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WRKCo 3.900% 06/28 98.104 4.45%

|

Royal Caribbean 5.500% 04/28 100.890 5.18%

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Bombardier 7.875% 04/27 100.470 1.96%

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Icahn 9.000% 06/30 99.693 9.06%

|

SMC 8.750% Perp 100.332 -

|

Honeywell 9.065% 06/33 130.483 4.75%

|

Ghana 7.750% 04/29 - -

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FWD 5.000% 09/24 99.988 5.18%

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US STRIPS 0.000% 05/53 32.435 4.00%

|

HPCL 5.250% 04/27 98.117 6.03%

|

Equinor 5.100% 08/40 102.337 4.88%

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Philippines 4.200% 01/24 99.875 26.18%

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Hutchison Whampoa 3.625% 10/24 99.823 4.84%

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SIA 5.250% 03/34 106.258 4.42%

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Exim India 3.875% 03/24 100.000 3.80%

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Israel 7.750% 12/27 106.516 5.53%

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ING Groep 7.250% Perp - -

|

Mapletree Industrial Trust 3.150% Perp 97.505 4.72%

|

Saudi Aramco 4.375% 04/49 87.110 5.32%

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UBS 5.125% Perp 97.707 6.44%

|

GLP 4.600% Perp 57.812 26.98%

|

US Treasury 0.000% 11/24 98.925 4.97%

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Oman 4.750% 06/26 99.453 5.07%

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AIA 3.200% 03/25 99.142 4.94%

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Home Depot 5.400% 06/64 106.312 5.02%

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POSCO 2.500% 01/25 99.180 4.84%

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Methanex 5.250% 12/29 98.130 5.66%

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Alphabet 2.250% 08/60 62.112 4.34%

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General Motors 4.300% 04/29 98.614 4.63%

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JSW Steel 3.950% 04/27 95.231 5.97%

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Malaysia Sukuk 3.043% 04/25 99.057 4.60%

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Singapore 3.375% 05/34 106.612 2.59%

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Dominion Energy 4.250% 06/28 99.785 4.31%

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South Korea 4.125% 06/44 95.612 4.46%

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Vedanta (94% Sink Factor) 13.875% 12/28 101.788 -8.07%

|

EXIM Malaysia 3.350% 05/25 98.596 5.55%

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Axis Bank 4.100% Perp 95.000 6.82%

|

Shriram 4.150% 07/25 98.327 6.17%

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Netflix 4.900% 08/34 103.857 4.40%

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Hotel Properties 3.800% 06/25 99.312 4.76%

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Israel 7.250% 12/28 108.299 5.05%

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Rio Tinto 5.200% 11/40 103.363 4.89%

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REC 5.625% 04/28 103.000 4.70%

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Julius Baer 4.750% Perp 99.750 92.79%

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PD Sukuk 8.750% 09/25 100.375 8.35%

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NTPC 4.375% 11/24 99.864 4.96%

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Vale 3.750% 07/30 93.931 4.96%

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Emirates NBD 1.638% 01/26 95.970 4.77%

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Indofood 4.805% 04/52 86.569 5.78%

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Saudi Arabia 5.750% 01/54 102.965 5.54%

|

Power Finance 3.250% 09/24 99.992 3.60%

|

Ascendas REIT 3.000% Perp 98.875 4.14%

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Saudi Aramco 5.750% 07/54 102.423 5.58%

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SIA 3.000% 07/26 97.589 4.36%

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ST Engineering 1.500% 04/25 98.039 4.66%

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DBS 3.300% Perp 98.914 5.70%

|

Krung Thai 4.400% Perp 97.660 6.01%

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Julius Baer 4.875% Perp 95.224 7.39%

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GLP 3.875% 06/25 91.111 17.26%

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Scotiabank 4.500% 12/25 99.684 4.75%

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Commerzbank 6.500% 04/34 107.495 3.54%

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TD 1.250% 12/24 99.031 5.03%

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Bank East Asia 5.825% Perp 98.223 7.50%

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China Water 4.850% 05/26 94.159 8.63%

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ARA 5.650% Perp 96.658 6.95%

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Conagra 1.375% 11/27 91.405 4.33%

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CBA 3.150% 09/27 97.583 4.00%

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Pemex 5.350% 02/28 91.237 8.34%

