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US STRIPS 0.000% 05/53 31.972 4.05%

|

SMC 8.750% Perp 100.275 -

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Mapletree Industrial Trust 3.150% Perp 97.455 4.75%

|

Vedanta (84% Sink Factor) 13.875% 12/28 100.635 6.27%

|

FWD 5.000% 09/24 99.986 5.21%

|

Icahn 9.000% 06/30 100.181 8.94%

|

WRKCo 3.900% 06/28 97.988 4.49%

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Power Finance 3.250% 09/24 99.992 3.60%

|

Firstenergy Transmission 2.866% 09/28 94.590 4.34%

|

Philippines 4.200% 01/24 99.875 26.18%

|

Equinor 5.100% 08/40 101.889 4.92%

|

Exim India 3.875% 03/24 100.000 3.80%

|

Hotel Properties 3.800% 06/25 99.306 4.77%

|

Teva 3.150% 10/26 95.699 5.38%

|

Israel 7.750% 12/27 106.493 5.54%

|

Saudi Aramco 4.375% 04/49 86.806 5.34%

|

GLP 4.600% Perp 58.001 26.82%

|

PD Sukuk 8.750% 09/25 100.562 8.16%

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US Treasury 0.000% 11/24 98.906 4.99%

|

AIA 3.200% 03/25 99.131 4.96%

|

Home Depot 5.400% 06/64 105.278 5.08%

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Vedanta (94% Sink Factor) 13.875% 12/28 101.928 -8.98%

|

HDFC 3.700% Perp 95.089 6.40%

|

Malaysia Sukuk 3.043% 04/25 99.039 4.62%

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Cathay Pacific 4.875% 08/26 99.828 4.96%

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POSCO 2.500% 01/25 99.176 4.83%

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General Motors 4.300% 04/29 98.518 4.66%

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Alphabet 2.250% 08/60 61.559 4.38%

|

Olam 4.000% 02/26 98.250 5.26%

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Dominion Energy 4.250% 06/28 99.594 4.36%

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Singapore 3.375% 05/34 106.678 2.58%

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EXIM Malaysia 3.350% 05/25 98.748 5.30%

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South Korea 4.125% 06/44 95.151 4.49%

|

Netflix 4.900% 08/34 103.475 4.45%

|

Westpac 2.668% 11/35 87.181 4.47%

|

UOB 2.550% Perp 96.015 3.68%

|

Petrobras 5.600% 01/31 99.579 5.67%

|

Korea Electric Power 6.000% 12/26 103.459 4.35%

|

Axis Bank 4.100% Perp 94.962 6.84%

|

Emirates NBD 1.638% 01/26 95.876 4.84%

|

NTPC 4.375% 11/24 99.889 4.83%

|

Rio Tinto 5.200% 11/40 102.908 4.93%

|

Bangkok Bank 5.000% Perp 98.975 6.02%

|

Indofood 4.805% 04/52 86.672 5.77%

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SIA 3.000% 07/26 97.575 4.36%

|

Credit Agricole 4.375% 03/25 99.409 5.53%

|

ST Engineering 1.500% 04/25 98.043 4.64%

|

BP 4.875% Perp 97.866 5.32%

|

Saudi Aramco 5.750% 07/54 102.300 5.58%

|

Saudi Arabia 5.750% 01/54 103.092 5.53%

|

Julius Baer 4.875% Perp 95.253 7.37%

|

PT Pertamina 6.450% 05/44 109.933 5.61%

|

CBA 3.150% 09/27 97.504 4.03%

|

Krung Thai 4.400% Perp 97.663 6.00%

|

Egypt 7.625% 05/32 85.227 10.45%

|

Abu Dhabi 2.500% 04/25 98.587 4.90%

|

BPI 2.500% 09/24 100.000 2.46%

|

SMC Global Power 5.450% Perp 95.160 7.83%

|

TD 1.250% 12/24 99.011 5.07%

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China Water 4.850% 05/26 94.453 8.42%

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Commerzbank 6.500% 04/34 107.411 3.56%

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Olam 5.375% Perp 98.167 6.43%

|

Metropolitan Life 3.000% 09/27 96.725 4.16%

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Vale 3.750% 07/30 93.881 4.97%

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UOB 3.059% 04/25 99.160 4.54%

