Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec …...Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18...

ASIA-PACIFIC

MARKETS MONTHLY

WHAT’S INSIDE

• As Local Systemic List Grows, at least 4 Chinese Banks May Need Fresh Capital

• Battery Metals — Exploration Efforts Continue Rising in 2018

• Global OTT Expansion Continues to Benefit Smart TV Manufacturers in Q3’18

• Credit Risk Trends For Asia

• M&A Activity By Country, Sector

• Initial Public Offerings

• Private Equity Investments And Buyouts

• Venture Capital Investments

• Asia-Pacific Crystal Ball--Mild Economic Slowdown Should Extend Through 2019

• Credit Ratings Actions

• Market Attributes: Index Dashboard

• Total Return Of Asia Fixed Income Indices Copyright © 2019 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

Highlights and Insights from S&P Global Market Intelligence

Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecJan

2019

S&P Global Market Intelligence Asia-Pacific Markets Monthly – January 2019 | To learn more about S&P Global Market Intelligence, please email us at [email protected]

Table of ContentsContent by S&P Global Market Intelligence:

As Local Systemic List Grows, at least 4 Chinese Banks May Need Fresh Capital - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 3

Metals — Exploration Efforts Continue Rising in 2018 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 4

Global OTT Expansion Continues to Benefit Smart TV Manufacturers in Q3’18 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- P. 5

Credit Risk Trends For Asia - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 6 – P. 7

M&A Activity By Country, Sector - - - - - - - - - - - - - - - - - - - - - - - - - - P. 9 – P. 11

Initial Public Offerings - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 12

Private Equity Investments & Buyouts - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - P. 13

Venture Capital Investments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 14

Content by S&P Global Ratings:

Asia-Pacific Crystal Ball--Mild Economic Slowdown Should Extend Through 2019 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 16

Credit Rating Actions - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 17

Content by S&P Dow Jones Indices:

Market Attributes: Index Dashboard - - - - - - - - - - - - - - - - - - - - - - - P. 19 – P. 20

Total Return of Asia Fixed Income Indices - - - - - - - - - - - - - - - - - - - - - - - - - - - - P. 21


More Top Stories:

December 30, 2018 - Yunfeng CEO: Technology will

help MassMutual Asia attract more Chinese customers

December 30, 2018 - Expect highly volatile market in

2019, says DBS exec

December 3, 2018 - Pivot away from domestic debt

boosts profit for Japanese life insurers

Real-Time Alerts

Interested to see more?

The combination of S&P Capital IQ platform's broad

data and powerful analytics with the S&P Global Market

Intelligence platform is designed to give you unrivalled

insight into the markets and sectors you follow. Request

a free trial to see how our coverage approach can

enhance your analysis of global financial institutions.

Already subscribed to the Market Intelligence

platform?

Click here to receive real-time alerts on emerging trends

and topics of interest produced by our research analysts

and news staffs.

As Local Systemic List Grows, at least 4 Chinese Banks May Need Fresh CapitalDecember 19, 2018 - At least four of the 30 largest banks in China by assets may need to raise fresh capital under

the latest proposal from the country's central bank to monitor domestic financial institutions that are systemically

important, according to an analysis by S&P Global Market Intelligence.

In S&P's analysis of large lenders that disclose common equity Tier 1 ratios, Hua Xia Bank Co. Ltd., Bank of Nanjing

Co. Ltd. and Bank of Hangzhou Co. Ltd., China Guangfa Bank Co. Ltd. do not meet the minimum CET1 requirement

for domestic systemically important financial institutions, or D-SIFI. (HENGFENG BANK CO. Ltd. also does not meet

the target but was excluded from the analysis given its latest available data is from 2016.) Bank of Ningbo Co. Ltd.

and Huishang Bank Corp. Ltd. are among the nine banks that posted CET1 ratios at or just above the statutory

minimum

The People's Bank of China said in November that it would categorize at least 30 banks, 10 securities brokerages

and 10 insurers as D-SIFIs, which means that these would be subject to a minimum CET1 ratio of 8.5%, compared

to 7.5% for all other institutions. The central bank did not disclose whether or when the names of the D-SIFIs would

be revealed.

Chinese regulators last compiled a D-SIFI list in 2012, categorizing lenders along the lines of international practice

that takes into account such factors as asset size, complexity and liquidity.

With the list of Chinese lenders classified as D-SIFIs now set to grow, the higher capital requirements may restrict

the sector's overall lending capacity, potentially hampering their ability to support national economic growth targets.

Read the full article >

https://platform.mi.spglobal.com/web/client?auth=inherit#news/article?id=49042531&cdid=A-49042531-13869



http://marketintelligence.spglobal.com/request/

https://www.snl.com/interactiveX/settings/settings.aspx



Battery Metals — Exploration Efforts Continue Rising in 2018December 20, 2018 - In recent years, exploration efforts have been spurred on by relatively robust prices for many

commodities deemed essential components of batteries. With demand expected to grow for these materials in the

coming years and attention focused on supply, many exploration companies have launched campaigns to find new

projects or expand known deposits, particularly focusing on commodities previously not considered core to the

exploration sector.

In 2018, 292 companies budgeted an aggregate US$424.5 million to the exploration for cobalt, lithium, graphite,

manganese and vanadium, up 57% from the US$270 million budgeted by 230 companies in 2017. In addition, nickel

allocations also benefited in 2018, rising 22% year over year to US$297.8 million.

