America’s small cap stocks plunged into correction territory on Friday, meaning they have dropped by more than 10pc since their peak.The Gulf state’s oil minister ​Hayan Abdel-Ghani ‌said the Basra Oil Company has cut crude oil production from 3.3 million barrels per day to 900,000.Iraq’s state-owned oil giant has cut production by three quarters as Iran’s blockade of the Strait of Hormuz halts exports.Stock markets tumbled around the world with the US benchmark S&P 500 down 1.5pc and the FTS ...

Unwilling to cede control over New World, Hong Kong’s billionaire Cheng family is now betting on the revival of the city’s property market and mulling options like a public share sale to meet the embattled developer’s debt obligations. https://t.co/xBdifQg82y ...

It’s no secret that Singapore is a nation obsessed with property.For years, the narrative was one of relentless growth, but as we cross into early 2026, the script has flipped from “frenzy” to “stability.”After 22 consecutive quarters of hikes, the HDB Resale Price Index finally remained flat (0% growth) in the final quarter of 2025. The once-insatiable demand for million-dollar flats in the heartlands is meeting a clear ceiling on prices, with more towns now seeing prices dip than rise.Meanwhile, the “grav ...

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Maintain a buy rating on VDNWDL 9 Perp despite weaker 1HFY26 results, considering the higher certainty of coupon payments [7] - The US-Israel bombing against Iran may lead to lower UST rates and wider credit spreads in the Middle East, with varying impacts on different credit segments [13] Summary by Relevant Catalogs Trading Desk Comments - On last Friday, SUMITR Float 29s tightened 6bps, SUMITR Float 31s tightened 15bps; fixed-rate SUMITR 29s were unchanged, SUMITR 31s tightened 6bps, and SUMITR 36s widened 5bps [2] - Chinese IG space: belly-to-long-end TMT names LENOVO/XIAOMI/JD/KUAISH/MEITUA widened 1 - 6bps, while AMC space held firm; Taiwanese lifers traded 1 - 5bps wider; in HK, LINREI and HKE 36 softened up to 5bps wider; NWDEVL/VDNWDL complex leaked up to 1.1pts; NWD will defer coupon payment on USD1.3bn NWDEVL 6.25 Perp due on 7 Mar'26, and its 1H26 core operating profit dropped 18% yoy to HKD3.64bn (cUSD465.3mn) [2] - Chinese properties: FTLNHD 27 rose 1.8pts, FTLNHD 26 was 0.1pt higher, FTLNHD 29/FUTLAN 28 were 0.3 - 0.4pt lower; VNKRLE 27 - 29 dropped 2.6 - 2.9pts [2] - SE Asian space: long-end PETMK widened 6bps, OCBCSP 36 widened 3bps, GLPSP 4.5 Perp lost 1.0pts, ReNew Energy complex edged 0.1 - 0.3pt higher, VLLPM 27 - 29 recovered 1.0 - 1.4pts, SMCGL Perps were unchanged to 0.2pt higher [2] - KR space: POHANG/HYNMTR/LGENSO traded 2 - 4bps wider, lower-spread/bank-guaranteed names SKBTAM/KHFC/HYUELE closed 1 - 3bps wider, and the new issue DAESEC 31 softened to 5bps wider [2] - JP space: heavy selling on bank 10yr fixed tranches MIZUHO/SUMIBK/MUFG, which widened up to 8bps; insurance subs were 0.1pt weaker, led by RESLIF 6.875 Perp; Yankee AT1s were down by 0.4 - 0.9pt, led by UBS 7 Perp/BNP 6.875 Perp/INTNED 6.5 Perp [2] - FRN space: solid buying support for CCAMCL and EU/JP/AU bank FRNs [2] - This morning, AT1s and JP insurance subs were down another 0.1 - 0.5pt; Asian IG space initially widened 5 - 10bps and later recovered 2 - 3bps; heavy selling on XIAOMIs and TW lifers, and two-way flows on Middle Eastern names; FTLNHD 27 edged 0.3pt higher, while VLLPM 29/ACPM 4.85 Perp were 1.2 - 1.7pts lower [3] - In LGFV space, overall balanced two-way flows in moderate size across the credit curve, and prices remained largely stable [4] Last Trading Day's Top Movers - Top Performers: HMELIN 5 1/4 04/28/27 rose 2.1pts to 102.3; FTLNHD 11.88 09/30/27 rose 1.8pts to 97.4; VLLPM 9 3/8 07/29/29 rose 1.4pts to 42.0; VLLPM 7 1/4 07/20/27 rose 1.0pts to 53.2; CHGRID 4.85 05/07/44 rose 1.0pts to 103.2 [5] - Top Underperformers: VNKRLE 3.975 11/09/27 dropped 2.9pts to 44.5; VNKRLE 3 1/2 11/12/29 dropped 2.6pts to 42.0; NWDEVL 6 1/4 PERP dropped 1.1pts to 67.7; GLPSP 4 1/2 PERP dropped 1.0pts to 69.5; UBS 7 PERP dropped 0.9pts to 100.8 [5] Macro News Recap - Last Friday, S&P (-0.43%), Dow (-1.05%), and Nasdaq (-0.92%) were lower; over the weekends, US-Israel struck Iran, and Iran counterattacked across the Middle East; US Jan'26 PPI was +0.5% mom, higher than the market expectation of +0.3% mom; US Feb'26 Chicago PMI was 57.7, higher than the market expectation of 52.0; UST yield was lower on last Friday, with 2/5/10/30 year yield at 3.38%/3.51%/3.97%/4.64% [6] Desk Analyst Comments - Maintain buy on VDNWDL 9 Perp, as NWD confirmed the continued suspension of ordinary dividends and coupon payments on its USD NWDEVL Perps; it is exploring all available funding channels to optimize cash flow and has no imminent rights issues or share placements plan [7] - NWD reported weaker 1HFY26 results with core operating