HSBC200901

Overview 5
Focus List 26
Credit Strategy 36
Sovereign Risk Analysis 47
China 48
Hong Kong SAR 54
Republic of India 59
Republic of Indonesia 64
Republic of Korea 69
Federation of Malaysia 74
Islamic Republic of Pakistan 80
Republic of the Philippines 84
Republic of Singapore 88
Democratic Socialist Republic of Sri Lanka 93
Kingdom of Thailand 98
Socialist Republic of Vietnam 102
The Issuers
(Financial Institutions) 107
Banks overview 108
Company reports 113-124

The Issuers (Corporates) 125
Corporates overview 126
Sector overview 135-169
Company two-page reports 170-271
Asia Credits Coverage 272
Spread and Curve Charts 273
Appendix 279
HSBC Databank 280
Asian Yankee/Eurobond Secondary Trading Levels
as of 9/12/2008 286
Asian Rating Timeline 290