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| ASIA PACIFIC WEEKLY |
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| Apr 9 - Apr 16, 2014 |
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Structural credit issues are a major topic of discussion in this week’s Asia Pacific Weekly. Firstly, we present our latest update on the use of keepwell agreements in China. Secondly, we extend our recent series on Basel III capital securities to Australia, which will be the subject of a teleconference on April 16. We hosted a similar teleconference on Basel III securities in Japan, which can also be found below.
You can find out more on these issues, as well as Moody’s latest ratings, research, training and events from across the region, 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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Basel III Capital Securities in Australia: Answers to Frequently Asked Questions
[Apr 10] Australian banks' capital positions are sufficient to meet nearly all upcoming regulatory capital requirements two years ahead of schedule. However, Moody’s expects that the banks will continue to issue Basel III securities at a steady pace to replace their outstanding Basel II securities.
China Property Industry: 2013 Results Show Weakening Credit Trends for Developers; 2014 Should Stabilize
[Apr 16] Most of the 50 Chinese property developers rated by Moody’s have sufficient financial cushions to withstand challenging business conditions in 2014. In particular, their revenues and EBITDA will increase materially over the next three quarters, as they recognize completed projects presold in 2013, when contracted sales growth was strong
Chinese Corporates: FAQs on Credit-Support Structures in China Using Keepwell Agreements: An Update
[Apr 10] The more than $12 billion of bonds issued by the offshore subsidiaries of China-incorporated companies and supported by keepwell deeds to enhance their credit quality require careful consideration on a case-by-case basis because they carry different risks and are structurally complex.
Credit Analysis on Fiji
[Apr 9] Fiji's economy is experiencing robust growth on the back of an upturn in business confidence and investment, which in turn have been spurred by an improving political outlook.
Credit Quality of Japan Auto Loans Stable Despite Rise in Default Rate
[Apr 10] The credit quality of Japanese auto loans remains stable despite a rise in the default rate of the auto loan-backed ABS index.
Global Infrastructure Focus Newsletter - April 2014
[Apr 14] Japanese Electric Utilities: Credit Quality of Japanese Utilities Will Diverge as Only Some Return to Profitability; Strong International Passenger Growth Is Credit Positive for Australian Airports; Australian Infrastructure Industry: Productivity Commission’s Proposals Would Increase Investment in Infrastructure; and more.
Vietnam Asset Management Company: Answers to Frequently Asked Questions
[Apr 10] Vietnamese banks can improve their liquidity by transferring problem loans to the Vietnam Asset Management Company, the newly-launched government-owned entity with a mandate to take over bad debt from the banking sector and manage the recovery process.
Moody’s Credit Outlook on Apr 10 and Apr 14
[Apr 14] Mongolian Mining Corporation Joint Venture with Shenhua Is Credit Positive; Daiichi Sankyo Will Benefit from Sun Pharma Acquisition of Ranbaxy; Japanese Banks Resume Uncollateralized Lending to TEPCO, a Negative for Banks, but Positive for TEPCO; China’s New Insurance Company Rules Will Promote Consolidation, a Credit Positive; Indonesia’s Rupiah and Stock Market Selloff after Election Highlights Funding Sensitivity, a Credit Negative; and more. |
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RATING EVENTS |
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ANNOUNCEMENTS |
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MOODY'S EVENTS |
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Teleconference: Basel III Securities in Australia
Asia Pacific, April 16, 2014
Upcoming Speaking Engagements:
Sponsorship: 8th Annual China High Yield and Corporate Bond Forum 2014
Shanghai, April 15-16, 2014
China Securitization seminar organized by The Chinese Finance Association
U.S., April 30, 2014 (Speaker: Jian Hu)
Sponsorship: Euromoney Conferences: The Global Offshore RMB Forum 2014
Hong Kong, May 13, 2014
Sponsorship: IFN Asia Forum
Malaysia, May 26-27, 2014 (Speaker: Khalid Howladar)
Click below to access teleconference / webcast replay. (*Free registration is required)
[Apr 9] Basel III Securities in Japan: The First Basel III-Compliant Issuances (English / Japanese)
[Apr 10] Banglalink Digital Communications Limited
[Apr 10] Challenges for Global Automakers in 2014
[Apr 15] Will the historical low default rate continue in consumer assets? (in Japanese)
[Apr 15] ASEAN and Indian Banks |
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MOODY'S TRAINING SEMINARS |
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BEIJING
Fundamentals of Corporate Credit, August 26-29, 2014
Corporate Credit Rating Analysis, October 7-9, 2014
HONG KONG
Fundamentals of Corporate Credit, May 12-15, 2014
Advanced Corporate Credit Analysis, July 14-16, 2014
Presenting Credit Assessments, August 18, 2014
Counterparty Credit Risk, August 25-26, 2014
Integrated Risk Management, August 27-28, 2014
Corporate Credit Rating Analysis, November 10-12, 2014
Covenants and Documentation, November 13, 2014
Fundamentals of Bank Credit Risk Analysis, November 20-21, 2014
Fundamentals of Corporate Credit, December 8-11, 2014
SHANGHAI
Corporate Credit Rating Analysis, September 17-19, 2014
SHENZHEN
Corporate Credit Rating Analysis, April 23-25, 2014
Fundamentals of Corporate Credit, July 8-11, 2014
SINGAPORE
Fundamentals of Corporate Credit, June 24-27, 2014
Bank Regulation: Impact and Implications of Evolving Regimes, August 6, 2014
Analyzing Sovereign and Country Risk, August 7-8, 2014
Advanced Bank Risk Analysis, August 11-13, 2014
Negotiating Skills for Risk Managers, August 19-20, 2014
Managing Stakeholder Relations - Influencing Without Authority, August 21-22, 2014
Covenants and Documentation, October 28, 2014
Corporate Credit Rating Analysis, October 29-31, 2014
Non-Bank Financial Institutions Analysis, November 24-25, 2014
SYDNEY
Fundamentals of Bank Credit Risk Analysis, July 30-31, 2014
Advanced Corporate Credit Analysis, August 4-6, 2014
Fundamentals of Corporate Credit, August 4-7, 2014
Integrated Risk Management, September 1-2, 2014
Counterparty Credit Risk, September 3-4, 2014
Negotiating Skills for Risk Managers, November 4-5, 2014
Communication Effectiveness for Analysts, November 6-7, 2014
TOKYO
Fundamentals of Bank Credit Risk Analysis, April 16-17, 2014 |
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CONTACT US |
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its
contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.
© 2014 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S").
All rights reserved. |
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