版權(quán)說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡介
AsiaPacificCreditResearchMarch2023
1
AsiaCreditAnalytics
ForthemonthendedFebruary28,2023
AsiaCreditPerformanceandValuation-3
RelativeValuationCharts-19
New-issuanceData-37
RatingActions-48
CreditMetrics-51
ListofRecentlyPublishedReports-62
AsiaCreditResearch
AmanAggarwalAC
+912261575178
aman.aggarwal@
J.P.MorganIndiaPrivateLimited
VarunAhuja,CFAAC
+85228006038
varun.x.ahuja@
J.P.MorganSecurities(AsiaPacific)Limited
Seepage63foranalystcertificationandimportantdisclosures.
J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof
interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.
2
Contents
AsiaCreditPerformanceandValuationNew-issuanceData
GlobalCreditIndicesperformance3AsiaUSDbondsperformancesinceissuance37
JACIYields,SOTandz-spread4AsiaUSDbondissuances:Breakdownbysectorandratings38
Top/bottombondsperformers7AsiaUSDbondfinancing39
Asiacreditspreadsbysegment11ESGBondMonitor41
AsiacreditspreadsvsotherEMregions13AsiaUSDcreditfundsfundflows42
AsiacreditspreadsvsUScorps14AsiaUSDbondissuances:Allocationofnewissuesbyregion
Chinacreditspreads15andinvestortype43
Indonesiacreditspreads16Newissuances45
JACIIGIndicesvsCurrencies18AsiaHYcorpsUSDbondsmaturingin202246
RelativeValuationChartsRatingActions
KoreanFinancials-Senior&Subordinatedbulletmaturies19AsiaCreditRatings48
IndianFinancials-Senior&Subordinatedbulletmaturies20RecentRatingsactions50
AsiaFinancials-Subordinatedbonds21
Asiahighsingle-AoraboveCorporates22CreditMetrics
AsiaA-ratedCorporates23Overall51
AsiaBBB-ratedCorporates25IGcorporates53
AsiaBB-rated(exChinaProperty)26HYcorporates57
AsiaIGQuasi-sovereigns27ListofCorporatesincludedinCreditMetrics60
AsiaIGTelecoms28
AsiaIGOil&Gas29ListofRecentlyPublishedReports
KoreaQuasi-sovereigns30ListofRecentlyPublishedReports62
HongKongIGCorporates31
ChinaProperty-BB32
ChinaProperty-B33
IndonesianCorporates34
IndonesianQuasi-sovereigns35
IndonesianSovereigns36
GlobalCreditIndicesPerformance
3
Index
AsofFebruary28,2023
Totalreturn,%SOTtoworst,bpz-spreadtoworst,bpYTW,%
Dur.toworst
1mchg
YTD
Sprd
return
UST
return
Current
1m
chg
YTD
Current
1m
chg
YTD
Current
Current
Asia
Index
Index
SOT
SOT
SOT
z-sprd
z-sprd
z-sprd
Yield
Dur
JACI
-1.3%
1.6%
1.6%
0.0%
236
-9
-37
261
-1
-45
6.5%
4.48
JACISovereign
-1.5%
1.0%
1.2%
-0.2%
234
-13
-13
265
-8
-24
6.3%
6.99
JACISovereignIG
-1.9%
0.1%
0.1%
0.0%
103
-13
5
143
-8
-4
5.0%
7.36
JACISovereignHY
2.7%
13.4%
13.5%
-0.1%
2705
-64
-438
2691
-61
-449
31.3%
2.70
JACIQuasi-sov
-1.0%
1.0%
1.0%
0.0%
132
-22
-17
160
-13
-26
5.4%
4.70
JACIQuasi-sovIG
-1.1%
1.0%
1.0%
0.0%
127
-21
-15
156
-12
-24
5.4%
4.78
JACIQuasi-sovHY
10%
28%
24%
04%
450
-207
-212
472
-199
-209
92%
1.95
JACIFinancial
-0.8%
0.9%
0.8%
0.2%
173
-10
-27
195
-3
-33
6.0%
2.83
JACICorporate(exfin)
-1.9%
2.7%
2.7%
-0.1%
335
7
-58
356
13
-68
7.4%
4.52
JACICorporate(exfin)IG
-1.7%
1.3%
1.4%
-0.1%
177
-8
-16
205
-1
-25
5.8%
5.22
JACICorp(exfin)SingleA
-0.9%
1.7%
1.7%
0.0%
131
-25
-29
161
-14
-34
5.4%
4.81
JACICorp(exfin)BBB
-1.2%
1.3%
1.3%
0.0%
215
-11
-24
239
-2
-30
6.3%
4.03
JACICorporate(exfin)HY
-2.3%
5.7%
5.7%
0.1%
795
48
-152
799
52
-163
12.1%
2.95
JACICorp(exfin)BB
-1.8%
4.9%
4.9%
0.0%
532
23
-95
543
29
-105
9.5%
2.90
JACICorp(exfin)B
-2.7%
4.9%
4.8%
0.1%
623
-31
-205
630
-25
-211
10.5%
2.72
EMcomparables
CEMBIBroad
-17%
13%
12%
01%
301
-1
-30
322
-1
-38
71%
4.29
CEMBIBroadIG
-1.5%
1.0%
0.9%
0.1%
179
-7
-5
205
-6
-12
5.9%
4.76
CEMBIBroadHY
-2.0%
2.0%
1.8%
0.2%
571
12
-55
580
9
-66
9.8%
3.38
CEMBIBroadAsia
-1.4%
2.1%
2.0%
0.1%
274
-1
-52
292
0
-60
6.9%
3.81
CEMBIBroadAsiaIG
-1.2%
1.3%
1.2%
0.1%
167
-11
-19
189
-8
-25
5.8%
4.06
CEMBIBroadAsiaHY
-2.2%
5.0%
4.7%
0.3%
650
28
-139
656
26
-150
10.6%
2.95
EMBIG
-2.2%
0.8%
0.8%
0.0%
381
4
-1
412
0
-12
7.8%
6.92
EMBIGIG
-21%
05%
03%
02%
139
-8
3
186
-9
-6
54%
7.88
EMBIGHY
-2.4%
1.4%
1.5%
-0.1%
770
19
-2
782
11
-15
11.6%
5.53
UScomparables
JULI
-3.1%
0.8%
127
6
-9
156
2
-17
5.6%
7.01
JULIA
-3.0%
0.7%
107
6
-8
133
2
-16
5.3%
6.76
JULIBBB
-3.1%
1.0%
156
7
-10
186
2
-18
5.8%
7.11
JULIFinancials
-2.2%
1.2%
129
4
-18
146
-2
-26
5.6%
5.19
USHY
-1.3%
2.4%
456
-9
-54
8.9%
4.10
USHYBB
-18%
13%
288
-3
-29
72%
4.58
USHYB
-1.1%
2.6%
466
-17
-68
9.0%
3.80
Source:J.P.Morgan
Total
JACISovereignHYJACICorporate(exfin)HY
CEMBIBroadAsiaHY JACICorp(exfin)BB JACICorp(exfin)B JACIQuasi-sovHYJACICorporate(exfin)
USHYBUSHY
CEMBIBroadAsiaCEMBIBroadHY
JACICorp(exfin)SingleAJACI
EMBIGHYUSHYBB
CEMBIBroad
JACICorporate(exfin)IGJACICorp(exfin)BBBCEMBIBroadAsiaIG
JULIFinancials JACISovereign JACIQuasi-sov CEMBIBroadIGJACIQuasi-sovIGJULIBBB
JACIFinancialEMBIG
JULI JULIAEMBIGIG
