德银-亚洲-信贷行业-亚洲信贷：定期价值快讯-20171031-Deutsche_Bank-Asia_CreditRAVE,Regular_Asia_Valuation_Express_27页_1mb

Asia Credit: RAVE Summary

Core Content

This document is a report by Deutsche Bank's Asia Credit team, dated 31 October 2017, titled "RAVE" (Regular Asia Valuation Express). It provides an analysis of credit markets in Asia, focusing on valuation trends, performance comparisons, and new issue data across different segments such as investment-grade (IG), high-yield (HY), sovereigns, and quasi-sovereigns. The report is authored by Viacheslav Shilin, Franco Lam, Vikash Agarwalla, and Karen Kwan.

Main Sections and Key Points

1. Out/Under Performers

• Figure 1 presents the top 15 out/underperformers based on 1-month total return. This section identifies companies that have either outperformed or underperformed in the market, offering insights into their relative performance.

2. Fundamentals vs. Valuation Charts

• Figure 2: Compares gross NPLs (Non-Performing Loans) with Z-spreads for senior debt.
• Figure 3: Compares total CAR (Capital Adequacy Ratio) with YTW (Yield to Worst) for sub-debt.
• These charts highlight the relationship between a company's fundamental financial health and its valuation metrics, aiding in assessing the relative value of debt instruments.

3. Relative Value Charts – Sovereigns & Quasis

• Figure 10-13: Show comparisons of quasi-sovereigns and sovereign bonds against maturity benchmarks and CDS (Credit Default Swap) data. These charts help in evaluating the relative value of sovereign debt instruments.

4. Relative Value Charts – IG Corps

• Figure 4-7: Focus on investment-grade corporations in Hong Kong, China, Korea, and Malaysia/Thailand, comparing gross leverage with YTW. These charts provide insights into the valuation of IG corporate bonds across different regions.

5. Relative Value Charts – HY Corps

• Figure 8-9: Cover high-yield corporate bonds in China property and other high-yield sectors, again comparing gross leverage with YTW. This section is crucial for understanding the valuation of riskier corporate debt.

6. USD Bonds Index Performance

• Figure 33-38: Compare the performance of Asia IG and HY bonds against US and EUR counterparts. These charts show how Asia's credit market is performing relative to other global markets.
• Figure 39-42: Provide country-wise spread data for IG and HY bonds, highlighting the relative value of different markets within Asia.

7. USD & EUR Bonds New Issues Performance Monitor

• Figure 45-50: Track the performance of new bond issues in Asia (excluding Japan) for both IG and HY segments. These figures show the pricing, yield, and spread changes of new issues from 20 September 2017 to 27 October 2017.
• Figure 51: Lists USD and EUR new issues with details such as issuer name, ticker, country, rating, amount, coupon, date, maturity, and spread changes. This data is essential for tracking recent market activity and investment opportunities.

8. Earnings Calendar

• Figure 52: Provides a list of companies scheduled to report earnings, including the reporting date and whether the report is confirmed or estimated. This section helps investors anticipate market reactions to upcoming financial results.

9. Research Catalogue

• Figure 53: Lists recent reports by the Asia Credit team, covering various companies and sectors with recommendations and analysis. These reports offer insights into market trends and investment strategies.

Key Information

• The report is based on data as of 30 October 2017.
• Pricing data is sourced from Bloomberg Finance LP and Deutsche Bank.
• The focus is on the relative value of bonds, comparing fundamentals with valuations.
• New issue data includes information on coupon rates, yields, and spread changes.
• The earnings calendar provides a list of companies with their reporting dates and statuses.
• The research catalogue offers recent insights and recommendations for various companies and sectors in the Asia credit market.

Main Viewpoints

• The report identifies key outperformers and underperformers in the Asian credit market, which can guide investment decisions.
• It highlights the relationship between a company's leverage and yield to worst, providing a valuation framework.
• The USD Bonds New Issues Monitor indicates the market activity and performance of recent bond issues, showing both positive and negative price and spread changes.
• The earnings calendar is a tool for anticipating market movements based on upcoming financial reports.
• The research catalogue reflects the team's ongoing analysis and recommendations, emphasizing specific sectors and companies for potential investment.