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Ping An 2.750% 06/25 - -

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Santander 4.750% Perp - -

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US STRIPS 0.000% 05/53 - -

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Turkey 9.875% 01/28 - -

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Dominion Energy 4.250% 06/28 - -

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StanChart 4.750% Perp 88.998 6.99%

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Amazon.com 1.650% 05/28 - -

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Hotel Properties 5.100% 05/29 - -

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China Oil & Gas 4.700% 06/26 - -

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Shell 3.875% 11/28 - -

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Philippines 4.200% 01/24 - -

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Buenos Aires 5.250% 09/37 - -

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Exim India 3.875% 03/24 - -

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DBS 3.300% Perp 99.501 5.63%

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Exelon 5.150% 03/28 - -

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Santos 6.875% 09/33 - -

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HPE 5.600% 10/54 - -

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Shui On 5.500% 06/26 - -

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Saudi Arabia 5.000% 01/53 - -

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REC 2.250% 09/26 - -

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Romania 2.750% 04/41 - -

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Pemex 5.350% 02/28 - -

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StanChart 6.296% 07/34 104.970 5.55%

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HDFC Bank 5.686% 03/26 - -

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Sands China 5.125% 08/25 - -

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DBS 5.479% 09/25 - -

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Singapore 3.375% 05/34 - -

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BP 4.875% Perp 97.205 5.49%

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Krung Thai 4.400% Perp - -

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Barclays 6.125% Perp - -

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Egypt 7.600% 03/29 - -

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Finland 6.950% 02/26 - -

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Xcel 4.000% 06/28 - -

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Olam 4.000% 02/26 99.130 4.74%

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PD Sukuk 8.750% 09/25 - -

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Deutsche Bank 6.000% Perp 98.493 7.82%

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Cathay Pacific 4.875% 08/26 100.002 4.86%

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Bombardier 7.875% 04/27 - -

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Senegal 6.750% 03/48 - -

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BNP 8.500% Perp - -

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Shriram 6.150% 04/28 - -

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Lenovo 6.536% 07/32 - -

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Egypt 5.250% 10/25 - -

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Muthoot 6.375% 04/29 99.644 6.46%

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Ghana 5.000% 07/35 - -

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Emirates NBD 6.125% Perp 100.280 5.90%

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Korea Electric Power 6.000% 12/26 - -

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NextEra 4.625% 07/27 - -

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REC 5.625% 04/28 101.116 5.25%

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JLR 4.500% 10/27 - -

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Citibank 5.803% 09/28 - -

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SMC Global Power 5.450% Perp - -

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US Treasury 0.000% 01/25 - -

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General Motors 4.300% 04/29 - -

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Israel 7.750% 12/27 - -

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UBS 5.600% Perp - -

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Boeing 3.500% 03/45 - -

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Sobha Sukuk 8.750% 07/28 - -

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Egypt 4.750% 04/25 - -

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Seazen Holdings 4.500% 05/26 - -

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Mapletree Industrial Trust 3.150% Perp 98.600 4.17%

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Deutsche Bank 7.500% Perp 100.190 6.68%

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ABN AMRO 6.339% 09/27 102.586 4.79%

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AIA 4.950% 03/35 98.530 5.13%

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Barclays 5.400% Perp - -

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Petrobras 5.600% 01/31 - -

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JLR 5.500% 07/29 - -

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Kernel 6.750% 10/27 - -

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Exim India 5.500% 01/33 - -

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Pakistan 7.375% 04/31 - -

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Huarong 3.800% 11/25 - -

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SMC 8.750% Perp - -

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Philippines 10.625% 03/25 - -

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Metinvest 7.650% 10/27 - -

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DoubleDragon 7.250% 07/25 - -

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Southwestern Electric Power 4.100% 09/28 - -

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Egypt 8.700% 03/49 - -

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US STRIPS 0.000% 02/54 - -

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BOC Aviation 3.250% 04/25 - -

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Qatar 5.103% 04/48 - -

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Piedmont 3.500% 06/29 - -

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UOB 2.550% Perp 96.574 3.59%

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Nvidia 2.850% 04/30 - -

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Baidu 3.075% 04/25 - -

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Indofood 4.745% 06/51 - -

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Ford 4.750% 01/43 - -

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Emirates NBD 1.840% 05/26 - -

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Seazen 4.450% 07/25 - -

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NatWest 6.000% 12/23 - -

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SBI 5.950% 12/24 - -

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Goldman Sachs 3.750% 05/25 - -

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Imperial 4.875% 06/32 - -

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Wells Fargo 3.000% 04/26 - -