Continue reading >

More Top Stories:

December 17, 2018 - Battery metals — The future of

demand for battery metals, EVs, power storage

December 17, 2018 - Battery metals — Heightened

focus on supply with increasing emphasis on nickel

December 17, 2018 - CES 2018 — US exploration

budgets increase 34% YOY, driven by copper and

gold

December 10, 2018 - Miners' margins to increase by

US$13.7B to reach 37% in 2019

Power your mining industry analysis with

actionable insights.Our interactive metals and mining service provides a

comprehensive view of global mining industry

activities. From worldwide exploration, development,

production, mine cost analysis, acquisitions activity,

commodity market forecasts, and credit risk

assessments—our unbiased insight can power your

mining analysis. Learn more >






https://www.spglobal.com/marketintelligence/en/campaigns/metals-mining

https://pages.marketintelligence.spglobal.com/State-of-the-Market-Q3-Registration-November-2018.html?utm_source=APACNewsletter


Global Multichannel

Global OTT Expansion Continues to Benefit Smart TV

Manufacturers in Q3’18December 28, 2018 - The increasing availability of over-the-top services worldwide continues to drive demand for

smart TVs in multiple markets. Smart TVs continue to grow in popularity as an estimated 42.5 million units shipped

worldwide in the third quarter of 2018, according to Kagan. While the 2018 World Cup helped official sponsor

Hisense Electric Co. Ltd. increase smart TV shipments, TCL Electronics Holdings Ltd. continued to gain market

share over its rivals, overtaking LG Electronics Inc. for the second spot this quarter. Overall, worldwide smart TV

shipments grew 9.8% year over year.

The market continues to grow as manufacturers include smart TV features by default on many models with

screens sized 40 inches or larger. Chinese manufacturers, such as TCL and Skyworth Digital Co. Ltd., are

contributing to increased adoption worldwide by offering affordable sets that can perform comparably to premium

offerings by Samsung Electronics Co. Ltd., LG and Sony Corp. Demand for traditional pay TV subscriptions is

declining in many regions, while OTT providers like Netflix Inc. and others are gaining popularity and helping push

the adoption of smart TVs.

While revenue is certain to be found on the hardware side, those stakeholders with smart TV software platforms

continue to benefit from the increasing number of smart TVs sold worldwide. Collecting anonymized viewing data

of consumers to target them with advertisements has become standard practice on most smart TV operating

systems. Owners can opt out of this but most smart TVs, if not all, have this opt-out option buried in the settings

menu, while the collection of viewer data is turned on by default.

Read the full article >

More Top Stories:

December 21, 2018 – SoftBank telecom unit flops on

trading debut after IPO

December 20, 2018 –Indian TV market enters new era

December 10, 2018 – Fiber to the home and DSL stir

Nepal's dynamic broadband landscape

November 30, 2018 - Spectrum and tower roundup,

emerging Asia-Pacific mobile

Essential Tech, Media & Telecoms

(TMT) Intelligence

Our global TMT service offers a comprehensive source

to assess impact on your business, identify

opportunities, and manage risk on a platform with data

coverage, news, research, and forward-looking

projections.

About Our Global Tech, Media and Telecoms (TMT)

Solution / Request a Demo

TMT Industry News


bit.ly/2QsnhsT





https://marketintelligence.spglobal.com/client-solutions/users/tech-media-telecom-companies

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/index


Credit Risk Trends For Asia

Source: S&P Global Market Intelligence fundamental-based PD model, PD Model Fundamentals. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence’s PD Model Fundamental scores from the credit ratings issued by

S&P Global Ratings. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Data as of January 2019. Charts and graphs are for illustrative purposes

only.

The Credit Landscape Using Probability of Default (PD) Fundamentals in Asia

aaa to a- bbb+ to bbb- bb+ to bb- b+ to b- ccc+ and below

Sector Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Asia Average

Consumer Discretionary bbb bb+ bbb- bb- bbb- bbb+ bb+ bbb- bb- a- bbb bb bb- bb

Consumer Staples bbb- bb- bbb bb+ bbb- bbb+ bb bbb bb+ bbb- bbb- bbb bb+ bbb-

Energy bbb bbb+ bbb+ bb+ bb bbb- bb+ bb bb- bb bbb+ a bbb- bb+

Financials bbb- bb+ bb+ bb+ bbb bbb bbb- bb+ bbb- bb+ bbb- bb+

Healthcare bb bbb- bbb bb bb+ bbb bb+ bb+ bb+ bb- bb- bb+ bb+

Industrials bbb- bbb- bbb bb- bb bbb bb bb+ bbb bbb- bb+ bb b+ bb

Information Technology bb+ bb bb+ bbb- b+ bbb- bb+ b- b bb bbb bb+ b+ bb

Materials bbb bb+ bb+ bb+ bb bbb bb bb bb bbb+ bbb- bbb- bbb- bb

Telecommunication Services bbb- bbb- a- bb- bb+ a- bb bbb- bb bb- bbb- bbb- bb bbb+

Utilities bb+ bb+ bbb+ bb bbb bbb- bbb bb+ bb+ bb+ bbb bb+ bb bb+

Country Average bbb- bbb- bbb bb bb+ bbb bb+ bb+ bb+ bb+ bbb- bb+ bb+ bb+


Credit Risk Trends For AsiaMarket Signal Probability of Default Trends in Developed Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of January 2019. Charts and graphs are for illustrative purposes only

Market Signal Probability of Default Trends in Developing Asia

Source: S&P Global Market Intelligence equity volatility-based PD Model Market Signals benchmarks as of January 2019. Charts and graphs are for illustrative purposes only

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

Tit

le

Australia

Hong Kong

Japan

South Korea

New Zealand

Singapore

Asia Median

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

Tit

le

China

India

Indonesia

Malaysia

Philippines

Taiwan

Thailand

Vietnam

Asia Median


Transaction Activity By Sector, Country

S&P Global Market Intelligence provides detailed information on M&A and financing transactions covering the most active markets in the

world. We track all publicly announced mergers, acquisitions, private placements, public offerings, shelf registrations, equity buybacks,

and bankruptcies. Transaction data is updated daily from various sources such as regulatory filings, company websites, newsletters, trade

publications, and press releases.

