Bondcritic Limited - HNA Group: The Redemption Treat

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Bondcritic Limited

Warut Promboon

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HNA Group: The Redemption Treat

HNA Group (HNAGRZ CH)â€‹ announced on 6-November that it has repaid USD300m of principal in SANYPH 11/18s which matured on the same date. The event has unfolded as per our prediction and we believe the SANYPH 11/18 repayment increases the likelihood that SANYPH 12/18s, which will mature on 3-December, will also be redeemed. As such, we remove SANYPH 11/18s from our coverage and maintain our OVERWEIGHT recommendation on SANYPH 12/18s and HONAIR 1/19s. We also initiate our coverage of Hainan Airlines Co (600221 CH)â€‹'s HAIAIR 10/20s with an UNDERWEIGHT recommendation. We also maintain our UNDERWEIGHT recommendation on the rest of HNA-related bonds (GRCHAR 3/19s, SANYPH 8/19s, the new Hainan Airlines' HAIAIR 10/20s, and HONAIR perp).

09/11/2018 3 EN

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Bondcritic Limited

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover selected deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model.

Our public research periodicals include:
- Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook
- Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.
- Asian ESG Monitor: Environmental, Social development, and Governance research
- Asian credit flash: A flash note on individual bonds and/or current credit news
Consulting services
- Private credit research
- Asian credit portfolio construction and monitoring/reviews
- Private debt and alternative financing solution consultation
Corporate bond fact sheets
A fintech platform to decentralize credit research and empower credit analysts.

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Analysts

Warut Promboon

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HNA Group: The Redemption Treat

Our public research periodicals include:

Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy​ and commentaries and Industry outlook

Asian Frontier Monitor: Pre-IPO research on Asian frontier markets such as Myanmar, Cambodia, Sri Lanka, Laos, Mongolia, and Vietnam.

Asian ESG Monitor: Environmental, Social development, and Governance research

Asian credit flash: A flash note on individual bonds and/or current credit news

Consulting services

Private credit research

Asian credit portfolio construction and monitoring/reviews

Private debt and alternative financing solution consultation

Corporate bond fact sheets

A fintech platform to decentralize credit research and empower credit analysts.

Energy Absolute: Absolutely Negative Energy

SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token

Social Bonds: Here Come the Next Green Bonds

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Asian Credit Monitor and Asian Dollar Bond Monitor: Asian bond strategy and commentaries and Industry outlook