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SMC Global Power 5.450% Perp 95.159 7.83%

|

UOB 3.059% 04/25 99.187 4.50%

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Piedmont 3.500% 06/29 96.584 4.30%

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Egypt 7.625% 05/32 85.187 10.46%

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Muthoot 7.125% 02/28 101.984 6.45%

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ArcelorMittal 4.250% 07/29 98.958 4.49%

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ICTSI 5.875% 09/25 100.575 5.28%

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China 1.950% 12/24 99.464 4.27%

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Muthoot 4.400% 09/23 100.000 -

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Credit Agricole 4.375% 03/25 99.488 5.38%

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Netflix 5.400% 08/54 106.650 4.96%

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Syngenta 4.892% 04/25 99.631 5.49%

|

Israel 4.500% 04/99 74.093 6.09%

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HSBC 6.875% Perp 100.728 -

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Adani 4.375% 07/29 93.247 6.00%

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BPCE 5.000% 03/34 102.185 3.39%

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Korea Electric Power 6.000% 12/26 103.509 4.32%

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Reliance 4.125% 01/25 99.679 4.95%

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Huarong 3.800% 11/25 98.911 4.77%

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Metropolitan Life 3.000% 09/27 96.801 4.13%

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REC 5.250% 11/23 100.000 5.11%

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Dah Sing 3.000% 11/31 95.344 4.12%

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HDFC Bank 5.686% 03/26 101.561 4.58%

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US STRIPS 0.000% 02/49 34.999 7.60%

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Centerpoint 5.400% 06/29 103.840 4.47%

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Santander 6.350% 03/34 106.323 5.48%

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NatWest 6.000% 12/23 100.000 -

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DoubleDragon 7.250% 07/25 97.090 10.78%

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Ford 4.346% 12/26 99.007 4.81%

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Baidu 3.075% 04/25 98.996 4.86%

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NextEra 4.625% 07/27 101.411 4.07%

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Sands China 5.125% 08/25 99.522 5.66%

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Firstenergy Transmission 2.866% 09/28 94.677 4.32%

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KNOC 5.250% 11/26 101.871 4.33%

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Wells Fargo 4.100% 06/26 99.434 4.44%

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General Motors 5.200% 04/45 93.457 5.74%

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HSBC 6.375% Perp 100.007 5.83%

|

BP 4.875% Perp 98.174 5.25%

|

CVS 5.400% 06/29 103.698 4.50%

|

Bangkok Bank 5.000% Perp 98.972 6.03%

|

Estate Sky 5.450% 07/25 91.000 17.06%

|

KHNPC 3.125% 07/27 97.096 4.20%

|

Teva 3.150% 10/26 95.589 5.44%

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Egypt 8.700% 03/49 77.930 11.39%

|

Keppel 4.900% Perp 101.597 4.69%

|

US Treasury 0.250% 05/25 97.076 4.41%

|

Micron 5.875% 09/33 106.474 4.95%

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US Treasury 4.875% 10/28 105.203 3.51%

|

ICTSI 3.500% 11/31 90.790 5.04%

|

Kenya 8.250% 02/48 78.562 10.77%

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Pemex 10.000% 02/33 102.185 9.60%

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PT Pertamina 6.450% 05/44 110.291 5.58%

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Philippines 9.500% 10/24 100.650 3.63%

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BNP 4.625% Perp 92.594 8.16%

|

BoFAML 5.526% 08/26 102.713 3.99%

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Singtel 3.250% 06/25 99.006 4.51%

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Olam 5.375% Perp 98.166 6.43%

|

Deutsche Bank 7.500% Perp 99.534 8.05%

|

US Treasury 0.000% 12/24 98.583 4.91%

|

Caterpillar 8.250% 12/38 137.316 4.64%

|

Olam 4.000% 02/26 98.250 5.26%

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SocGen 6.447% 01/27 101.815 5.01%

|

Citigroup 4.600% 03/26 100.106 4.52%

|

Xcel 4.000% 06/28 98.857 4.33%

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UOB 2.550% Perp 96.040 3.68%

|

Tencent 3.800% 02/25 99.568 4.83%

|

UBS 3.750% 03/25 99.331 5.01%

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Abu Dhabi 2.500% 04/25 98.610 4.87%

|

Morgan Stanley 3.125% 07/26 97.924 4.28%

|

UBS 5.600% Perp 102.934 4.95%

|

Finland 6.950% 02/26 103.868 4.13%

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Filinvest 4.125% 09/25 97.554 6.64%