Our Transaction Data:

S&P Global Market Intelligence covers 1,300,000+ transactions globally.

All transaction information, including M&A activity, is seamlessly integrated in the S&P Capital IQ platform and S&P Global Market

Intelligence Excel Plug-In, and can be viewed alongside company fundamentals.

To learn more about our transaction coverage, history, and collection process, please contact [email protected]

In This Report:

Transaction activities are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,

New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

mailto:[email protected]


In December 2018, the number of financial deals remained flat compared to the previous month, while the number of strategic deals

increased by 17%.

Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values.

Charts are provided for illustrative purposes.

M&A Activity In Asia Pacific: Strategic vs. Financial Buyers

0

100

200

300

400

500

600

700

Jul'18 Aug'18 Sep'18 Oct'18 Nov'18 Dec'18

No

. o

f D

eals

Financial Deals Strategic Deals


M&A Activity In Asia Pacific: Selected CountriesIn December 2018, M&A activity reached US$57.6bn across 1,066 deals. China was the most active M&A market, with 438 deals totaling US$24.3bn. In

terms of YoY growth, aggregate deal value has increased by 4% relative to the same period last year, while aggregate deal volume has decreased by 6%.

No. of Deals and Value YTD Activity (18’ vs. 17’)

Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on M&A announcement

dates. Includes both closed and pending transactions as well as those without transaction values. Charts are

provided for illustrative purposes.

No. of Deals and Value by Country (December’18)Country No. of Deals Value of Deals ($USDmm)

China 438 24,313.7

Australia 113 7,750.9

Japan 105 1,965.6

India 67 5,625.3

South Korea 76 2,107.2

Malaysia 33 5,666.7

Hong Kong 55 8,118.7

Singapore 34 418.7

Vietnam 45 124.3

Thailand 28 237.4

New Zealand 41 710.0

Indonesia 16 388.1

Taiwan 10 168.0

Philippines 5 2.4

No. of Deals Value of Deals ($USDmm)18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 -YoY Comparison

Through Jan 1, 2018- Jan 1, 2017 -YoY Comparison

Through

Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Dec 31, 2018 Dec 31, 2017 Dec 31, 2018

China 4,107 4,829 -15% 269,879 353,925 -24%

Australia 1,594 1,584 1% 94,807 114,203 -17%

Japan 1,612 1,629 -1% 62,693 46,986 33%

South Korea 960 1,159 -17% 47,410 41,547 14%

India 1,326 1,216 9% 90,830 39,336 131%

Hong Kong 462 567 -19% 47,971 56,003 -14%

Vietnam 499 137 264% 3,703 6,973 -47%

New Zealand 282 232 22% 8,281 2,500 231%

Singapore 384 454 -15% 13,204 57,458 -77%

Malaysia 438 541 -19% 12,513 20,073 -38%

Thailand 279 308 -9% 20,973 9,804 114%

Indonesia 187 261 -28% 11,211 4,669 140%

Taiwan 122 123 -1% 8,006 7,389 8%

Philippines 109 117 -7% 103,242 6,323 1,533%

Total 12,361 13,157 -6% 794,723 767,187 4%

Key Threshold (No. of Deals)0 - 16

>16 - 88>88 - 175

>175 - 263>263 - 350>350 - 438


The healthcare industry has shown the largest growth in the total value of deals year-to-date, increasing 197% compared to the same period last year. In terms

of the total number of deals, the top industries continue to be industrials, consumer discretionary, and information technology, though growth has remained

relatively flat.

No. of Deals YTD Activity (18’ vs. 17’) Value of Deals (USDmm) YTD Activity (18’ vs. 17’)

Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. NSD – No Sector Disclosed. Tables are provided for

illustrative purposes. Data sorted by no. of deals and by transaction value from highest (darkest green) to lowest (lightest green).

M&A Activity In Asia Pacific: Selected Sectors

Sector

'18 YTD '17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 -YoY Comparison Through

Dec 31, 2018 Dec 31, 2017 Dec 31, 2018

Industrials 2,028 2,006 1%

Discretionary 1,536 1,585 -3%

IT 1,432 1,441 -1%

Real Estate 1,167 1,289 -9%

Materials 965 973 -1%

Healthcare 776 687 13%

Staples 685 644 6%

Teleco. Services 677 670 1%

Financials 677 746 -9%

Utilities 382 330 16%

Energy 240 185 30%

NSD 1,796 1,812 -1%

Total 12,361 12,368 0%

Sector

'18 YTD '17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 -YoY Comparison Through

Dec 31, 2018 Dec 31, 2017 Dec 31, 2018

Industrials 199,815 109,546 82%

Real Estate 105,426 188,500 -44%

Materials 79,795 55,323 44%

Discretionary 76,495 60,522 26%

Healthcare 56,047 18,869 197%

IT 50,288 54,470 -8%

Financials 38,525 40,487 -5%

Energy 33,076 24,361 36%

Teleco. Services 32,999 39,105 -16%

Staples 32,811 37,784 -13%

Utilities 29,176 42,662 -32%

NSD 60,270 65,755 -8%

Total 794,723 737,384 8%


Initial Public Offerings By CountryIn December 2018, over US$25.6bn in proceeds were raised across 97 IPOs in the Asia Pacific region. Japan accounted for approximately US$21.8bn of the total

value, followed by China with US$3.2bn. In terms of YoY growth, the total number of IPOs has decreased by 24%, while the total value has increased by 23%.

