德银-亚洲-信贷市场-亚洲定期估值快报-20180227-27页_1mb

Asia Credit: RAVE Summary

Core Content

This document provides an overview of credit market performance and analysis in Asia, focusing on valuation, fundamentals, and new issue activity. It is prepared by Deutsche Bank's credit research team and includes various charts and tables to assess the relative value of different credit instruments, such as sovereigns, investment-grade (IG) and high-yield (HY) corporate bonds, and USD and EUR bonds. The report also outlines an earnings calendar and a list of recent research reports.

Main Sections

1. Out/Under Performers

• Figure 1 highlights the top 15 out/underperformers based on 1-month total returns.
• The report includes several visual representations of performance metrics, although specific details of the out/underperformers are not provided in the text.

2. Fundamentals vs. Valuations

• Figure 2: Compares gross non-performing loans (NPLs) with z-spreads for senior debt.
• Figure 3: Compares total capital adequacy ratio (CAR) with yield-to-worst (YTW) for subordinated debt.
• Figure 4–7: Analyze the relationship between gross leverage and YTW for IG corporations in Hong Kong/China, India, Korea, and Malaysia/Thailand, respectively.
• Figure 8–9: Examine the relationship between gross leverage and YTW for HY corporations in China property and other HY sectors.

3. Relative Value Charts – Sovereigns and Quasis

• Figure 10–11: Compare quasi-sovereigns with sovereign benchmarks for 10Y and 30Y maturities.
• Figure 12: Shows spread-to-maturity benchmarks for quasi-sovereigns.
• Figure 13: Tracks 5Y CDS for sovereigns.
• Figure 14: Compares IG sovereign bonds with maturity benchmarks.
• Figure 15: Provides yield-to-maturity (YTM) data for frontier markets.

4. Relative Value Charts – IG USD Bonds

• Figure 16–21: Present relative value analysis for various IG USD bonds, including Korean corporates, China corporates, Hong Kong corporates, India corporates, Japanese banks and life insurers, and different credit ratings (A, BBB, etc.).

5. Relative Value Charts – HY USD Bonds

• Figure 22–25: Analyze HY USD bonds for China property, other HY sectors, and different credit ratings (BB, B, etc.).

6. USD Bonds Index Performance

• Figure 33–38: Compares the performance of Asia IG and HY bonds with US and EUR counterparts.
• Figure 39–42: Shows the relative performance of different credit ratings and sectors in Asia.

7. USD & EUR Bonds New Issues Performance Monitor

• Figure 45–50: Summarizes new issuance activity in Asia, including details on issuer, ticker, country, rating, amount, coupon, date, maturity, and pricing data.
• Figure 51: Lists new issues priced between 31-Jan-18 to 23-Feb-18, with specific data on issue price, yield, spread, and price change.

8. Earnings Calendar

• Figure 52: Outlines the earnings calendar for several companies in Asia, including reporting dates and whether the earnings are confirmed or estimated.

9. Research Catalogue

• Figure 53: Lists recent reports and analysis from the research team, including recommendations and market insights on various companies and sectors.

Key Information

• Valuation Metrics: The report compares fundamentals (e.g., NPLs, CAR, leverage) with valuation metrics (e.g., z-spread, YTW, CDS).
• Performance Analysis: It provides total return performance data for various segments of the Asia credit market.
• New Issue Activity: There is a detailed breakdown of new issuance in USD and EUR bonds across different countries and sectors in Asia.
• Recommendations: The report includes specific investment recommendations, such as "Buy," "Sell," and "Hold," for certain bonds and companies.
• Data Sources: Information is sourced from Bloomberg Finance LP and Deutsche Bank, with pricing data as of 26-Feb-18.

Analysts and Contact Information

• Karen Kwan: Research Analyst, Contact: $(+65)$ 64235387, Email: karen.kwan@db.com
• Viacheslav Shilin: Research Analyst, Contact: $(+65)$ 64235726, Email: viacheslav.shilin@db.com
• Vikash Agarwalla: Research Analyst, Contact: $(+65)$ 64235718, Email: vikash.agarwalla@db.com
• Franco Lam: Research Analyst, Contact: $(+852)$ 22036226, Email: franco.lam@db.com

Disclaimer and Disclosures

• The report includes important disclosures regarding the sources of information, potential conflicts of interest, and the fact that recommendations may vary based on different analyses and time horizons.
• Deutsche Bank provides liquidity for securities discussed and may act as principal or agent in trades.
• Opinions and estimates are based on current judgment and may change without notice.
• The report is for informational purposes only and does not consider individual investor needs or circumstances.

Analyst Certification

• The report is prepared by multiple analysts and reflects their personal views on the subject issuers.
• No compensation is given for specific recommendations or views.
• The report does not include recommendations for all securities, only for the Reference Credit Instrument (RCI), which is the most appropriate valuation benchmark for each issuer.

Additional Notes

• The report is subject to change, and updates are at the discretion of the analysts or the Research Department.
• Investors are encouraged to review the disclosure pages and make their own informed decisions.