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BDO Unibank 2.125% 01/26 96.257 5.04%

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REC 2.250% 09/26 95.322 4.75%

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UBS 5.875% Perp 100.000 -

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StanChart 7.875% Perp 103.189 7.16%

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OCBC 1.832% 09/30 97.150 4.79%

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HSBC 8.000% Perp 106.480 5.91%

|

ReNew Power 4.500% 07/28 92.419 6.77%

|

Cardinal Health 3.410% 06/27 97.920 4.21%

|

San Miguel 5.500% Perp 53.125 94.95%

|

KNOC 0.875% 10/25 96.206 4.54%

|

Korea Electric Power 3.625% 06/25 99.260 4.61%

|

Vedanta 9.250% 04/26 99.077 9.86%

|

Lockheed Martin 4.070% 12/42 90.956 4.81%

|

Petrobras 5.600% 01/31 99.641 5.66%

|

Kenya 6.300% 01/34 76.625 10.23%

|

Sprint 7.625% 03/26 103.346 4.58%

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Shell 3.875% 11/28 99.812 3.92%

|

INALUM 4.750% 05/25 99.693 5.20%

|

BMO 5.200% 12/24 99.996 5.15%

|

Kia 2.375% 02/25 98.947 4.87%

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Power Finance 3.350% 05/31 90.825 4.97%

|

BNP 8.000% Perp 105.469 6.99%

|

Allianz 3.200% Perp 84.875 8.93%

|

FWD 7.635% 07/31 106.666 6.40%

|

HSBC 5.250% Perp 101.373 4.92%

|

Turkey 9.875% 01/28 112.060 5.85%

|

Philippines 5.500% 03/26 101.617 4.41%

|

Egypt 5.250% 10/25 97.748 7.47%

|

SocGen 8.250% Perp 106.565 5.71%

|

US Treasury 0.000% 02/24 99.938 22.88%

|

Abu Dhabi 5.500% 04/54 107.975 4.98%

|

Motorola 4.600% 02/28 101.094 4.23%

|

SBI 5.950% 12/24 100.023 5.60%

|

DP World 5.500% 09/33 104.356 4.88%

|

US Treasury 4.000% 02/34 102.414 3.69%

|

UnionBank 2.125% 10/25 96.657 5.24%

|

Vedanta (84% Sink Factor) 13.875% 12/28 100.375 9.52%

|

Indika Energy 8.750% 05/29 100.768 8.54%

|

BNP 5.900% Perp 103.953 4.65%

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StanChart 6.296% 07/34 108.940 5.02%

