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Chinese Corporate Credit: Five Themes for 2018
by Raja Mukherji of PIMCO, 11/22/17

Growth in China’s offshore corporate bond market seems likely to continue in 2018, driven by the financing needs of investment grade state-owned enterprises (SOEs) and private sector...

Corporate Management: Discerning Opportunities and Risks in Asian Credit
by Raja Mukherji of PIMCO, 4/21/16
The annual movement of wildlife across the Serengeti-Mara ecosystem in Africa is one of the greatest spectacles in the natural world. The horizon fills with wildebeest, zebra, eland and gazelle migrating for fresh grass, tracked by Africa’s great predators.

Choosing Winners in Asian Credit: Key Trends and Themes
by Raja Mukherji, Ronie Ganguly of PIMCO, 7/9/14
Key trends include Asian credit supply, which is on track for another record year in 2014, and China's priority to promote cleaner and more efficient energy. Our bottom-up research and careful risk assessments informed by macroeconomic perspectives have us favoring select investments in several sectors of Asian credit markets, including state-owned enterprises in China and Korea, investment grade new issues and Basel III Tier 2 bank capital bonds. ?

Sovereign Ambitions to Develop Infrastructure Benefit Emerging Asia's Utilities Sector
by Raja Mukherji, Emily Au-Yeung of PIMCO, 11/4/13
The scope for infrastructure development in emerging Asia is tremendous, and the utilities sector has potential to contribute to and benefit from that growth. In general, we have found that state-owned utilities benefit from a range of operational advantages, partly as a result of the governments vested interest. PIMCOs bottom-up research allows us to analyze evolving company- and sector-specific factors within the greater macroeconomic picture to identify the best investment ideas in Asias utilities sector.

Secular Trends in Asian Credit Markets Shape Long-Term Investment Themes
by Robert Mead, Raja Mukherji of PIMCO, 9/25/13
The next several years will likely see many Asian corporate issuers to come to the market for financing, whether to pursue long-term business plans or to employ traditional corporate finance and leverage strategies. Rigorous credit research, flexible resources, experienced local portfolio management and strong relationships with local stakeholders are all crucial to uncovering attractive opportunities while monitoring volatility in Asias credit markets.

As Energy Demand Outpaces Supply, Asia Looks Overseas to Refuel
by Raja Mukherji, Taosha Wang of PIMCO, 5/21/13
Many Asian countries are encountering growing energy shortages due to declining indigenous resources and domestic consumption growth. Oil companies in Asia frequently engage in overseas acquisitions. In many cases, these transactions help enlarge reserve base, access technological know-hows and enhance corporate profitability. Strong sovereign support is a key investment thesis in the Asian oil and gas sector. Through our bottom-up analysis, we are finding numerous investment opportunities.

Love, Money or Disappointment: What Will Asian Credit Investors Find in Their Red Envelopes?
by Robert Mead, Raja Mukherji of PIMCO, 2/27/13
Our cyclical economic outlook for Asia in 2013 is unusually dependent on breakthroughs in structural policies. Although we continue to favor select opportunities in key sectors, in general Asian credit spreads are trading historically tight. Bottom-up research is critical, along with careful top-down views on shifting economic conditions, and investors need adequate compensation for taking credit risk. Some sectors and companies can grow significantly faster than their respective economies.

The Chinese Hangover: As Infrastructure Spending Drops, So Does Demand for Chinese Steel
by Raja Mukherji of PIMCO, 8/16/12
The Chinese steel industry today shows many signs of serious economic difficulties brought about by the unprecedented size and speed of industry expansion. However, as the country's focus shifts away from public investments and toward tax cuts, it will be difficult for China to absorb this overabundance of domestically produced steel. Ripple effects of this oversupply may include softening iron ore prices, a possible drop in the Australian dollar, and potentially weaker global steel prices.

Asia-Pacific Portfolio Managers Discuss PIMCOs Cyclical Outlook
by Robert Mead, Isaac Meng and Raja Mukherji of PIMCO, 1/19/12
We expect emerging Asia growth below the market consensus due to its less aggressive policy responses compared to 2008-2009. The Asia-Pacific region is less affected than others by eurozone turmoil but contagion is still a risk through direct trade and the regional production chains that characterize Asias export-oriented economies. In this environment, we favor Australian government bonds for their high credit quality, low-beta currencies such as the Chinese yuan, corporate issuers that have delevered, covered bonds and mortgage-backed securities.
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