In today’s briefing:
- Health & Happiness: On Deleveraging Path
- Lucror Analytics – Morning Views Asia
Health & Happiness: On Deleveraging Path
- We initiate our coverage on Health and Happiness International Holding Limited (H&H)’s BTSDF 9.125% 24Jul2028.
- H&H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
- The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.
Lucror Analytics – Morning Views Asia
- UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.
- This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.
- The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%.
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