In today’s briefing:
- Health And Happiness – Event Flash – Launches Tender Offer And Concurrent Notes Issuance
- Lucror Analytics – Morning Views Asia
- JSW Steel – ESG Report

Health And Happiness – Event Flash – Launches Tender Offer And Concurrent Notes Issuance
- Health and Happiness’ (H&H) proposed tender offer and new notes issuance will extend its debt maturity profile and alleviate debt repayment pressure in FY 2026.
- In our view, the high tender offer price of 109.8 is to incentivise bondholders to tender and subscribe to the new notes.
- We see fair value for the proposed notes at c. 8%.
Lucror Analytics – Morning Views Asia
- In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).
- Excluding food and energy, the PPI was flat m-o-m (0.3% e / 0.2% p) and 3.5% y-o-y (3.8% e / 3.5% revised p).
- In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).
JSW Steel – ESG Report
- Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
- The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
- It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa).