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Announcement:

Moody's: Asia's high-yield bond covenant quality reaches record weak level in Q2 2018

05 Jul 2018

Hong Kong, July 05, 2018 -- Moody's Investors Service says that the average covenant quality (CQ) score for Asian high-yield bonds that Moody's scored and which cleared the market in Q2 2018 was 3.16 (moderate).

"This was the weakest quarterly score in which at least two bonds were scored and considerably weaker than the 2.93 (moderate) score in Q1, and the previous weakest score of 3.06 (moderate) in Q4 2017," says Jake Avayou, a Moody's Vice President and Senior Covenant Officer.

"The Q2 score takes the Asia region's overall average to 2.69 (moderate) for January 2011 through June 2018, with a lower score denoting stronger covenant quality on our 1.0 to 5.0 scale," says Avayou.

Moody's conclusions are contained in its just-released "Covenants -- Asia: Q2 covenant quality continues to falter -- now at all-time weakest level".

Moody's scored 17 full-package and five high-yield lite bonds that cleared the market in Q2.

Fourteen of the full-package bonds were from Chinese property developers, all but two of which were for repeat issuers. The average CQ score for Chinese property developers was 3.37 (moderate), the joint all-time weakest score, last reached in Q3 2017 and significantly weaker than the previous quarter's average of 3.16 (moderate).

The weakest score of the quarter was for China SCE Property Holdings Limited's (B1 stable) bond, which scored 3.95 (weak).

The average score for Chinese property developers from January 2011 through June 2018 is 2.95 (moderate) compared to the average of 2.39 (good) for Asia bonds, excluding Chinese property developer bonds for the same period.

On the other hand, Southeast Asian bonds continue to provide stronger protection. For Q2, the three strongest bonds were from Southeast Asian companies. MNC Investama Tbk. (P.T.)'s (B3 negative) bond scored 1.36 (strong), the strongest score of the quarter, and the third strongest CQ score since Moody's began scoring in 2011.

Scores for cash leakage and investments in risky assets reached their all-time weakest levels. The average score for cash leakage was 3.96 (weak) and 3.90 (weak) for investments in risky assets. Thirteen of the 17 full-package bonds had income baskets that were pre-dated by at least three years, increasing the likelihood that these companies have capacity to make restricted payments.

In addition, the investments in risky asset scores were weakened by a large jump in average total permitted investment carve-outs to 28% of total assets from 19% of total assets in Q1.

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1129917

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Jake Avayou
VP-Senior Covenant Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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