retail - Interest Payment Ahead