|

US Treasury 5.000% 10/25 101.047 4.04%

|

Amazon.com 1.650% 05/28 92.582 3.83%

|

US Treasury 3.875% 08/33 101.500 3.67%

|

Macquarie 6.798% 01/33 110.201 5.27%

|

Metinvest 8.500% 04/26 79.500 24.55%

|

BOC Aviation 3.250% 04/25 98.957 4.92%

|

KOWEPO 4.125% 06/25 99.681 4.52%

|

Emirates NBD 6.125% Perp 100.280 5.93%

|

SMC Global Power 7.000% Perp 99.620 7.35%

|

GC Treasury Center 5.200% 03/52 92.450 5.74%

|

WEC 1.375% 10/27 91.804 4.22%

|

JLR 4.500% 10/27 98.137 5.16%

|

UnitedHealth 5.375% 04/54 104.241 5.09%

|

Thaioil 5.375% 11/48 96.206 5.66%

|

American Express 3.950% 08/25 99.426 4.61%

|

Senegal 6.750% 03/48 72.280 9.78%

|

Westpac 5.000% Perp 97.600 5.87%

|

Lai Sun 5.000% 07/26 67.925 28.04%

|

Saudi Arabia 5.000% 01/53 93.590 5.44%

|

ESR Group 5.100% 02/25 90.400 28.64%

|

MetroBank 2.125% 01/26 96.403 4.91%

|

Conocophillips 7.800% 01/27 107.755 4.23%

|

Kraft Heinz 3.000% 06/26 97.828 4.31%

|

ABN AMRO 6.339% 09/27 103.438 4.53%

|

Turkey 6.625% 02/45 89.432 7.65%

|

Delhi Intl Air 6.125% 10/26 100.476 5.88%

|

Delhi Intl Air 6.450% 06/29 101.961 5.96%

|

HSBC 4.250% 08/25 99.274 5.04%

|

Lloyds 4.500% 11/24 99.811 5.68%

|

AT&T 5.539% 02/26 100.016 4.94%

|

JP Morgan 3.200% 06/26 98.356 4.17%

|

Exelon 5.150% 03/28 102.752 4.27%

|

Santos 6.875% 09/33 110.812 5.31%

|

US Treasury 4.500% 02/44 105.547 4.08%

|

Nvidia 2.850% 04/30 94.721 3.91%

|

Qatar 5.103% 04/48 102.955 4.89%

|

Petronas 3.500% 03/25 99.294 4.88%

|

Walmart 4.300% 04/44 96.218 4.59%

|

Manila Water 4.375% 07/30 95.678 5.23%

|

Kernel 6.750% 10/27 77.750 16.05%

|

Egypt 7.600% 03/29 94.169 9.21%

|

Abja 5.450% 01/28 101.766 4.87%

|

Campbell 5.200% 03/29 103.725 4.27%

|

Embraer 5.050% 06/25 99.561 5.30%

|

Southwestern Electric Power 4.100% 09/28 98.983 4.37%

|

BNP 8.500% Perp 106.163 6.68%

|

SK Hynix 3.000% 09/24 99.987 3.61%

|

DBS 1.169% 11/24 99.310 4.63%

|

PCPD Capital 5.125% 06/26 89.298 11.99%

|

Pakistan 8.250% 09/25 96.998 11.33%

|

Cathay Pacific 4.875% 08/26 99.816 4.97%

|

Scotiabank 3.625% 10/81 87.446 4.12%

|

Egypt 5.800% 09/27 92.135 8.78%

|

Keybank 5.850% 11/27 103.574 4.59%

|

Korea Electric Power 7.000% 02/27 106.447 4.13%

|

Rwanda 5.500% 08/31 80.747 9.34%

|

Del Monte Pacific 3.750% 12/24 100.422 2.01%

|

Pemex 6.625% 06/35 77.810 10.04%

|

JLR 5.500% 07/29 99.213 5.68%

|

TAQA 6.500% 10/36 115.875 4.76%

|

DTE 5.100% 03/29 102.791 4.39%

|

US Treasury 0.000% 10/24 99.325 4.97%

|

PNC Bank 3.100% 10/27 96.685 4.24%

|

KOGAS 3.500% 07/25 99.183 4.47%

|

KSA Sukuk 5.250% 06/34 104.480 4.67%

|

DBS 5.479% 09/25 101.092 4.35%

|

Scotiabank 5.250% 12/24 99.974 5.28%

|

REC 3.500% 12/24 99.618 4.97%

|

Delta Air 7.000% 05/25 100.944 5.46%

|

ING Groep 8.000% Perp 106.205 6.66%

|

Alibaba 3.600% 11/24 99.649 5.18%

|

Jollibee 4.125% 01/26 98.762 5.06%

|

Lockheed Martin 7.200% 05/36 114.962 5.44%

|

BNP 4.250% 10/24 99.917 5.02%

|

HSBC 4.000% Perp 96.642 6.38%

|

AerCap 3.650% 07/27 97.975 4.40%

|

Verizon 2.625% 08/26 97.083 4.21%

|

StanChart 4.750% Perp 86.291 7.50%

|

Wells Fargo 3.000% 04/26 98.027 4.27%

|

Barclays 6.125% Perp 99.354 6.66%

|

ICICI 4.200% 10/24 99.950 4.78%

|

Santander 4.750% Perp 94.151 7.69%

|

Frasers Property 4.380% Perp 97.930 10.38%

|

Vedanta (47% Sink Factor) 13.875% 01/27 100.153 11.79%

|

Lenovo 6.536% 07/32 109.651 4.99%

|

JLR 5.875% 01/28 100.115 5.83%

|

KOMIR 5.375% 05/28 103.062 4.45%

|