No. of IPOs and Value by Country (December’18)

No. of IPOs and Value YTD Activity (18’ vs. 17’)

Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on public offerings

offer date. Includes all closed transactions. Tables are provided for illustrative purposes.

Country No. of IPOs Value of IPOs ($USDmm)China 22 3,202.6

South Korea 20 319.3Japan 19 21,846.3

Vietnam 8 13.9Australia 7 28.5

Hong Kong 5 79.3India 5 14.3

Indonesia 3 38.3Thailand 3 84.7Malaysia 2 9.6Singapore 2 11.1

Taiwan 1 0.0New Zealand 0 0.0Philippines 0 0.0

No. of Deals Value of IPOs ($USDmm)

18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth

Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through Jan 1, 2018 - Jan 1, 2017 -

YoY Comparison Through


China 204 497 -59% 55,370 44,818 24%

South Korea 89 76 17% 2,378 6,825 -65%

Japan 95 93 2% 26,365 5,131 414%

Vietnam 52 58 -10% 1,987 940 111%

Australia 74 92 -20% 4,045 2,497 62%

Hong Kong 102 87 17% 2,443 2,934 -17%

India 163 169 -4% 4,094 7,556 -46%

Indonesia 56 33 70% 1,177 663 77%

Thailand 23 40 -43% 1,237 3,037 -59%

Malaysia 28 22 27% 248 1,843 -87%

Singapore 27 34 -21% 713 4,625 -85%

Taiwan 5 6 -17% 58 359 -84%

New Zealand 2 2 0% 26 143 -82%

Philippines 1 4 -75% 152 458 -67%

Total 921 1,213 -24% 100,292 81,829 23%

Key Threshold (No. of IPOs)

0

>1 - 4

>4 - 9

>9 - 13

>13 - 18

>18 - 22


Private Equity Investments & Buyouts: Selected CountriesIn December 2018, the private equity market saw 101 deals totaling US$7.2bn in deal value, with India and Hong Kong having the largest deal values. Growth

in the number of deals throughout the region has increased by 20% YoY. However, aggregate deal value decreased 5% YoY.

No. of Deals and Value by Country (December’18)


Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on M&A announcement

dates. Includes both closed and pending transactions as well as those without transaction values. Tables are

provided for illustrative purposes.

Country No. of Deals Value of Deals ($USDmm)India 25 1,998.2

Japan 18 820.0

South Korea 18 1,020.1

China 17 1,256.8

Hong Kong 13 1,536.9

Singapore 5 424.6

Australia 2 0.0

New Zealand 2 161.2

Indonesia 1 29.2

Malaysia 0 0.0

Philippines 0 0.0

Taiwan 0 0.0

Thailand 0 0.0

Vietnam 0 0.0

No. of Deals Value of Deals ($USDmm)

18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth



Through

Dec 31, 2018 Dec 31, 2017 Jul 31, 2018 Jul 31, 2018 Jul 31, 2017 Jul 31, 2018

India 282 230 23% 10,700 8,719 23%

Japan 296 266 11% 3,977 24,387 -84%

South Korea 222 157 41% 14,162 7,713 84%

China 763 597 28% 70,763 39,278 80%

Hong Kong 30 26 15% 3,740 16,087 -77%

Singapore 51 48 6% 4,529 28,056 -84%

Australia 99 102 -3% 24,636 17,236 43%

New Zealand 16 19 -16% 2,342 1,632 43%

Indonesia 10 15 -33% 180 1,715 -90%

Malaysia 6 14 -57% 184 288 -36%

Philippines 3 4 -25% 313 415 -25%

Taiwan 10 7 43% 2,555 486 425%

Thailand 4 4 0% 66 85 -23%

Vietnam 25 19 32% 1,011 363 179%

Total 1,817 1,508 20% 139,159 146,462 -5%

Key Threshold (No. of Deals)0

>0 - 5

>5 - 10

>10 - 15

>15 - 20

>20 - 25


Venture Capital Investments: Non Buyouts By CountryIn December 2018, the venture capital investments reached US$6.1bn across 125 deals, with India being the most active market in terms of the total deal

count and deal value. China and Vietnam have also shown strong growth in the total number of deals. Aggregate deal volume in the region has increased

43% YoY. However, deal value has slightly decreased by 3% YoY.

No. of Deals and Value by Country (December’18)


Source: S&P Global Market Intelligence as of January 1, 2019. Figures are based on transaction

announcement dates. Includes both closed and pending transactions as well as those without transaction

values. Non-buyouts will include all features except for leverage buyouts ( LBO), management buyout or

secondary LBO. Tables are provided for illustrative purposes.

