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| ASIA PACIFIC WEEKLY |
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| Feb 04 - 11, 2015 |
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In this week’s Asia Pacific Weekly, we look at lower oil prices, which will not significantly boost global growth in the next two years as the gradual slowdown in China and headwinds from Japan, the euro area and Russia hold back economic activity. We also feature a discussion on the implications of lower oil prices on Asia Pacific sovereigns.
We examine India’s securitization market, which can provide funds needed to finance housing, infrastructure and urbanization projects as the country's economy grows. And we examine the growing securitization market in China, by comparing the Mainland’s collateralized loan obligation market to the that of the US.
We will conduct briefings and workshops in Sydney and Melbourne next week on Australian banks and structured finance. A full list of Asia Pacific events is provided below. |
Best regards,
Min Ye
Managing Director – Regional Head Asia Pacific
To access the information within this email we ask that you register to Moodys.com. Registration is complimentary. |
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RESEARCH |
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Securitizations Provide Long-Term Funding Option for India
[4 Feb] India's securitization market can provide funds needed to finance housing, infrastructure and urbanization projects as the country's economy grows.
Credit Implications of Lower Oil Prices on Asia Pacific Sovereigns (Presentation)
[5 Feb] As long as oil prices remain low, the direct effects will be positive on trade balances and downward on inflation in most Asian countries.
Credit Quality of Chinese National Oil Companies Is Resilient to Oil Price Decline
[5 Feb] CNOOC Limited's (Aa3 stable) plan to reduce capital spending and increase
production volumes are credit positive because it will mitigate the negative impact of falling crude oil prices on the company's EBITDA and debt metrics.
Chinese Regional and Local Governments' Revenue Growth Slows Sharply
[5 Feb] the sharp deterioration in revenue growth for Chinese regional and local governments (RLGs) in 2014 signals weakening fiscal metrics, a credit negative.
Chinese CLOs Similar in Name Only to US CLOs
[09 Feb] The nascent Chinese securitization market for collateralized loan obligations (CLOs) has expanded rapidly since 2012, but future growth will depend largely on increasing Chinese loan market transparency and liquidity and awareness of the significant differences between Chinese and US CLOs.
Chinese Banks: China Cuts Reserve Requirement, a Credit Positive for Banks
[10 Feb] The lower reserve requirement ratio will free up an estimated RMB570-RMB750 billion of mandatory deposit reserves on bank balance sheets currently held by the PBOC, easing system liquidity and reducing banks' funding costs and funding volatility.
Indonesian Telecommunications Tower Companies: Tower Companies Remain Acquisitive; Their Ability to Take on More Debt Varies
[10 Feb] The Indonesian tower industry has developed rapidly amid a supportive regulatory and business environment, and we expect the largest independent tower operators to acquire additional assets from telecom operators.
Global Macro Outlook: 2015-16. Lower Oil Prices Fail to Spur Global G rowth
[11 Feb] Lower oil prices will fail to give a significant boost to global growth in the next two years as the gradual slowdown in China and headwinds from Japan and the euro area hold back
economic activity.
Asian Liquidity Stress Index – February
[11 Feb] All Chinese readings rose in January. The liquidity sub-index for Chinese speculative-grade companies jumped to 26.6% from 23.1% as the number of Chinese companies with SGL-4 scores increased to 17 from 15 and the total number of high-yield Chinese companies decreased to 64 from 65.
Moody’s Credit Outlook on 05 Feb and 09 Feb
[5 Feb] Lend Lease Wins AUD2.6 Billion NorthConnex Motorway Project, a Credit Positive; Banks in Commonwealth of Independent States Feel Pinch as Russian Workers' Remittances Decline; Chinese Regional and Local Government Revenue Growth Slows Sharply; and more
[9 Feb] Pfizer's Cash Purchase of Hospira Is Credit Positive, but Increases the Risk of a Company Split-up; Japan Tobacco's Exit from Unprofitable Beverage Business Is Credit Positive; CNOOC Limited's Capital Spending Plan Will Moderate Effect of Crude Price Drop, a Credit Positive; Reserve Bank of India's Cut to Statutory Liquidity Ratio Is Credit Positive for Banks; Korean's Stimulus Plan Is Credit Negative for Korea Development Bank; Taiwan's Capital Strengthening Plan Benefits State- Controlled Banks; and more |
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RATING EVENTS |
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ANNOUNCEMENTS |
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MOODY'S EVENTS |
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MOODY'S TRAINING SEMINARS |
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SINGAPORE
Advanced Corporate Credit Analysis, 4-6 Mar
Advanced Financial Statement Analysis, 4-6 Mar
Counterparty Credit Risk, 4-6 Mar
Integrated Risk Management, 4-6 Mar
Corporate Credit Rating Analysis, 4-6 Mar
Fundamentals of Bank Credit Risk Analysis, 4-6 Mar
Corporate Credit & Cash Flow, 3-5 Jun
Credit Reasoning & Writing, 8-9 Jun
Insurance Credit Analysis, 10 Jun
Bank Regulation: Impact and Implications of Evolving Regimes, 10 Jun
Analyzing Sovereign and Country Risk, 10 Jun
Advanced Bank Risk Analysis, 10 Jun
Corporate Credit Rating Analysis, 2-4 Nov
Covenants & Documentation, 5 Nov
Fundamentals of Corporate Credit, 8 Dec
HONG KONG
Insurance Credit Analysis, 9 Mar
Fundamentals of Corporate Credit, 9 Mar
Covenants & Documentation, 9 Mar
Analyzing Sovereign and Country Risk, 9 Mar
Advanced Bank Risk Analysis, 9 Mar
Advanced Corporate Credit Analysis, 7-9 Sep
Credit Reasoning & Writing, 7-9 Sep
Corporate Credit Rating Analysis, 7-9 Sep
Fundamentals of Bank Credit Risk Analysis, 7-9 Sep
KUALA LUMPUR
Islamic Finance - Risk Management, 22 Jun
Islamic Finance - Sukuk: Theory and Practice, 22 Jun
SYDNEY
Fundamentals of Corporate Credit, 3 Sep
Advanced Corporate Credit Analysis, 13 Oct
Covenants & Documentation, 16 Oct
TOKYO
Fundamentals of Bank Credit Risk Analysis, 16 Oct
Fundamentals of Bank Credit Risk Analysis, 3-4 Dec |
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CONTACT US |
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All rights reserved. |
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