JACISovereignIG
returns(YTD)
13.4%
5.7%
5.0%
4.9%
4.9%
2.8%
2.7%
2.6%
2.4%2.1%2.0%1.7%1.6%1.4%1.3%1.3%1.3%1.3%1.3%1.2%1.0%1.0%1.0%1.0%1.0%0.9%0.8%0.8%0.7%
0.5%
0.1%
JACIYTW,SOTtoworstandZ-spreadtoworst(CompositeandFinancials)
4
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
7.00
6.00
5.00
4.00
3.00
2.00
JACIComposite-YTW,%
8.48.07.67.26.86.46.05.65.24.84.44.03.63.22.8
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
YTW
Avg(since2011)
Current:6.46%
High:
6.13%
Avg(Since
2011):4.32%
High:8.35%
JACIComposite-SOTtoworst,bp
470
420
370
320
270
220
170
120
High:461
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
SOTtoworst
Avg(since2011)
Avg(Since
2011):250
Current:236
Low:152
460
420
380
340
300
260
220
180
140
JACIComposite-Z-spreadtoworst,bp
Z-spreadtoworst Avg(since2011)
High:443
Current:261
Avg(Since
2011):237
Low:148
JACIFinancials-YTW,%
YTW
High:7.11%
Avg(since2011)
Current:6.01%
Avg(since
2011):3.63%
Low:
2.20%
JACIFinancial-SOTtoworst,bp
420
SOTtoworst
Avg(since2011)
370
High:396
320
Current:173
270
Avg(Since
2011):218
220
170
Low:138
120
400
350
300
250
200
150
100
JACIFinancial-Z-spreadtoworst,bp
Z-spreadtoworst
Avg(since2011)
High:380
Current:195
Avg(Since
2011):194
Low:118
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
JACIYTW,SOTtoworstandZ-spreadtoworst(SovereignandQuasi-sovereign)
5
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
7.5
6.5
5.5
4.5
3.5
2.5
JACISov-YTW,%
YTW
Avg(since2011)
Current:
6.31%
Avg(since2011):
4.20%
Low:
2.82%
High:7.64%
JACISov-SOTtoworst,bp
420
370
320
270
220
170
120
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
SOTtoworst
Avg(since2011)
Current:234
Avg(Since
2011):205
Low:130
High:406
440
400
360
320
280
240
200
160
120
JACISov-Z-spreadtoworst,bp
High:419
Z-spreadtoworst
Avg(since2011)
Current:265
Avg(Since
2011):204
Low:129
JACIQuasi-YTW,%
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
YTW
Avg(since2011)
High:6.09%
Current:
5.41%
Avg(since
2011):3.69%
Low:
2.51%
JACIQuasi-SOTtoworst,bp
330
310
290
270
250
230
210
190
170
150
130
110
High:320
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
SOTtoworst
Avg(since2011)
Current:132
Avg(Since
2011):184
Low:120
310
290
270
250
230
210
190
170
150
130
110
JACIQuasi-Z-spreadtoworst,bp
High:310
Z-spreadtoworst
Avg(since2011)
Current:160
Avg(Since