Country No. of Deals Value of Deals ($USDmm)India 39 2,014.5Japan 22 120.4China 20 1,383.4

South Korea 15 924.2Singapore 9 463.3Australia 7 28.6Thailand 5 0.0Indonesia 4 1,129.7

Taiwan 2 31.5New Zealand 1 1.5

Vietnam 1 1.3Hong Kong 0 0.0Malaysia 0 0.0

Philippines 0 0.0

No. of Deals Value of Deals ($USDmm)18 YTD 17 YTD YoY Growth 18 YTD 17 YTD YoY Growth



Through


India 440 343 28% 13,120 12,566 4%

Japan 519 407 28% 2,950 19,455 -85%

China 1,148 634 81% 69,597 33,536 108%

South Korea 155 113 37% 13,235 2,600 409%

Singapore 102 87 17% 4,713 22,615 -79%

Australia 103 101 2% 1,440 12,423 -88%

Thailand 16 19 -16% 86 236 -63%

Indonesia 43 38 13% 1,344 1,702 -21%

Taiwan 20 16 25% 2,343 529 343%

New Zealand 15 17 -12% 194 126 54%

Vietnam 35 19 84% 1,018 363 180%

Hong Kong 38 35 9% 1,072 8,963 -88%

Malaysia 15 18 -17% 55 164 -67%

Philippines 6 7 -14% 341 49 590%

Total 2,655 1,854 43% 111,506 115,327 -3%

Key Threshold (No. of Deals)

0

>0 - 8

>8 - 16

>16 - 23

>23 - 31

>31 - 39


Credit Ratings, Research & Commentary

S&P Global Ratings is the world’s leading provider of credit ratings. Our ratings are essential to driving growth, providing transparency

and helping educate market participants so they can make decisions with confidence. With more than 1.1 million credit ratings

outstanding, approximately 1,400 credit analysts and a presence in 28 countries, we offer a view of the market built on a unique

combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants

gain information to help support the growth of transparent, liquid debt markets worldwide. For more information, visit

www.spglobal.com/ratings.

Our Credit Ratings:

S&P Global Ratings has more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance

entities and securities.

Our credit ratings are forward-looking opinions about creditworthiness — the ability and willingness of issuers, such as corporations or

governments, to meet their financial obligations in full and on time. To learn more about how you can benefit from a credit rating from S&P

Global Ratings, please contact [email protected]

http://www.spglobal.com/ratings



APAC Economic Snapshots

Asia-Pacific Crystal Ball--Mild Economic Slowdown Should Extend Through 2019

More Top Stories:

December 12, 2018 – Global Weakest Links And

Default Rates: Higher Oil Price Volatility Fuels An

Increase In Oil And Gas Weakest Links

December 11, 2018 – Global Financing Conditions:

Bond Issuance Continues Its Decline

December 5, 2018 – Why It May Make Economic

Sense To Tackle Global Warming

Credit Update

Click here to subscribe* to CreditMatters Asia-Pacific, a

weekly newsletter that is designed to offer the latest

credit market insights.

Credit Spotlight

China Credit Spotlight: flagship series of China research

designed to bring together views on China’s economic

and credit trends.

ASEAN Credit Spotlight: showcases insights into

ASEAN macroeconomic developments and key credit

trends affecting governments, corporates and financial

services.

December 10, 2018 - Asia-Pacific is losing steam. One by one, the global growth drivers that gave us the

synchronized regional upturn in 2017 have started to fall away. First to go was exceptionally easy external

financing conditions, led by U.S. dollar interest rates. Second was buoyant demand growth in China as policy

tightening rippled through the economy. Most recently, we saw a clear turn in the trade cycle as growth divergence

returned among the major economies.

It is not a surprise that these growth factors are waning gradually. However, the impact on growth has been larger

than we had expected. The bright picture painted by consensus forecasts earlier in 2018 has darkened in recent

months with expectations building for a sharper slowdown in 2019. This reflects a weaker-than-expected end to

this year and the prospect that some risks, especially global trade tension, have already begun to materialize. S&P

Global Ratings continues to see mainly downside risks to our Asia-Pacific growth forecasts. Global trade and

investment friction remain top of mind for Asia. If friction escalates, the key casualty would be manufacturing

investment.

We do not expect these global growth drivers to reverse in 2019 and so growth should keep slowing. We forecast

that Asia-Pacific growth will edge down to 5.3% in 2019 from 5.4% in 2018. This is a 0.2 percentage point

downward revision from our previous forecast at the end of the third quarter.

We have lowered our forecasts for almost every country in Asia-Pacific, underscoring the global nature of the

slowdown. For China, we now expect 6.2% in 2019 (previously 6.3%), which assumes that the government will

soften or reduce this year's 6.5% growth target. We forecast India's growth to remain steady at about 7.6% next

fiscal year whereas previously we had expected a moderate pick up. We have also trimmed our forecasts by 0.1-

0.2 percentage point for Australia, Japan, and across ASEAN.

Read the full article > * Subscription to the S&P Capital IQ platform is required

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_DefaultTransitionandRecoveryGlobalWeakestLinksAndDefaultRatesHigherOilPriceVolatilityFuelsAnIncreaseInOilAndGasWeakestLinks_40393941_Jan-02-2019.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_CreditTrendsGlobalFinancingConditionsBondIssuanceContinuesItsDecline_40380495_Jan-02-2019.PDF

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_EconomicResearchWhyItMayMakeEconomicSenseToTackleGlobalWarming_40344030_Jan-02-2019.PDF

https://www.spratings.com/en_US/register

http://www.spratings.com/en_US/topic/-/render/topic-detail/china-credit-spotlight

http://www.spratings.com/en_US/topic/-/render/topic-detail/asean-credit-spotlight

https://pages.marketintelligence.spglobal.com/rs/565-BDO-100/images/RatingsDirect_EconomicResearchAsiaPacificCrystalBallMildEconomicSlowdownShouldExtendThrough2019_40381418_Jan-02-2019.PDF


Recent S&P Global Credit Ratings Actions

Source: S&P Global Ratings, as of January 1, 2019. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. Tables are for illustrative purposes

only.