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Netflix 4.900% 08/34 - -

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Metinvest 8.500% 04/26 - -

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Ascendas REIT 3.000% Perp 99.280 3.95%

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Dah Sing 3.000% 11/31 - -

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HDFC 3.700% Perp 95.310 6.64%

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Keppel REIT 3.150% Perp 99.450 3.89%

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Buenos Aires 5.125% 09/37 - -

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Hotel Properties 3.800% 06/25 - -

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HSBC 8.000% Perp - -

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San Miguel 5.500% Perp 53.125 138.54%

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Citigroup 4.600% 03/26 - -

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UOB 3.059% 04/25 - -

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Morgan Stanley 3.125% 07/26 - -

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Vedanta 10.875% 09/29 - -

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Vedanta 9.250% 04/26 - -

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Pemex 10.000% 02/33 - -

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US Treasury 0.000% 01/25 - -

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Turkey Sukuk 6.500% 04/30 - -

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Thaioil 5.375% 11/48 - -

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Delhi Intl Air 6.450% 06/29 102.663 5.76%

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Korea East West Power 3.600% 05/25 - -

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Manila Water 4.375% 07/30 - -

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Vedanta (94% Sink Factor) 13.875% 12/28 - -

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Adani 4.375% 07/29 - -

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Wells Fargo 4.100% 06/26 - -

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Caterpillar 8.250% 12/38 - -

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Scotiabank 4.500% 12/25 - -

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Abu Dhabi 5.500% 04/54 - -

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SBI 4.875% 05/28 99.908 4.90%

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Petronas 3.500% 03/25 - -

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Abja 5.450% 01/28 100.814 5.16%

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TAQA 6.500% 10/36 - -

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Kraft Heinz 3.000% 06/26 - -

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Micron 5.875% 09/33 - -

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Methanex 5.250% 12/29 - -

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BCT 5.750% 01/25 - -

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GC Treasury Center 5.200% 03/52 - -

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Shui On 5.500% 03/25 - -

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US Treasury 4.000% 07/30 - -

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Delhi Intl Air 6.125% 10/26 - -

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Israel 7.250% 12/28 - -

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UBS 3.750% 03/25 - -

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US Treasury 3.875% 08/33 - -

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OCBC 1.832% 09/30 97.625 5.10%

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BAT Capital 5.650% 03/52 - -

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Westpac 2.668% 11/35 - -

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Intel 5.600% 02/54 - -

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US Treasury 4.375% 05/34 - -

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Campbell 5.200% 03/29 - -

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Jollibee 4.750% 06/30 - -

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BCT 8.250% 09/27 - -

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Tencent 3.800% 02/25 - -

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Nordea 6.300% Perp - -

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Vale 3.750% 07/30 - -

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Pricoa 5.100% 05/28 - -

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Pemex 6.875% 08/26 - -

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JSW Steel 3.950% 04/27 95.816 5.90%

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SocGen 8.500% Perp - -

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Ghana 0.000% 07/26 - -

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Globe Telecom 2.500% 07/30 - -

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ING Groep 7.250% Perp 103.491 6.76%

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KOWEPO 4.125% 06/25 - -

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Allianz 3.200% Perp - -

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BoFAML 5.526% 08/26 - -

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Lockheed Martin 4.070% 12/42 - -

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Royal Caribbean 5.500% 04/28 - -

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Vedanta 11.250% 12/31 - -

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BNP 5.900% Perp - -

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INALUM 4.750% 05/25 - -

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Wells Fargo 4.150% 01/29 - -

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Verizon 2.625% 08/26 - -

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Volcan 8.750% 01/30 - -

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DTE 5.100% 03/29 - -

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Conagra 1.375% 11/27 - -

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AerCap 3.650% 07/27 - -

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Metropolitan Life 3.000% 09/27 - -

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BIM 7.375% 05/26 - -

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KSA Sukuk 5.250% 06/34 102.495 4.91%

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Estate Sky 5.450% 07/25 - -

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UnionBank 2.125% 10/25 - -

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AIA 3.200% 03/25 - -

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ARA 5.650% Perp - -

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Murphy Oil 6.000% 10/32 - -

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China Water 4.850% 05/26 - -

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Bank East Asia 5.825% Perp - -

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Scotiabank 3.625% 10/81 - -

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DP World 5.500% 09/33 101.820 5.23%

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General Motors 5.200% 04/45 - -

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Humana 3.700% 03/29 - -

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JLR 5.875% 01/28 - -

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Reliance 4.125% 01/25 - -

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Korea Electric Power 3.625% 06/25 - -