2011):173
Low:114
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
JACIYTW,SOTtoworstandZ-spreadtoworst(IGandHYcorporates)
6
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Low:316
JACIIGCorp-YTW,%
7.06.56.05.55.04.54.03.53.02.52.0
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
YTM
Avg(since2011)
Current:
5.82%
Low:
2.22%
Avg(Since2011):
3.78%
High:
7.11%
JACIIGCorp-SOTtoworst,bp
350
320
290
260
230
200
170
140
110
High:347
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
SOTtoworst Avg(since2011)
Avg(Since2011):192
Current:177
Low:122
320
290
260
230
200
170
140
110
JACIIGCorp-Z-spreadtoworst,bp
High:314
Z-spreadtoworst
Avg(since2011)
Current:205
Avg(Since
2011):181
Low:119
JACIHYCorp-YTW,%
24
22
20
18
16
14
12
10
8
6
4
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Low:5.17%
YTM
Avg(since2011)
Current:12.11%
Avg(Since2011):8.03%
High:22.80%
JACIHYCorp-SOTtoworst,bp
1900
1700
1500
1300
1100
900
700
500
300
High:…
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
SOTtoworst
Avg(since2011)
Current:…
Avg(Since
2011):655
Low:344
1800
1600
1400
1200
1000
800
600
400
200
JACIHYCorp-Z-spreadtoworst,bp
Z-spreadtoworst Avg(since2011)
Current:799
Avg(Since
2011):646
High:1824
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
Topandbottommovers:Last1-Monthspreadchange(bp)
7
IG
Sovereigns
Financial(incl.Quasi-sovs)
Corporates(incl.Quasi-sovs)
-
Corporates(incl.Quasi-sovs)-HY
SHFLIN'24
BCHINA'25
BCHINA'25
ICBCAS'26
CCB'24
GRWALL'26
BOCAVI'25
ICBCAS'25
BCHINA'24
FWDINS'24
HRINTH'24
ZHONAN'26
HRINTH'25
HRINTH'27
HRINTH'27
HRINTH'24
HRINTH'26
HRINTH'26
GLPSP'Perp
GLPSP'Perp
GXFING'23
PINGRE'25
CQLGST'24
YXREIT'26
PINGRE'26
HBSLFT'25
GSHIAV'24
WHREST'24
ADTIN'26
SDECDI'26
LENOVO'32
LNGFOR'32
ADTIN'36
GLPCHI'26
LNGFOR'29
LNGFOR'28
ADSEZ'41
ADSEZ'32
ADSEZ'31
GLPCHI'24
-88
-73
-64
-62
-60
-59
-58
-58
-58
-56
-382
SRILAN'26
SRILAN'24
SRILAN'23
SRILAN'25
SRILAN'24
SRILAN'25
PKSTAN'31
PKSTAN'51
PKSTAN'25
MONGOL'26
PHILIP'32
INDON'31
PHILIP'32
INDON'24
PHILIP'24
PHILIP'29
INDON'28
PHILIP'32
PHILIP'31
PHILIP'30
-735
-354
-508
ADANIG'24-542NAGACL'24-303
-177
-117
-112
-104
-100
-95
-95
-95
-307
-302
-300
-292
-277
-268
-233
-231
SUNHKC'26-268
SUNHKC'24-223
QDHTCO'24-198
SHDOIS'23-174
ROADKG'24-140
MIANYA'25-135
SIDEVE'26-127
CPDEV'26-123
303033333535354445
54