PNB 3.280% 09/24 99.905 5.26%

|

LG Chem 3.250% 10/24 99.816 5.08%

|

Goldman Sachs 3.750% 05/25 99.209 4.90%

|

US Treasury 4.375% 05/34 105.406 3.70%

|

BIM 7.375% 05/26 78.622 23.66%

|

Westpac 2.668% 11/35 87.397 4.44%

|

Charles Schwab 3.250% 05/29 96.069 4.17%

|

SocGen 8.500% Perp 99.864 8.52%

|

Humana 3.700% 03/29 97.648 4.27%

|

Maldives 9.875% 04/26 70.182 36.27%

|

Jollibee 4.750% 06/30 98.256 5.10%

|

BPCL 4.000% 05/25 99.446 4.85%

|

Deutsche Bank 6.000% Perp 96.174 9.72%

|

Citibank 5.803% 09/28 105.936 4.16%

|

Buenos Aires 5.000% 09/37 37.823 17.03%

|

BCT 5.750% 01/25 96.252 15.88%

|

EIB 2.500% 10/24 99.736 5.17%

|

KOGAS 3.500% 07/26 98.617 4.29%

|

Abu Dhabi 2.125% 09/24 99.900 3.98%

|

Sobha Sukuk 8.750% 07/28 103.967 7.53%

|

Philippines 10.625% 03/25 103.030 4.61%

|

Emirates NBD 1.840% 05/26 94.879 5.00%

|

Ford 4.750% 01/43 85.080 6.11%

|

US Treasury 0.000% 09/24 99.788 4.78%

|

Pakistan 7.375% 04/31 79.938 11.84%

|

Shriram 6.625% 04/27 101.110 6.15%

|

SBI 4.875% 05/28 101.305 4.48%

|

Globe Telecom 2.500% 07/30 87.339 5.01%

|

Qatar 6.400% 01/40 117.940 4.74%

|

Walmart 4.500% 09/52 97.274 4.67%

|

Volcan 4.375% 02/26 85.828 15.91%

|

Pricoa 5.100% 05/28 103.488 4.07%

|

Principal Financial Group 3.700% 05/29 97.582 4.27%

|

Barclays 7.300% Perp 104.690 5.90%

|

Tyson Foods 5.400% 03/29 103.953 4.40%

|

Pemex 6.875% 08/26 98.619 7.66%

|

Keppel REIT 3.150% Perp 98.900 4.28%

|

Wells Fargo 4.150% 01/29 99.422 4.29%

|

Korea East West Power 3.600% 05/25 99.313 4.66%

|

HDFC 3.700% Perp 95.150 6.37%

|

Mercedes-Benz 5.500% 11/24 100.065 5.11%

|

Conocophillips 6.500% 02/39 116.303 4.90%

|

Indofood 4.745% 06/51 85.783 5.79%

|

Reliance 2.875% 01/32 88.258 4.79%

|

Pemex 5.950% 01/31 82.775 9.62%

|

Arabian Centres 9.500% 03/29 103.950 8.42%

|

Exim India 5.500% 01/33 105.102 4.75%

|

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Bond Market News

Sunac Upgraded To BB By S&P

March 17, 2021

China
Credit Ratings
High Yield Bonds

Sunac China was upgraded to BB from BB- by S&P on ‘enhanced financial discipline’ and ‘business standing’. S&P stated that Sunac has seen muted debt-funded investments and acquisitions since 2018 whilst also disposing non-core assets. They see Sunac deleveraging over the next two years with greater discipline in land acquisition. The rating agency believes Sunac has sustainably improved in terms of business standing – maintaining its market position as the fourth largest developer by contracted sales; diverse land banks and scale across major economic zones and; deepening penetration into higher-tier cities. While they expect Sunac’s margins to decline from 27% to 22%-25%, this is expected to be in-line with or better than competitors due to Sunac’s ‘use of project acquisitions and industry cooperation’. The outlook was stable with a view that leverage would be controlled with debt to EBITDA at 4x-5x over the next 12-18 months. If the ratio falls below 4x sustainably, there could be an upgrade while a downgrade is possible if it goes above 5x for an extended period. The debt to EBITDA currently stands at 4.4x. An upgrade is also possible if gross margins stay sustainably over industry averages and if Sunac improves its land replenishment strategy.

Sunac’s dollar bonds were stable – its 7.5% 2024s were at 105.63, yielding 4.25% and its 7% 2025s were at 103.3 yielding 6.1%.

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