Company Rating Action Rating DatePrior

RatingCurrent Rating Location

China Automation Group Limited (SEHK:569) Upgrade 12/6/2018 SD CCC China (Primary)

Elion Resources Group Limited Downgrade 12/17/2018 B B- China (Primary)

Kyoei Fire & Marine Insurance Co., Ltd. Upgrade 12/27/2018 A- A Japan (Primary)

OnePath Life (NZ) Limited Downgrade 12/20/2018 A+ A New Zealand (Primary)

Panda Green Energy Group Limited (SEHK:686) Downgrade 12/12/2018 B CCC+ Hong Kong (Primary)

Rhodium Resources Pte Ltd Downgrade 12/23/2018 B B- Singapore (Primary)

SECOM General Insurance Co.,Ltd. Downgrade 12/6/2018 A A- Japan (Primary)

Tata Motors Limited (BSE:500570) Downgrade 12/4/2018 BB BB- India (Primary)

Yingde Gases Group Company Limited Upgrade 12/6/2018 B B+ Hong Kong (Primary)


Research, Education, and Market Commentary

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, which provides essential intelligence for individuals,

companies, and governments to make decisions with confidence. Whether you’re looking to track a market’s performance, evaluate your portfolio, or invest in index-linked

investment products, indices are indispensable financial tools. We carry out extensive interactions with clients to create cutting-edge quantitative solutions, with an award-

winning research team that specifically covers multiple asset classes. Our indexology blog (www.indexologyblog.com) features posts, reports, performance, and

discussions from knowledgeable industry contributors to provide insightful research and newest innovations, market, political and economic events through the lens of our

index data.

Our Indices:

As the world's largest resource for index-based innovation, data and research our mission is to bring independent, transparent and cost effective solutions to the global

investment community. S&P Dow Jones Indices is at the forefront of index change and innovation. Our goal is to continue to anticipate and respond to how our clients see

global investment opportunities.

Home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices

than based on any other provider in the world. With over 1,000,000 indices and more than 120 years of experience constructing innovative and transparent solutions, S&P

Dow Jones Indices defines the way investors measure and trade the markets. For more information, visit www.spdji.com or contact [email protected].

In this Report:

Monthly market performance that highlight developments in the Asia Pacific equity, commodities, fixed income, and niche-themed markets.

http://www.spdji.com/

http://www.spdji.com/



2018 was a weak year for Asian equities as the S&P Pan Asia BMI closed the year

down 14%. The Utilities sector managed to end the year on a positive note (up

2%) as defensive positioning made the traditionally less volatile sector more

attractive.

India was one of the best-performing equity markets in 2018. Despite a rocky

December, the S&P BSE SENSEX finished the year in positive territory with a gain

of 7%. Also bucking a trend for global declines, the S&P/NZX 50 Portfolio index

ended the year up 5%. New Zealand's equities have been one of the few bright

spots globally this year, and provided the highest returns of the S&P Developed

BMI’s constituent countries in 2018.

Chinese equities struggled in 2018 amid continued trade tensions and uncertainty

over the health of the Chinese economy. Trade talks are likely to remain a major

focal point in 2019, especially after news that China's manufacturing sector

contracted in December for the first time in 19 months. The S&P China 500

completed 2018 with a loss of 19%.

Fixed income indices had a banner year, as market volatility catalysed a flight to

safety and drove down sovereign yields in China. The S&P China Government

Bond Index finished the year with an 8% return.

Commodities suffered in 2018, with the DJCI down 9% and the S&P GSCI down

14%, as Energy and Industrial Metals were hit hard by plunging oil prices and trade

tensions.

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of December 31, 2018. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country indices and single country

strategies are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results. For more information,

please visit our website at www.spdji.com

Market Attributes: Index Dashboard

Summary

-2.92%

-0.91%

-0.37%

-0.12%

-0.11%

-0.05%

-0.03%

-0.03%

-0.01%

-0.01%

0.01%

0.01%

0.01%

0.03%

-3.50% -3.00% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50%

Japan

China

Australia

South Korea

Taiwan

Thailand

Hong Kong

Singapore

Pakistan

New Zealand

Philippines

Indonesia

Malaysia

India

S&P Pan Asia BMI Country ContributionDecember 2018

S&P Pan Asia BMI (-4.51%)


Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of December 31, 2018 except * as of December 28. Index performance based on total return. Numbers in brackets are closing price levels for the corresponding indices. Returns for single country

indices and single country strategies are in local currency, otherwise USD. ~Sector contributions to the S&P Pan Asia BMI are calculated over the prior month. Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future