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Conagra 1.375% 11/27 91.314 4.36%

|

JLR 4.500% 10/27 98.173 5.15%

|

HDFC Bank 5.686% 03/26 101.547 4.59%

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China 1.950% 12/24 99.430 4.39%

|

KNOC 5.250% 11/26 101.877 4.33%

|

Piedmont 3.500% 06/29 96.399 4.34%

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Rizal 3.000% 09/24 100.000 2.95%

|

Israel 4.500% 04/99 74.394 6.07%

|

Syngenta 4.892% 04/25 99.593 5.55%

|

Shell 3.875% 11/28 99.688 3.95%

|

Muthoot 4.400% 09/23 100.000 -

|

Netflix 5.400% 08/54 106.391 4.98%

|

Adani 4.375% 07/29 93.223 6.01%

|

HSBC 6.875% Perp 100.685 -

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BPCE 5.000% 03/34 102.194 3.39%

|

Huarong 3.800% 11/25 98.950 4.73%

|

Honeywell 9.065% 06/33 130.120 4.79%

|

DBS 3.300% Perp 98.870 5.79%

|

Santander 4.750% Perp 93.842 7.85%

|

Centerpoint 5.400% 06/29 103.725 4.50%

|

Dah Sing 3.000% 11/31 95.325 4.12%

|

REC 5.250% 11/23 100.000 5.11%

|

Scotiabank 3.625% 10/81 87.332 4.12%

|

Santander 6.350% 03/34 106.232 5.49%

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NextEra 4.625% 07/27 101.311 4.11%

|

Baidu 3.075% 04/25 98.983 4.87%

|

Ford 4.346% 12/26 99.071 4.78%

|

NatWest 6.000% 12/23 100.000 -

|

DoubleDragon 7.250% 07/25 97.094 10.76%

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Sands China 5.125% 08/25 99.502 5.68%

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REC 2.250% 09/26 95.312 4.76%

|

Keppel REIT 3.150% Perp 98.850 4.33%

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San Miguel 5.500% Perp 53.125 94.63%

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Power Finance 3.350% 05/31 90.500 5.04%

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Wells Fargo 4.100% 06/26 99.387 4.46%

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KHNPC 3.125% 07/27 96.963 4.25%

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Oman 4.750% 06/26 99.467 5.06%

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Egypt 8.700% 03/49 77.921 11.39%

|

REC 5.625% 04/28 102.750 4.78%

|

Estate Sky 5.450% 07/25 91.125 16.85%

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Keppel 4.900% Perp 101.009 4.77%

|

ICTSI 3.500% 11/31 90.721 5.05%

|

US Treasury 4.875% 10/28 105.063 3.54%

|

Micron 5.875% 09/33 106.309 4.97%

|

UBS 5.125% Perp 97.648 6.47%

|

US Treasury 0.250% 05/25 97.064 4.41%

|

Muthoot 7.125% 02/28 102.016 6.44%

|

SIA 5.250% 03/34 106.188 4.43%

|

Philippines 9.500% 10/24 100.625 3.97%

|

Pemex 10.000% 02/33 102.408 9.56%

|

BoFAML 5.526% 08/26 102.691 4.00%

|

Caterpillar 8.250% 12/38 136.704 4.69%

|

Turkey 9.875% 01/28 112.191 5.81%

|

US Treasury 0.000% 12/24 98.574 4.90%

|

GLP 3.875% 06/25 91.375 16.78%

|

JLR 5.875% 01/28 100.137 5.82%

|

Xcel 4.000% 06/28 98.727 4.36%

|

Citigroup 4.600% 03/26 100.067 4.55%

|

SocGen 6.447% 01/27 101.768 5.05%

|

Tencent 3.800% 02/25 99.568 4.82%

|

UBS 3.750% 03/25 99.300 5.06%

|

OCBC 1.832% 09/30 97.100 4.83%

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Filinvest 4.125% 09/25 97.549 6.64%

|

BDO Unibank 2.125% 01/26 96.207 5.07%

|

Singtel 3.250% 06/25 98.998 4.52%

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UBS 5.600% Perp 102.898 4.96%

|

Morgan Stanley 3.125% 07/26 97.911 4.28%

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Finland 6.950% 02/26 103.851 4.15%

|

ReNew Power 4.500% 07/28 92.488 6.74%

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HSBC 8.000% Perp 106.709 5.84%

