Overview 3
Credit Strategy 14
Focus List 32
Sovereign Risk Analysis 39
Monthly focus: Republic of the Philippines 40
Asian sovereigns 51
People’s Republic of China 55
Republic of India 60
Republic of Indonesia 63
Democratic Socialist Republic of Sri Lanka 63
Socialist Republic of Vietnam 64
Company Report 69
Asian high yield debt exchanges 70
China property – Bubble brewing 77
China Fishery 84
ST Engineering 90
Company News & Analysis 95
Financial Institutions 96
Corporates 108
Asia Credits Coverage 140
Spread and Curve Charts 141
Asian credits relative values 144
Appendix 149
HSBC Databank 150
Asian Yankee/Eurobond Secondary Trading Levels
as of 3/8/2009 168
Asian Rating Timeline 172
Disclosure appendix 178
Disclaimer 187