55
57
68
32
33
35
42
53
60
60
87
99
271
331
337
372
505
523
713
911
926
1092
1487
COGARD'26
COGARD'25
COGARD'25
6873747679138
142
COGARD'25
SINOCE'25
KWGPRO'26
KWGPRO'26
VEDLN'25
VEDLN'24
CHINSC'24
28,2023.Source:J.P.Morgan
Note:Currentprices&spreadsasofFebruary
Topandbottommovers:Year-to-datespreadchange(bp)
8
Sovereigns
SRILAN'26
SRILAN'24
SRILAN'23
SRILAN'25
SRILAN'24
SRILAN'25
PKSTAN'31
PKSTAN'51
PKSTAN'25
MONGOL'26
PHILIP'32
INDON'31
PHILIP'32
INDON'24
PHILIP'24
PHILIP'29
INDON'28
PHILIP'32
PHILIP'31
PHILIP'30
-735
-508
-307
-302
-300
-292
-277
-268
-233
-231
30
30
33
33
35
35
35
44
45
54
Financial(incl.Quasi-sovs)
MSFLCZ'24
FRESHK'24
FWDGRP'PerpGLPSP'PerpZHONAN'26GLPSP'PerpZHONAN'25
GRWALL'26
CMINLE'31
GRWALL'27
POWFIN'31
POWFIN'31
EXIMCH'26
SDBC'24
CLFCAP'26
CCAMCL'31
HRINTH'30
HRINTH'30
GRPCIN'26
BCHINA'25
-488
-371
-279
-168
-160
-146
-136
-127
-120
-115
28
28
28
31
33
34
36
50
54
272
Corporates(incl.Quasi-sovs)-IG
-986
PINGRE'25
-610
-494
-437
-390
-327
-278
-242
-231
-220
GXFING'23
PINGRE'24
YXREIT'26
PINGRE'26
COGO'26
GLPCHI'26
GLPCHI'24
GSHIAV'24
CQLGST'24
70
84
105
145
147
161
170
189
193
306
ADTIN'36
ADANEM'30
ADSEZ'41
ADSEZ'29
ADTIN'26
ADSEZ'31
ADSEZ'27
ADSEZ'27
ADSEZ'32
ADSEZ'24
Corporates(incl.Quasi-sovs)-HY
SINOCE'24
SINOCE'25
COGARD'24
HPDLF'24
SINOCE'26
SINOCE'27
AGILE'25
GEMDAL'24
COGARD'24
PCPDC'26
SYSTIO'25
INCLEN'27
INDYIJ'24
ARENRJ'39
AZUPOE'24
ADGREG'24
ADANIG'24
VEDLN'24
KWGPRO'26
KWGPRO'26
-2,018
-1,243
-989
-920
-863
-858
-812
-632
-533
-470
45
50
60
89
125
261
762
892
954
1,089
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
Topandbottommovers:Last1-Monthpricechange
9
sovs)-IG
5.4
Sovereigns
MONGOL'26
MONGOL'27
PKSTAN'31
MVMOFB'26
HKINTL'51
PKSTAN'51
MONGOL'31
MONGOL'31
CHINA'22
KOREA'48
CHINA'23
INDON'24
INDON'23
INDOIS'25
PHILIP'24
INDON'24
PHILIP'31
PHILIP'31
PHILIP'25
PHILIP'30
Corporates(incl.Quasi-sovs)-HY
ACENPM'PerpADANIG'24SUNHKC'26CPDEV'PerpACPM'Perp
NAGACL'24
SIDEVE'26
JFCPM'PerpSUNHKC'24
QDHTCO'24
VEDLN'24
KWGPRO'26
SINOCE'27
COGARD'26
SINOCE'25
NWDEVL'PerpCHINSC'24
SINOCE'29
SINOCE'30
VEDLN'25
6.8
6.2
5.3
4.5
3.5
2.6
2.1
2.1
2.0
1.9
-6.6
-6.7
-6.9
-7.0
-7.0
-7.1
-8.5
-9.6
-10.5
-11.6
4.5
3.1
3.0
2.5
2.1
1.6
1.4
1.3
1.2
0.0
-0.1
-0.2
-0.2
-0.3
-0.3
-0.4
-0.8
0.0
0.0
7.3
7.0
5.8
5.6
5.4
5.3
5.0
5.0
4.3
4.3
Financial(incl.
