AccessibleversionAsiaPacificCreditUpdateIndiaHY:YTDperformancerecap&recommendationsupdateRatingChange-CreditYTDperformancerecap28December2023ICEBofAIndiaHYindex(EINH)haspostedYTDtotalreturnof11.0%(asof28Dec’23),GlobalEmergingMarketsCorporateoutperformingEMHYtotalreturnof9.4%andAsiaHYtotalreturnof1.3%.Onayield-Creditto-worst(YTW)basis,IndiaHYindexhastightenedbyabout140bpsYTD(asof28AsiaDec’23)andiscurrentlytradingatYTWofc.9.4%.JingPengSectoroutlook:renewablespositive,commoditiesmixedResearchAnalystMerrillLynch(HongKong)Therenewablessectorislikelytoseeimprovingcreditprofilesupportedbyimproving+85235083105receivablesin2024.Thisshouldbemorepositivefortherestrictedgroup(RG)issuersjing.peng2@bofa.comwhileHoldcocapexremaininghighwilllimitcreditprofileupsideonaconsolidatedlevel.LefuLi,CFAForsteelcompanies,globalmacrouncertaintyandhighpremiumfordomesticHRCResearchAnalystpricesinIndiavslandedcostofimportsfromChinaremainsthekeychallengethoughMerrillLynch(HongKong)webelieveIndiansteelmakershavetheheadroomtowithstandanysuchsteelprice+85235082142volatility.Outsidesteel,wethinkVedantawilllikelycontinuetobeevent-driveninthelefu.li@bofa.comneartermgivenongoingliabilitymanagementexercise.Lastly,fornon-bankingfinancialVikashAgarwalla,CFA(NBFC)sector,weseelimitedimpactonShriramFinancedespiterecentregulatoryResearchAnalysttighte...
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