|

StanChart 7.875% Perp 103.049 7.19%

|

UBS 5.875% Perp 100.000 -

|

KNOC 0.875% 10/25 96.239 4.50%

|

Vedanta 9.250% 04/26 99.151 9.81%

|

ARA 5.650% Perp 96.795 6.65%

|

Korea Electric Power 3.625% 06/25 99.320 4.53%

|

Cardinal Health 3.410% 06/27 97.864 4.23%

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Kenya 6.300% 01/34 76.795 10.20%

|

Sprint 7.625% 03/26 103.351 4.59%

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Scotiabank 4.500% 12/25 99.683 4.75%

|

Lockheed Martin 4.070% 12/42 90.314 4.87%

|

INALUM 4.750% 05/25 99.668 5.24%

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Kia 2.375% 02/25 98.952 4.85%

|

General Motors 5.200% 04/45 93.084 5.77%

|

BMO 5.200% 12/24 99.982 5.20%

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Turkey 6.625% 02/45 89.365 7.66%

|

US Treasury 4.000% 02/34 102.109 3.73%

|

Motorola 4.600% 02/28 100.993 4.26%

|

BNP 8.000% Perp 105.495 6.98%

|

Allianz 3.200% Perp 84.875 8.93%

|

HSBC 5.250% Perp 101.203 4.96%

|

US STRIPS 0.000% 02/49 34.716 7.69%

|

FWD 7.635% 07/31 106.384 6.45%

|

Egypt 5.250% 10/25 97.828 7.38%

|

SocGen 8.250% Perp 106.572 5.71%

|

US Treasury 0.000% 02/24 99.938 22.88%

|

SBI 5.950% 12/24 100.020 5.61%

|

Philippines 5.500% 03/26 101.619 4.41%

|

ICTSI 5.875% 09/25 100.566 5.29%

|

Abu Dhabi 5.500% 04/54 108.223 4.96%

|

DP World 5.500% 09/33 104.285 4.89%

|

BNP 5.900% Perp 103.907 4.66%

|

Indika Energy 8.750% 05/29 101.224 8.42%

|

UnionBank 2.125% 10/25 96.702 5.19%

|

ArcelorMittal 4.250% 07/29 98.789 4.52%

|

StanChart 6.296% 07/34 108.504 5.08%

|

Amazon.com 1.650% 05/28 92.437 3.87%

|

Kenya 8.250% 02/48 78.740 10.74%

|

US Treasury 5.000% 10/25 101.031 4.06%

|

US Treasury 3.875% 08/33 101.203 3.71%

|

Macquarie 6.798% 01/33 109.888 5.31%

|

Metinvest 8.500% 04/26 79.635 24.40%

|

Bombardier 7.875% 04/27 100.469 2.16%

|

BOC Aviation 3.250% 04/25 98.945 4.94%

|

SMC Global Power 7.000% Perp 99.599 7.36%

|

KOWEPO 4.125% 06/25 99.632 4.58%

|

Deutsche Bank 7.500% Perp 99.785 7.64%

|

Thaioil 5.375% 11/48 95.773 5.69%

|

UnitedHealth 5.375% 04/54 103.606 5.13%

|

WEC 1.375% 10/27 91.717 4.25%

|

GC Treasury Center 5.200% 03/52 91.940 5.78%

|

ESR Group 5.100% 02/25 90.400 28.51%

|

American Express 3.950% 08/25 99.363 4.68%

|

Saudi Arabia 5.000% 01/53 93.591 5.44%

|

Westpac 5.000% Perp 97.608 5.87%

|

Lai Sun 5.000% 07/26 68.582 27.40%

|

Senegal 6.750% 03/48 72.250 9.78%

|

HSBC 4.250% 08/25 99.307 5.00%

|

Delhi Intl Air 6.450% 06/29 101.980 5.96%

|

Delhi Intl Air 6.125% 10/26 100.516 5.86%

|

Conocophillips 7.800% 01/27 107.580 4.31%

|

ABN AMRO 6.339% 09/27 103.336 4.59%

|

CVS 5.400% 06/29 103.544 4.54%

|

MetroBank 2.125% 01/26 96.395 4.91%

|

Kraft Heinz 3.000% 06/26 97.840 4.30%

|

AT&T 5.539% 02/26 100.042 4.15%

|

Abja 5.450% 01/28 101.626 4.91%

|

JP Morgan 3.200% 06/26 98.330 4.18%

|

Reliance 4.125% 01/25 99.683 4.93%

|