FWDGRP'PerpBCHINA'25
ICBCAS'26
ICBCIL'24
BCHINA'25
CCB'24
BCHINA'24
ICBCAS'25
ICBCAS'24
ICBCAS'24
BBLTB'36
HRINTH'30
HRINTH'26
HRINTH'27
HRINTH'30
HRINTH'27
HRINTH'29
HRINTH'47GLPSP'Perp
GLPSP'Perp
Quasi-sovs)
-3.9
-4.0
-4.2
-4.3
-4.4
-4.4
-4.5
-4.9
-9.8
-10.2
1.0
0.7
0.4
0.3
0.3
0.2
0.2
0.2
0.2
0.2
Corporates(incl.Quasi-
PINGRE'25
CHIOLI'43
CHIOLI'34
GXFING'23
CKINF'Perp
CQLGST'24
YXREIT'26
PINGRE'26
ADTIN'26
SINOPC'43
BABA'47
BABA'61
TENCNT'61
TAISEM'52
TENCNT'49
LENOVO'32
BABA'57
ADSEZ'32
ADSEZ'31
ADSEZ'41
-5.2
-5.3
-5.3
-5.5
-5.6
-5.7
-5.9
-6.1
-6.3
-6.7
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
Topandbottommovers:Year-to-datepricechange
10
0.0
-0.1
-0.2
-0.2
-0.3
-0.3
-0.4
-0.8
Sovereigns
MONGOL'26
MONGOL'27
PKSTAN'31
MVMOFB'26
HKINTL'51
PKSTAN'51
MONGOL'31
MONGOL'31
CHINA'22
KOREA'48
CHINA'23
INDON'24
INDON'23
INDOIS'25
PHILIP'24
INDON'24
PHILIP'31
PHILIP'31
PHILIP'25
PHILIP'30
Financial(incl.Quasi-sovs)
7.3
7.0
5.8
5.6
5.4
5.3
5.0
5.0
4.3
4.3
0.0
0.0
GLPSP'PerpCHOHIN'Perp GLPSP'Perp BBNIIJ'PerpFWDGRP'Perp CMINLE'31 MSFLCZ'24 BNKEA'Perp MUANTH'37FRESHK'24
POWFIN'28
EXIMCH'26
POWFIN'29
HRINTH'47
POWFIN'31
POWFIN'31
GRPCIN'26
HRINTH'30
CCAMCL'31
HRINTH'30
-1.7
-1.8
-1.9
-1.9
-2.0
-2.0
-2.2
-2.2
-2.3
-2.5
7.9
7.8
6.8
6.5
6.2
5.8
5.3
4.9
4.5
4.2
Corporates(incl.Quasi-sovs)-IG
PINGRE'25
CKINF'PerpCHIOLI'43
YXREIT'26
PINGRE'26
CKINF'PerpCOGO'26
PINGRE'24
CKINF'PerpXIAOMI'51
ADTIN'36
SINOCE'26
ADSEZ'24
ADTIN'26
ADSEZ'27
ADSEZ'29
ADSEZ'27
ADSEZ'41
ADSEZ'31
ADSEZ'32
16.7
12.6
10.7
9.5
9.3
8.8
7.9
6.5
6.4
6.1
-3.8
-4.0
-4.2
-5.1
-6.5
-6.9
-7.1
-7.8
-8.0
-10.2
Corporates(incl.Quasi-sovs)-HY
21.7
SINOCE'24
17.7
17.5
16.7
15.4
14.9
13.1
12.1
11.8
SINOCE'25
SINOCE'27
SINOCE'26
SMCGL'Perp
CHJMAO'Perp
SMCGL'Perp
SMCGL'Perp
SMCGL'Perp
11.7
PCPDC'26
-1.6
-1.6
-1.8
-2.0
INCLEN'27
RPVIN'28
CONTLE'27
AZUPOE'24
-4.3
-5.0
VEDLN'24
ADGREG'24
-5.3
ARENRJ'39
-7.2
-7.2
KWGPRO'26
KWGPRO'26
ADANIG'24-9.4
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
AsiaCreditSpreadsbySegment
11
bp
bp
AsiaSovereignsHYoverAsiaSovereignsIG
4500
4500
4000
3500
3000
2500
2000
1500
1000
500
0
z-sprdtoworst
4000
3500
3000
2500
2000
1500
1000
500
0
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(HY-IG)JACISovIGJACISovHY
z-sprdtoworsDurtoworstYTW,%
JACISovHY
2691
2.7
31.3
JACISovIG
143
7.4
5.0
CurrentSpreads2548
HistoricalrangeLTMDateasofSince16-Oct-18
Dateasof
Avg
1778
1082
High
3919
3-Nov-223919
3-Nov-22
Low
739
8-Jun-21
239
10-Apr-19
AsiaQuasi-sovereignsIGoverAsiaSovereignsIG
350
z-sprdtoworst
bp
50
300
40
30
