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1、DeutscheBankMarketsResearchAsiaCorporateCreditDateIndiaFinancials25August2017ViacheslavShilin,MBAResearchAnalystAsiaCredit(+65)64235726viacheslav.shilin@db.comIndianbanksnewissues:SellCanara,HoldAxisAxisBankandCanaraBankissued5Yseniorbondsearlierthismonth.Ax
2、isBankissuedUSD500matfinalpricingofT+130bpvs.IPT+155bpandreceivedRiskstoourrecommendations:ordersworthUSD1.2bn.AccordingtoBloomberg,AsianaccountscontributedAxisBank:upside–strongrecoveryin56%,EMEA28%andUS16%tothetotalorders.Banksandfundmanagersassetquality,f
3、asterthanexpectedloancomprised73%oftotalorders.CanaraBankissuedUSD400matafinalspreadgrowthinretailandSMEsegments,ofT+150bpvs.IPTofT+175bpandreceivedordersworthUSD1.4bn.Asianaccountscomprised77%,whereasEMEAaccountedfortherest23%ofthemateriallystrongereconomic
4、datafromtotalordersreceived.Banksplaced51%oforders,fundmanagersandprivateIndia,sovereignratingsupgrade,banks–32%and13%respectively.prolongedabsenceofnewissuance.Inourview,bothissuerstappedUSDmarketstoreplenishthefundsavailableDownside–fastdeteriorationfromno
5、n-fortheirforeignbranches’loanbusiness.AxishasUSD500mtoredeemnextwatchlistloans,materiallyweakermonth,whileCanaracalledthelegacyUSD250mT2bondlastyearandhaseconomicdata,materialweakeninginUSD500mseniorbondduein2018,andithasnotissuedUSDpapersince2013.Ourconver
6、sationswiththemarketparticipantsindicatethatbulkoftheprofitability..secondarymarketdemandcomesfromwealthmanagersandthosefundsrelatedwithNRIaccounts.WecontinuetoseebulkofIndianbanks’bondsasCanaraBank:upside–strongincreasethemostovervaluedinAsiaandarguablyingl
7、obalEMvs.theirunderlyingincapitalfromGovernment,badloanfundamentals(discussedbelow),creditratingsornear-termcatalysts.recoveryfromlargeaccounts,WecomparethevaluationsofAxis22sandCanara22sinthefollowingmateriallystrongereconomicdatafromcategories:1)Comparedto
8、Indianbanks:At125bpZ-spr,thenewlyissuedIndia,sovereignratingsupgrade,Axis22saretradingflattoICICI22sand10bpwidertoitsownAxis21sandSBI22sandthisappearsasafairvaluationtous.However,Canara22sarepro