US Treasury 4.500% 02/44 104.961 4.12%

|

Exelon 5.150% 03/28 102.648 4.31%

|

Lloyds 4.500% 11/24 99.822 5.58%

|

Santos 6.875% 09/33 110.611 5.34%

|

Manila Water 4.375% 07/30 95.649 5.24%

|

Qatar 5.103% 04/48 102.927 4.89%

|

Kernel 6.750% 10/27 76.614 16.61%

|

Nvidia 2.850% 04/30 94.591 3.94%

|

Egypt 7.600% 03/29 94.119 9.23%

|

Petronas 3.500% 03/25 99.280 4.90%

|

Walmart 4.300% 04/44 95.529 4.64%

|

BNP 8.500% Perp 106.096 6.70%

|

Volcan 4.375% 02/26 85.969 15.76%

|

Embraer 5.050% 06/25 99.561 5.30%

|

Southwestern Electric Power 4.100% 09/28 98.907 4.39%

|

SK Hynix 3.000% 09/24 99.984 3.66%

|

Egypt 5.800% 09/27 92.185 8.76%

|

Campbell 5.200% 03/29 103.521 4.32%

|

Pakistan 8.250% 09/25 97.085 11.23%

|

DBS 1.169% 11/24 99.309 4.59%

|

Keybank 5.850% 11/27 103.469 4.63%

|

Korea Electric Power 7.000% 02/27 106.374 4.17%

|

PCPD Capital 5.125% 06/26 90.250 11.33%

|

Ascendas REIT 3.000% Perp 98.875 4.13%

|

DTE 5.100% 03/29 102.666 4.42%

|

TAQA 6.500% 10/36 115.802 4.76%

|

Israel 7.250% 12/28 108.348 5.04%

|

JLR 5.500% 07/29 99.742 5.55%

|

Pemex 5.350% 02/28 91.477 8.25%

|

Rwanda 5.500% 08/31 80.773 9.33%

|

Pemex 6.625% 06/35 77.859 10.03%

|

Del Monte Pacific 3.750% 12/24 100.370 2.24%

|

US Treasury 0.000% 10/24 99.309 4.99%

|

KSA Sukuk 5.250% 06/34 104.351 4.68%

|

DBS 5.479% 09/25 101.124 4.32%

|

PNC Bank 3.100% 10/27 96.561 4.28%

|

KOGAS 3.500% 07/25 99.192 4.45%

|

HPCL 5.250% 04/27 98.110 6.03%

|

Scotiabank 5.250% 12/24 99.981 5.25%

|

REC 3.500% 12/24 99.614 4.97%

|

Bank East Asia 5.825% Perp 98.210 7.51%

|

Jollibee 4.125% 01/26 98.727 5.09%

|

Alibaba 3.600% 11/24 99.664 5.09%

|

Delta Air 7.000% 05/25 100.995 5.39%

|

BNP 4.250% 10/24 99.907 5.09%

|

ING Groep 8.000% Perp 106.220 6.66%

|

Lockheed Martin 7.200% 05/36 114.086 5.54%

|

Verizon 2.625% 08/26 97.065 4.22%

|

Wells Fargo 3.000% 04/26 98.024 4.27%

|

Barclays 6.125% Perp 99.421 6.60%

|

StanChart 4.750% Perp 86.315 7.49%

|

AerCap 3.650% 07/27 97.940 4.42%

|

HSBC 4.000% Perp 96.678 6.35%

|

Frasers Property 4.380% Perp 97.936 10.32%

|

ICICI 4.200% 10/24 99.949 4.77%

|

Lenovo 6.536% 07/32 109.361 5.04%

|

Vedanta (47% Sink Factor) 13.875% 01/27 100.150 11.77%

|

Barclays 7.300% Perp 104.672 5.90%

|

Hutchison Whampoa 3.625% 10/24 99.840 4.70%

|

Goldman Sachs 3.750% 05/25 99.195 4.92%

|

Emirates NBD 6.125% Perp 100.280 5.93%

|

KOMIR 5.375% 05/28 102.958 4.49%

|

PNB 3.280% 09/24 99.904 5.17%

|

US Treasury 4.375% 05/34 105.016 3.75%

|

LG Chem 3.250% 10/24 99.816 5.03%

|

Humana 3.700% 03/29 97.449 4.32%

|

JSW Steel 3.950% 04/27 95.256 5.96%

|

SocGen 8.500% Perp 99.812 8.52%

|

Maldives 9.875% 04/26 69.842 36.60%

|

Charles Schwab 3.250% 05/29 95.913 4.21%

|

BIM 7.375% 05/26 78.755 23.52%

|

Julius Baer 4.750% Perp 100.000 4.64%

|

BCT 5.750% 01/25 96.238 15.85%

|

Citibank 5.803% 09/28 105.828 4.19%

|

Jollibee 4.750% 06/30 98.101 5.13%

|