250
20
10
200
0
150
-10
-20
100
50
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22
Basis(QUASIIG-SOVIG)JACISOVIGJACIQuasiIG
z-sprdtoworsDurtoworstYTW,%
-30
-40
-50Feb23
JACIQuasiIG
156
4.8
5.4
JACISovIG
143
7.4
5.0
CurrentSpreads
Historicalrange
12
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
10
14
High
33
29-Dec-22
38
20-Jan-21
Low
-13
12-May-22
-38
23-Mar-20
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
AsiaQuasi-sovereignsHYoverAsiaQuasi-sovereignsIG
800
660
550
440
330
220
110
0
z-sprdtoworst
700
600
500
400
300
200
100
0
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(HY-IG)JACIQuasiHYJACIQuasiIG
z-sprdtoworsDurtoworstYTW,%
JACIQuasiHY
472
1.9
9.2
JACIQuasiIG
156
4.8
5.4
CurrentSpreads
Historicalrange
317
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
404
369
High
512
3-Feb-23
622
2-Apr-21
Low
300
16-Jun-22
192
15-Apr-19
AsiaQuasi-sovereignsHYoverAsiaSovereignsHY
bp
500
4700
4200
3700
3200
2700
2200
1700
1200
700
200
z-sprdtoworst
0
-500
-1000
-1500
-2000
-2500
-3000
-3500
-4000
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(QUASI-SOV)JACISOVHYJACIQUASIHY
z-sprdtoworsDurtoworstYTW,%
JACIQuasiHY
472
1.9
9.2
JACISovHY
2691
2.7
31.3
CurrentSpreads
Historicalrange
-2219LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
-1365
-698
High
-272
14-Jun-21
158
30-Jul-19
Low
-3520
3-Nov-22
-3520
3-Nov-22
12
bp
AsiaCreditSpreadsbyRatings
AsiaCorp(exfin)BBBoverAsiaCorp(exfin)A
450
400
350
300
250
200
150
100
50
0
z-sprdtoworstbp200
150
100
50
0
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(BBB-A)JACICorp(exfin)lowerAJACICorp(exfin)BBB
z-sprdtoworsDurtoworstYTW,%
JACICorpBBB
239
4.0
6.3
JACICorpA
178
5.8
5.5
CurrentSpreads
Historicalrange
73
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
98
82
High
213
5-Aug-22
213
5-Aug-22
Low
46
23-Jun-21
39
30-Oct-19
AsiaCorp(exfin)BoverAsiaCorp(exfin)BB
2500
2000
1500
bp
z-sprdtoworst
3800
3400
3/1/2023
3000
2600
2200
1000
500
0
1800
1400
1000
600
200
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(B-BB)JACICorp(exfin)BBJACICorp(exfin)B
z-sprdtoworsDurtoworstYTW,%
JACICorpB
630
2.7
10.5
JACICorpBB
543
2.9
9.5
CurrentSpreads
Historicalrange
87
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
786
543
High
2447
15-Mar-22
2447
15-Mar-22
Low
-17
8-Nov-22
-17
8-Nov-22
AsiaFinancialpremiumoverAsiaCorp(exfin)IG
bp
310
z-sprdtoworst
280
250
220
190
160
130
100
150
100
50
0
-50
-100
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(Financials-CorpIG)JACICorp(exfin)IGJACIFin
z-sprdtoworsDurtoworstYTW,%
