Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

State Bank of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.</li>
<li>Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


SBI US$3bn QIP - No Surprises - Not the World’s Best Kept Secret

Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke</li>
<li>The UST curve bear-steepened marginally yesterday, in line with a steepening in the JGB curve and amid an absence of macro news. The yield on the 2Y UST rose 1 bp to 3.90%, while the yield on the 10Y UST was up 2 bps at 4.44%.</li>
<li>Equities shrugged off earlier losses to end the day marginally higher, after US President Donald Trump told reporters there could be trade talks, including with Europe. The S&amp;P 500 rose 0.1% to 6,269, while the Nasdaq was up 0.3% at 20,640. The market focus today is on the US CPI for June.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke
The UST curve bear-steepened marginally yesterday, in line with a steepening in the JGB curve and amid an absence of macro news. The yield on the 2Y UST rose 1 bp to 3.90%, while the yield on the 10Y UST was up 2 bps at 4.44%.
Equities shrugged off earlier losses to end the day marginally higher, after US President Donald Trump told reporters there could be trade talks, including with Europe. The S&amp;P 500 rose 0.1% to 6,269, while the Nasdaq was up 0.3% at 20,640. The market focus today is on the US CPI for June.


HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) raised around US$1.4bn in its India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.


HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy</li>
<li>Treasury yields ended slightly higher yesterday, as a larger increase earlier in the day was pared following a robust auction for 5Y notes. The yield on the 2Y UST rose 1 bp to 3.99%, while the yield on the 10Y UST was up 3 bps at 4.48%.</li>
<li>Equities retreated, following news that the Trump administration is moving to restrict the sale of chip design software to China. The S&amp;P 500 and Nasdaq Composite fell 0.6% and 0.5%, respectively, to 5,889 and 19,101.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
Treasury yields ended slightly higher yesterday, as a larger increase earlier in the day was pared following a robust auction for 5Y notes. The yield on the 2Y UST rose 1 bp to 3.99%, while the yield on the 10Y UST was up 3 bps at 4.48%.
Equities retreated, following news that the Trump administration is moving to restrict the sale of chip design software to China. The S&amp;P 500 and Nasdaq Composite fell 0.6% and 0.5%, respectively, to 5,889 and 19,101.


India

Adani Green Energy Limited is an Indian renewable energy company that develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and energy storage projects. The company supplies electricity to central and state government entities and government-backed corporations. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 2015.

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Adani Green Energy (ADANIGR IN)

SBI US$3bn QIP - No Surprises - Not the World’s Best Kept Secret

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.

Sumeet Singh

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke

Lucror Analytics

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy Treasury yields ended...

Lucror Analytics

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