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PNC Bank 3.100% 10/27 - -

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US Treasury 4.000% 02/34 - -

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Commerzbank 6.500% 04/34 - -

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WEC 1.375% 10/27 - -

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REC 5.250% 11/23 - -

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Vedanta (55% Sink Factor) 13.875% 12/28 - -

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US Treasury 0.000% 02/24 99.937 0.00%

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HSBC 4.000% Perp - -

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Motorola 4.600% 02/28 - -

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Oman 4.750% 06/26 - -

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ICTSI 5.875% 09/25 - -

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Credit Agricole 4.375% 03/25 - -

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Firstenergy Transmission 2.866% 09/28 - -

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Honeywell 9.065% 06/33 - -

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Temasek 5.125% 07/40 - -

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Singtel 3.250% 06/25 - -

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TD 1.250% 12/24 - -

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Egypt 7.625% 05/32 - -

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Olam 5.375% Perp - -

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Frasers Property 4.380% Perp - -

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Pakistan 8.250% 09/25 - -

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Walmart 4.500% 09/52 - -

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BNP 5.283% 11/30 - -

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Charles Schwab 3.250% 05/29 - -

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HPCL 5.250% 04/27 - -

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KOMIR 5.375% 05/28 - -

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Santander 6.350% 03/34 - -

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Muthoot 7.125% 02/28 102.685 6.16%

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Principal Financial Group 3.700% 05/29 - -

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Keybank 5.850% 11/27 - -

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ArcelorMittal 4.250% 07/29 - -

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Indofood 4.805% 04/52 - -

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HSBC 6.875% Perp 101.096 6.59%

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Saudi Aramco 4.375% 04/49 - -

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Qantas 3.150% 09/28 - -

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Delta Air 7.000% 05/25 - -

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HSBC 5.874% 11/35 - -

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SIA 5.250% 03/34 - -

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Sprint 7.625% 03/26 - -

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KOGAS 3.500% 07/26 - -

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GLP 3.875% 06/25 - -

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ESR Group 5.100% 02/25 90.400 55.06%

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Shriram 4.150% 07/25 - -

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US STRIPS 0.000% 02/49 - -

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REC 3.500% 12/24 - -

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Julius Baer 4.875% Perp - -

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UnitedHealth 5.375% 04/54 - -

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Filinvest 4.125% 09/25 - -

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Ford 4.346% 12/26 - -

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CBA 3.150% 09/27 - -

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Axis Bank 4.100% Perp 96.306 6.36%

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PCPD Capital 5.125% 06/26 - -

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US Treasury 0.000% 12/24 - -

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Tajikistan 7.125% 09/27 - -

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Cardinal Health 3.410% 06/27 - -

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Power Finance 3.350% 05/31 - -

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Shriram 6.625% 04/27 100.911 6.20%

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Tyson Foods 5.400% 03/29 - -

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Macquarie 6.798% 01/33 - -

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StanChart 7.750% Perp - -

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ReNew Power 4.500% 07/28 - -

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FWD 7.635% 07/31 109.214 5.91%

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Colombia 5.625% 02/44 - -

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Equinor 5.100% 08/40 - -

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Rwanda 5.500% 08/31 - -

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US Treasury 4.500% 02/44 - -

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BPCL 4.000% 05/25 - -

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SIA 3.000% 07/26 - -

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ICTSI 3.500% 11/31 - -

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Turkey 6.625% 02/45 87.930 7.82%

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JP Morgan 3.200% 06/26 - -

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BMO 5.200% 12/24 - -

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Lai Sun 5.000% 07/26 - -

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SBI 5.125% 11/29 - -

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Keppel 4.900% Perp - -

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Ghana 5.000% 07/29 - -

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KNOC 0.875% 10/25 - -

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Kenya 8.250% 02/48 - -

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Philippines 5.500% 03/26 - -

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South Korea 4.125% 06/44 - -

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Egypt 7.625% 11/30 - -

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Home Depot 5.400% 06/64 - -

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Teva 3.150% 10/26 - -

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Pemex 6.625% 06/35 - -

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Arabian Centres 9.500% 03/29 100.426 9.36%

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POSCO 2.500% 01/25 - -

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UBS 5.125% Perp - -

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Energean 8.500% 09/33 - -

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Alphabet 2.250% 08/60 - -

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ST Engineering 1.500% 04/25 - -

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Reliance 2.875% 01/32 - -

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US Treasury 0.250% 05/25 - -

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Walmart 4.300% 04/44 - -

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Kia 2.375% 02/25 - -

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Conocophillips 7.800% 01/27 - -

