Target 5-Year Tenor ahead of a steeper curve
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The cycle continues: Fed to support the labor market
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Green light for BSP
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Our Top Picks
We highlight some of the bonds we currently prefer, based on the value they offer and the strength of their credit.
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Sovereign Bonds
as of November 21, 2024OUR TOP 5 PICKS
Corporate Bonds
as of November 21, 2024
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The Bond Spotlight This Week
The Bond Spotlight This Week
Agricultural Bank of China
- Bond:
- Credit Rating:
Our View
AGRBK is the 2nd-largest Chinese banks by assets and has a strong presence in rural areas, which gives it access to a large pool of low-cost deposits. We view it as a strong credit due to its structural profitability, robust balance sheet metrics, large size and systemic importance that assure it of state support. Its loan growth has led peers for many years, which has put its capital ratios under pressure, with some distance vs. the other Big 4 banks. Reserve cover is a strength at ~300%. AGRBK managed to report pre-provision profit growth in 9M24, due to stronger loan growth. But its capital ratios were behind the other Big 4 banks. We have moved AGRBK from Underperform to Market perform on the back of fair $ FRN notes trading levels and the upcoming state capital injection.
Issuers List Selection
We list down the different bond issuers details and insights on how they perform..
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