KOGAS 3.500% 07/26 98.595 4.31%

|

Buenos Aires 5.000% 09/37 37.831 17.02%

|

BPCL 4.000% 05/25 99.439 4.86%

|

EIB 2.500% 10/24 99.738 5.08%

|

Deutsche Bank 6.000% Perp 96.250 9.63%

|

US Treasury 0.000% 09/24 99.774 4.79%

|

Ford 4.750% 01/43 85.025 6.11%

|

Philippines 10.625% 03/25 103.028 4.65%

|

Pemex 6.875% 08/26 98.362 7.81%

|

Emirates NBD 1.840% 05/26 94.822 5.03%

|

Methanex 5.250% 12/29 98.437 5.59%

|

Abu Dhabi 2.125% 09/24 99.828 5.18%

|

Sobha Sukuk 8.750% 07/28 104.221 7.46%

|

Pricoa 5.100% 05/28 103.400 4.10%

|

SBI 4.875% 05/28 101.054 4.55%

|

Shriram 6.625% 04/27 101.110 6.15%

|

Qatar 6.400% 01/40 117.803 4.75%

|

Globe Telecom 2.500% 07/30 87.266 5.03%

|

Walmart 4.500% 09/52 97.038 4.69%

|

Tyson Foods 5.400% 03/29 103.832 4.43%

|

Royal Caribbean 5.500% 04/28 100.700 5.24%

|

Principal Financial Group 3.700% 05/29 97.429 4.31%

|

Wells Fargo 4.150% 01/29 99.449 4.28%

|

Shriram 4.150% 07/25 98.281 6.22%

|

Pakistan 7.375% 04/31 79.625 11.92%

|

Mercedes-Benz 5.500% 11/24 100.056 5.15%

|

Conocophillips 6.500% 02/39 116.223 4.91%

|

Indofood 4.745% 06/51 85.844 5.79%

|

Korea East West Power 3.600% 05/25 99.304 4.67%

|

HSBC 6.375% Perp 100.006 5.92%

|

Pemex 5.950% 01/31 83.093 9.54%

|

BNP 4.625% Perp 92.594 8.16%

|

Exim India 5.500% 01/33 104.890 4.78%

|

Reliance 2.875% 01/32 88.061 4.82%

|

Arabian Centres 9.500% 03/29 104.041 8.40%

|

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Bond Market News

CIFI Downgraded to BB- by S&P

September 8, 2022

China
Corporates
Credit Ratings
High Yield Bonds

CIFI was downgraded to BB- from BB with a negative outlook by S&P due to its increasing leverage. The rating agency sees a weakening sales outlook with muted property demand. It expects contracted sales to decline by 35-40% YoY to RMB 150-160bn ($21.5-23bn) in 2022. Its YTD sales are down ~47% already. Leverage measured by debt-to-EBITDA is also expected to rise to 6x in 2022-23 from 5.5x in 2021 due to lower revenue, despite a moderate fall in debt levels as CIFI cut its land spending. Inventory impairment provision has put pressure on margins which can send leverage higher. CIFI may need to repay debt with internal resources as offshore funding has tightened. Offshore funding was 40% of its total debt as of June 2022. In H1, CIFI’s cash holdings fell to RMB 20.1bn ($2.9bn) from RMB 29.6bn ($4.2bn). During the same period the developer spent RMB 4.5bn ($650mn) for debt repayments at its JV projects, and RMB 3bn ($430mn) for the purchase of its partners’ minority interest stakes. The company’s recent share sale and offloading of its Fortress Hill project in Hong Kong would generate about HKD 1.3bn ($170mn) of cash inflows, moderately boosting its offshore liquidity. Earlier in July, CIFI was downgraded from Ba2 to Ba3 by Moody’s.

CIFI’s 4.45% 2026s are trading at 46.33 cents to the dollar, down by 0.68 points.

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