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KHNPC 3.125% 07/27 - -

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Seazen Holdings 4.625% 10/25 - -

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Syngenta 4.892% 04/25 - -

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Indika Energy 8.750% 05/29 - -

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StanChart 5.300% Perp - -

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Qatar 6.400% 01/40 - -

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Korea Electric Power 7.000% 02/27 - -

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Ghana 0.000% 01/30 - -

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WRKCo 3.900% 06/28 - -

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SocGen 6.447% 01/27 101.414 5.08%

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SMC Global Power 7.000% Perp - -

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Centerpoint 5.400% 06/29 - -

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Del Monte Pacific 3.750% 12/24 - -

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UBS 5.875% Perp - -

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American Express 3.950% 08/25 - -

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EXIM Malaysia 3.350% 05/25 - -

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ING Groep 8.000% Perp 106.370 6.58%

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Icahn 9.000% 06/30 - -

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CVS 5.400% 06/29 - -

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BNP 8.000% Perp 104.430 7.15%

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Barclays 7.300% Perp - -

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HSBC 5.250% Perp - -

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BPCE 5.000% 03/34 - -

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Pemex 5.950% 01/31 - -

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MetroBank 2.125% 01/26 - -

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Conocophillips 6.500% 02/39 - -

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SocGen 8.250% Perp - -

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Jollibee 4.125% 01/26 - -

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BDO Unibank 2.125% 01/26 - -

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Saudi Arabia 5.750% 01/54 - -

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Maldives 9.875% 04/26 - -

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GLP 4.600% Perp - -

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SocGen 10.000% Perp 107.830 7.64%

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Kenya 6.300% 01/34 - -

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Saudi Aramco 5.750% 07/54 - -

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Abu Dhabi 2.500% 04/25 - -

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Lockheed Martin 7.200% 05/36 - -

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Bangkok Bank 5.000% Perp - -

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US Treasury 5.000% 10/25 - -

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Metinvest 7.750% 10/29 - -

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Netflix 5.400% 08/54 - -

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Egypt 5.800% 09/27 - -

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Bahamas 7.125% 04/38 - -

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BNP 4.625% Perp 94.318 7.61%

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KNOC 5.250% 11/26 - -

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Muthoot 4.400% 09/23 - -

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Emirates NBD 1.638% 01/26 96.390 5.08%

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Rio Tinto 5.200% 11/40 - -

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HSBC 6.950% Perp 101.935 6.66%

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Malaysia Sukuk 3.043% 04/25 - -

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Times China 5.550% 06/24 - -

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PT Pertamina 6.450% 05/44 - -

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Israel 4.500% 04/99 - -

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Embraer 5.050% 06/25 - -

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StanChart 7.875% Perp - -

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KOGAS 3.500% 07/25 - -

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US Treasury 4.875% 10/28 - -

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Westpac 5.000% Perp - -

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Bond Market News

China South City Downgraded to B3, Outlook Revised to Negative

August 24, 2021

China
Credit Ratings
High Yield Bonds

Moody’s has downgraded China South City (CSC) to B3 from B2 and its outlook has been changed to negative from ratings under review. The downgrade is based on weak credit metrics and high financing risks given its poor liquidity and sizeable amount of debt due over the next 12-18 months. As per Moody’s, “CSC’s cash holdings of ~HKD 9.4bn ($1.2bn) as of March 31, which includes restricted cash of HKD 3.7bn ($475mn) were not adequate to repay its short-term debt of HKD 16.4bn ($2.1bn). CSC will have about $1.3bn of offshore senior notes and RMB 2bn ($309mn) of domestic corporate bonds due by the end of December 2022. However, the currently volatile market conditions will hinder CSC’s ability to refinance through the debt capital markets.”

CSC has been taking measures, including selling assets and raising new funding, to address its maturing debt. Moody’s, however stated that there is uncertainty about whether the company can sell assets in a timely manner and raise funds to repay debts. However, the rating agency notes that CSC has 40-45% of its investment property assets valued at ~HKD 55.7bn ($7.2bn) unencumbered as of March 31. Moody’s expects CSC to utilize these assets to raise onshore debt to refinance some of its outstanding maturing debt. Moody’s projected that “CSC’s revenue/adjusted debt and EBIT/interest will remain weak at around 25-30% and 1.2x-1.4x, respectively, over the next 12-18 months, compared with 30% and 1.8x for the financial year ended March 2021”. This is largely because a slowdown in project delivery amid tight credit conditions in China will offset the company’s debt reduction.

China South City’s 10.875 2022 were stable at 83.5 and its 11.95% 2023 were down 0.65 at 73.85.

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