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.

HNA Group:  To Be or Not To Be (Nationalized)

Asian Credit Monitor: 2018 Portfolio Strategy, US Rate Trajectory, China Credit Gap

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Credit

<a href="https://www.smartkarma.com/entities/25987" target="_blank" data-smartkarma-citation="entities:25987:1">Hna Group (HNAGRZ CH)</a> announced on 6-November that it has repaid USD300m of principal in SANYPH 11/18s which matured on the same date. The event has unfolded as per our prediction and we believe the SANYPH 11/18 repayment increases the likelihood that SANYPH 12/18s, which will mature on 3-December, will also be redeemed.
As such, we remove SANYPH 11/18s from our coverage and maintain our OVERWEIGHT recommendation on SANYPH 12/18s and HONAIR 1/19s. We also initiate our coverage of <a href="https://www.smartkarma.com/entities/24023" target="_blank" data-smartkarma-citation="entities:24023:1">Hainan Airlines Co (600221 CH)</a>'s HAIAIR 10/20s with an UNDERWEIGHT recommendation. We also maintain our UNDERWEIGHT recommendation on the rest of HNA-related bonds (GRCHAR 3/19s, SANYPH 8/19s, the new Hainan Airlines' HAIAIR 10/20s, and HONAIR perp).

Hna Group (HNAGRZ CH) announced on 6-November that it has repaid USD300m of principal in SANYPH 11/18s which matured on the same date. The event has unfolded as per our prediction and we believe the SANYPH 11/18 repayment increases the likelihood that SANYPH 12/18s, which will mature on 3-December, will also be redeemed.
As such, we remove SANYPH 11/18s from our coverage and maintain our OVERWEIGHT recommendation on SANYPH 12/18s and HONAIR 1/19s. We also initiate our coverage of Hainan Airlines Co (600221 CH)'s HAIAIR 10/20s with an UNDERWEIGHT recommendation. We also maintain our UNDERWEIGHT recommendation on the rest of HNA-related bonds (GRCHAR 3/19s, SANYPH 8/19s, the new Hainan Airlines' HAIAIR 10/20s, and HONAIR perp).

HNA Group

HNA Group: The Redemption Treat