results. For more information, please visit our website at www.spdji.com

Market Attributes: Index DashboardIndex Investment Strategy

Index 1-M 3-M YTD

Pan Asia Equity

S&P Pan Asia BMI -4.51% -11.03% -13.57%

S&P Pan Asia MidCap -4.82% -11.51% -15.84%

S&P Pan Asia SmallCap -6.03% -13.19% -18.73%

S&P Asia 50 -1.75% -9.58% -12.99%

S&P Asia-Pacific BMI -5.15% -12.66% -13.30%

S&P Asia-Pacific Emerging BMI -3.19% -7.53% -14.16%

S&P Southeast Asia 40 -0.07% -0.75% -6.64%

S&P Pan Asia BMI Smart Beta

S&P Pan Asia Low Volatility -0.35% -3.34% 1.49%

S&P Pan Asia Ethical Select Dividend Opportunities -2.50% -6.53% -6.07%

S&P Pan Asia Dividend Aristocrats® -3.56% -7.51% -7.91%

S&P Pan Asia Quality LargeMidCap -3.69% -11.04% -9.39%

S&P Pan Asia Enhanced Value LargeMidCap -3.25% -10.15% -11.38%

S&P Pan Asia Low Beta -3.96% -10.19% -11.61%

S&P Pan Asia GIVI -3.81% -10.24% -11.66%

S&P Pan Asia Value -3.99% -10.44% -13.24%

S&P Pan Asia Intrinsic Value Weighted -4.66% -11.47% -13.77%

S&P Pan Asia Growth -5.02% -11.60% -13.92%

S&P Pan Asia Momentum LargeMidCap -4.02% -12.06% -16.57%

Commodities

Dow Jones Commodity Index (DJCI) -6.12% -8.60% -8.91%

S&P GSCI -7.75% -22.94% -13.82%

S&P GSCI Gold 4.73% 7.24% -2.81%

S&P GSCI Silver 9.53% 5.36% -10.19%

S&P GSCI Copper -3.75% -3.98% -16.81%

S&P GSCI Aluminum -6.33% -11.18% -18.44%

S&P GSCI Crude Oil -11.01% -37.94% -20.49%

Index 1-M 3-M YTD

Single-Country Strategy

S&P Korea Low Volatility* 2.41% -4.17% -7.85%

S&P Korea Dividend Opportunities* 2.05% -5.03% -11.64%

JPX/S&P CAPEX & Human Capital* -8.47% -16.04% -12.47%

S&P Japan GIVI -8.50% -14.79% -12.92%

S&P/JPX Dividend Arisocrats* -10.41% -16.35% -14.83%

S&P New China Sectors (USD) -4.35% -13.01% -23.14%

Single Country Equity

S&P BSE SENSEX -0.32% -0.20% 7.23%

S&P/NZX 50 Portfolio -0.34% -5.48% 5.22%

S&P/ASX 200 -0.12% -8.24% -2.84%

S&P Taiwan BMI -1.96% -12.15% -6.81%

S&P Hong Kong BMI -0.47% -5.07% -8.86%

S&P Singapore BMI -1.84% -7.48% -9.30%

S&P/TOPIX 150* -9.69% -17.16% -14.52%

S&P Korea BMI -1.97% -12.43% -15.68%

S&P China 500 -5.89% -11.77% -18.99%

Volatility

CBOE Volatility Index / VIX® (25.42) 40.68% 109.74% 130.25%

CBOE/CME FX Yen Volatility Index (9.65) 30.05% 36.49% 39.45%

S&P/JPX JGB VIX (1.67)* 9.87% 19.29% 12.84%

S&P/ASX 200 VIX (17.93) 3.85% 65.23% 76.83%

S&P 500® VIX Short-Term Futures 38.10% 77.03% 68.11%

HSI Volatility Index (25.03) 3.69% 38.29% 22.40%

Index 1-M 3-M YTD

S&P Pan Asia BMI Sectors Contribution~

Utilities 0.01% 0.44% -0.61% 2.31%

Consumer Staples -0.13% -1.85% -6.36% -4.36%

Health Care -0.48% -7.79% -15.90% -5.16%

Real Estate -0.05% -0.80% -1.48% -6.32%

Telecommunication Services -0.40% -4.84% -12.19% -9.65%

Energy -0.21% -6.78% -19.78% -9.97%

Financials -0.80% -4.16% -7.75% -12.89%

Industrials -0.74% -5.20% -11.91% -14.22%

Materials -0.22% -2.95% -12.25% -16.74%

Consumer Discretionary -0.78% -5.46% -12.33% -18.08%

Information Technology -0.72% -5.99% -15.94% -21.14%

Single-Country Fixed Income Yield

S&P BSE India Government Bond 7.46% 2.04% 5.92% 7.93%

S&P/NZX Government Bond 1.99% 1.04% 1.48% 4.65%

S&P/ASX Australian Government Bond 2.16% 2.02% 2.88% 5.23%

S&P Taiwan Government Bond 0.84% 1.31% 0.53% 2.33%

S&P Hong Kong Government Bond 1.74% 0.27% 0.67% 1.14%

S&P Singapore Government Bond 2.07% 1.27% 2.06% 1.96%

S&P Japan Government Bond 0.05% 0.66% 1.19% 0.83%

S&P Korea Government Bond 1.90% 0.61% 2.53% 5.31%

S&P China Government Bond 3.27% 0.89% 2.98% 8.35%


Total Return of Asia Fixed Income Indices

INDEX Yield 1-M YTD INDEX Yield 1-M YTD

S&P Pan Asia Bond Index 3.83 1.64 1.16 S&P/ASX Australian Fixed Interest 0+ Index 2.33 1.50 4.54

S&P Pan Asia Corporate Bond Index 4.35 1.29 0.06 S&P/ASX Australian Government Bond 0+ Index 2.15 1.91 5.09

S&P Pan Asia Government Bond Index 3.63 1.78 1.60 S&P/ASX Bank Bill Index 1.97 0.15 1.92

S&P China Bond Index 3.56 0.72 7.53 S&P/ASX Corporate Bond 0+ Index 3.06 0.72 3.57

S&P China Convertible Bond Index - -1.82 -1.50 S&P/ASX Government Bond 0+ Index 2.22 1.70 4.79