JACIFin
195
2.8
6.0
JACICorpIG
205
5.2
5.8
CurrentSpreads
Historicalrange
-9
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
-15
2
High
99
1-Jun-21
113
14-Apr-21
Low
-82
14-Jun-22
-82
14-Jun-22
Note:Currentprices&spreadsasofFebruary28,2023.Source:J.P.Morgan
AsiaCorp(exfin)BBoverAsiaCorp(exfin)BBB
1800
1700
z-sprdtoworst
1600
1500
1400
1300
1100
900
700
500
300
100
1200
1000
800
600
400
200
0
Aug18Feb19Aug19Feb20Aug20Feb21Aug21Feb22Aug22Feb23
Basis(JACICorpBB-JACICorpBBB)JACICorp(exfin)BBB
JACICorp(exfin)BB
z-sprdtoworsDurtoworstYTW,%
JACICorpBB
543
2.9
9.5
JACICorpBBB
239
4.0
6.3
CurrentSpreads
Historicalrange
292
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
478
361
High
1308
28-Oct-22
1308
28-Oct-22
Low
232
6-Apr-22
186
20-Mar-19
AsiaCreditSpreadsvsOtherEMRegions
13
EMBIGsovereignsvs.AsiaSovereigns
bp
z-sprdtoworst
700
600
500
400
300
200
100
Jan18Jul18Jan19Jul19Jan20Jul20Jan21Jul21Jan22Jul22Jan23
Basis(EMBIGSov-JACISov)JACISovEMBIGSov
z-sprdtoworstDurtoworstYTW,%
350
300
250
200
150
100
50
0
JACISov
265
7.0
6.3
EMBIGSov
436
7.1
8.0
CurrentSpreads
Historicalrange
171
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
169
177
High
239
14-Jul-22
288
19-Mar-20
Low
135
12-Oct-21
128
8-Jan-21
CEMBIBroadLatamvs.CEMBIBroadAsia
bp
900
z-sprdtoworst
800
700
600
500
400
300
200
100
Jan18Jul18Jan19Jul19Jan20Jul20Jan21Jul21Jan22Jul22Jan23
Basis(Latin-Asia)CEMBIBroadAsiaCEMBIBroadLatin
z-sprdtoworsDurtoworstYTW,%
450
350
250
150
50
-50
-150
CEMBIBroadAsiaCEMBIBroadLatam
292
401
3.8
5.4
5.8
7.8
CurrentSpreads
Historicalrange
109
LTM
Dateasof
Since16-Oct-18
Dateasof
Avg
62
104
High
123
14
溫馨提示
- 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽，若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲空間，僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理，對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請與我們聯(lián)系，我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 兄弟房屋合同協(xié)議書范本
- 合作工程協(xié)議書合同
- 中國聚合物防水劑行業(yè)市場前景預(yù)測及投資價(jià)值評估分析報(bào)告
- 沐足合伙合同協(xié)議書范本
- 簡單用工協(xié)議書 合同
- 中國芳綸涂覆鋰電池隔膜行業(yè)市場規(guī)模及投資前景預(yù)測分析報(bào)告
- 安全施工課件
- 蛋糕店創(chuàng)業(yè)策劃書3
- 酒水回收合同協(xié)議書模板
- 玻璃可行性研究報(bào)告模板
- 統(tǒng)編歷史七年級下冊（2024版）第8課-北宋的政治【課件】j
- 建筑與環(huán)境設(shè)計(jì)專題知到智慧樹章節(jié)測試課后答案2024年秋寧夏大學(xué)
- 觀文水庫導(dǎo)截流驗(yàn)收質(zhì)量評價(jià)意見
- 化工工藝管道安全操作課件
- 平行賬的實(shí)現(xiàn)
- 4S店燒烤活動方案
- 2025年貴州省貴陽市衛(wèi)生健康系統(tǒng)事業(yè)單位招聘384人歷年高頻重點(diǎn)提升（共500題）附帶答案詳解
- DB3307T 128-2023 共富工坊建設(shè)與星級評價(jià)規(guī)范
- 孩子心理成長中家長角色的科學(xué)定位
- 小學(xué)生反詐騙班會課件
- 《大氣輻射學(xué)》課件
評論
0/150
提交評論