S&P China Composite Select Bond Index 3.48 0.62 8.18 S&P/ASX Government Inflation-Linked Bond 0+ Index 2.58 1.31 3.63

S&P China Composite Select Bond Index (USD) 3.48 1.61 2.51 S&P/ASX State-Government Bond 0+ Index 2.39 1.25 4.12

S&P Hong Kong Bond Index 1.86 0.31 1.28 S&P/ASX Supranational & Sovereign Bond 0+ Index 2.48 0.92 3.82

S&P BSE India Bond Index 7.71 1.89 7.81 Dow Jones Sukuk Higher Quality Investment Grade Total Return Index - 1.10 0.81

S&P BSE India 10 Year Sovereign Bond Index 7.37 2.41 6.67 Dow Jones Sukuk Investment Grade Total Return Index - 1.11 0.35

S&P Indonesia Bond Index 7.98 0.23 0.03 Dow Jones Sukuk Price Return Index - 0.59 -3.41

S&P Malaysia Bond Index 4.14 0.71 3.94 Dow Jones Sukuk Total Return Index (ex-Reinvestment) - 0.90 0.12

S&P Philippines Bond Index 7.02 0.97 -5.00 Dow Jones Sukuk Higher Quality Investment Grade Select Total Return Index - 1.08 0.91

S&P Singapore Bond Index 2.37 1.19 1.79 S&P MENA Sukuk Index - 0.62 0.34

S&P South Korea Bond Index 2.00 0.61 4.97

S&P Taiwan Bond Index 0.85 1.04 2.11

S&P Thailand Bond Index 2.35 0.74 1.48

The S&P Pan Asia Bond Index, which seeks to track local currency bonds in 10 countries and is calculated in USD, went up 1.64% in December to bring its YTD total return to 1.16%, and its yield-to-maturity

tightened 8 bps to 3.83%.

The S&P China Composite Select Bond Index (USD) increased 1.61%, bringing its YTD total return to 2.51%, and its yield-to-maturity tightened 22 bps to 3.48%.

The S&P China Bond Index rose 0.72% for the month, while its yield-to-maturity tightened 7 bps to 3.56%.

The S&P BSE India Bond Index increased 1.89% for the month, while its yield-to-maturity tightened 20 bps to 7.71%.

The Dow Jones Sukuk Total Return Index (ex-Reinvestment) went up 0.90% and the S&P MENA Sukuk Index increased 0.62% in December, posting YTD gains of 0.12% and 0.34%, respectively.

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of Dec 31, 2018. Index performance based on total return, except for KOSPI 200. Returns for indices containing more than one currency area - including the S&P China 500 - are in USD, otherwise

local currency. Charts and graphs are provided for illustrative purposes. Indices are unmanaged, statistical composites and their returns do not include the payment of any sales charges or fees an investor would pay to purchase the securities they represent. It is not

possible to invest directly in an index. Back tested returns do not represent actual trading results and were constructed with the benefit of hindsight. Returns do not include payments of any sales charges or fees. Such costs would lower performance. Past performance

is not a guarantee of future results. For more information, please visit www.spdji.com.


Market Observations – Make Your Own

If you are interested in building your own report similar to this issue of Market Observations or any prior report, please contact us.

Our team can assist you with helping to build a screen, linkage from Excel to PowerPoint, and customized templates and models for your future use.

For illustrative purposes only.

mailto:[email protected]?subject=APAC Markets Monthly - Build Your Own


About S&P Global Market Intelligence Asia-Pacific Markets Monthly

Asia-Pacific Markets Monthly is a complimentary report that provides timely insights and data on the CDS, Indexes, M&A, IPO, Private Equity

and Venture Capital Investment markets.

At S&P Global Market Intelligence, we integrate financial and industry data, research and news into tools that is designed to help track

performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuation and assess credit

risk. Investment professionals, government agencies, corporations and universities globally can gain the intelligence essential to making

business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). For more information, visit www.spglobal.com/marketintelligence.

How to Subscribe to Asia-Pacific Markets Monthly

Asia-Pacific Markets Monthly is published for Media, S&P Global Market Intelligence clients and select finance professionals. To receive a

copy, please register online here.

The global version - Market Observations - is also available every quarter. Subscription is free. Click here to subscribe.

On quarterly trends in Corporate Credit markets, subscribe to our free Credit Pulse issues.

Submit Feedback/Media Enquiries

Please contact us at [email protected]

Contact Us

http://www.spglobal.com/marketintelligence

http://pages.marketintelligence.spglobal.com/APAC-Markets-Newsletter-Subscription.html

http://pages.marketintelligence.spglobal.com/APAC-Markets-Newsletter-Subscription.html

http://www.spcapitaliq-credit.com/our-thinking/credit-market-pulse/



Disclosures

Copyright © 2019 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No

content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content)

may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission

of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any

third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not

responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS.

S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE

CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In

no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs,

expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of

the Content even if advised of the possibility of such damages.

S&P Global Market Intelligence’s opinions, quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements

of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global

Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for

the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global

Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such. S&P Global keeps certain activities of its divisions separate from

each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not

available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in

connection with each analytical process.

S&P Global Ratings does not contribute to or participate in the creation of credit scores generated by S&P Global Market Intelligence. Lowercase nomenclature is used to

differentiate S&P Global Market Intelligence PD credit model scores from the credit ratings issued by S&P Global Ratings.

S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the

right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge)

and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional

information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec …...Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18...

Documents

Transcript of Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec …...Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18...