profit falling 18% yoy to HKD3.6bn, due to a 50% yoy decline in revenue from fewer property projects delivered in mainland China and a drop in construction revenue, partly offset by an 18% yoy decrease in G&A expenses; gross profit declined 25% yoy, and gross margin increased to 60.0%; attributable net loss narrowed to HKD3.7bn from HKD6.6bn in 1HFY25 [8] - Contract sales and non-core disposals (NCD) totaled HKD13.8bn in 1HFY26, on track to meet its FY26 target of HKD27bn; pre-sales of some projects were well received; available saleable resources in HK in 2HFY26 include Pavilia Rosa, Grand Austin Bohemian, The Pavilia Farm; 1HFY26 capex was contained at HKD3.5bn against a full-year target of below HKD12bn [9] - As of Dec'25, net debt edged up marginally to HKD131.9bn from HKD129.6bn in Jun'25 due to lower cash balance; net gearing rose to 59.7% from 58.1%; NWD completed the exchange offer for USD bonds and perps in Nov'25, reducing outstanding perps and bonds by cHKD8.7bn and cHKD0.4bn respectively, totaled cHKD9.1bn; debts maturing over the next two years dropped to HKD36bn from HKD65bn; gross finance costs fell 11% yoy to HKD2.3bn in 1HFY26, and the average funding cost dropped to 3.9% from 4.7% in 1HFY25 [10][11] Quick Thoughts on US-Israel's Bombing Against Iran - Immediate impact: lower UST rates and wider credit spread of Middle East names; this morning, Asia opened with a wait-and-see tone; 10-yr UST opened 6 - 7bps lower and the decline narrowed to 3 - 4bps; credit spread of the Middle East widened 5 - 10bps; two-way flows on Middle East credits with selling in banks and buying in oil names; Brent Crude rose to cUSD77 a barrel this morning from cUSD73 on last Friday [13] - Prolonged and escalated conflict: the conflict may last longer and spill over wider than the 12-day War in last June; the key difference is the killings of Iranian supreme leader and his families; there are incentives for the US and Iran to contain the conflict, but how Iran and its allies will retaliate and how the US and Israel will respond are highly uncertain [14] - Varying impacts on credits: negative to Middle East credits in general; more negative impact on port operators, properties, and banks; higher oil and commodity prices could benefit oil and mining companies, quasi-sovereigns, and sovereigns, assuming the conflict does not materially affect oil production and FDI in GCC countries [15] Offshore Asia New Issues - No offshore Asia new issues were priced today [19] - Pipeline: Chang Development International plans a 3yr USD issue with a 5.4% coupon and a Baa2/-/- rating; Government of Mongolia plans a 6yr USD issue with a 6.3% coupon and a B1/BB-/- rating; Shaoxing Shangyu State-owned plans a 3yr USD issue with a 4.35% coupon and a -/-/BBB- rating [21] News and Market Color - On last Friday, 36 credit bonds were issued onshore with an amount of RMB21bn; in Feb'26, 1,075 credit bonds were issued with a total amount of RMB816bn, a 34.2% yoy decrease [24] - China new home prices posted the steepest drop in more than three years in Feb'26 [24] - Macau gaming revenue for Feb'26 rose 4.5% yoy to MOP20.6bn [24] - CTF Services plans full early redemption of HKD850m convertible bonds due 2027 [24] - Dalian Wanda Commercial Management sold Shanghai Zhuanqiao Wanda Plaza for RMB2.1bn (cUSD298mn) [24] - Fosun International plans to repurchase up to HKD1bn (cUSD127.8m) of its shares [24] - Minmetals Land's scheme of arrangement to take the company private became effective on 27 Feb'26 [24] - SoftBank Group will invest an additional USD30bn in OpenAI as part of a USD110bn financing round at a USD730bn pre-money valuation [24] - Swire Pacific agreed to sell a 30% stake in its Coca-Cola bottling operations in Vietnam for USD221.1m in cash [24] - China Vanke terminated its RMB15bn (cUSD2.2bn) share issuance plan initiated in 2005 [24] - HKEx is still reviewing ENN Natural Gas listing application related to ENN Energy's privatisation [24]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the necessity of using estimates in sustainability reporting when direct measurement is not feasible due to incomplete or uncertain data [10][19][89]. - It highlights the importance of developing robust systems and processes to improve the quality of sustainability data over time [47][62][65]. Summary by Sections Introduction - Organizations must create sustainability information, often relying on estimates due to data limitations [10][12]. - The production cycle for sustainability information involves identifying material sustainability-related risks and opportunities [10][12]. Creating Sustainability Information - Estimates are essential when direct measurements are unavailable, and organizations should refine their disclosures as data systems mature [19][23]. - The report discusses the challenges of data availability and quality, which often necessitate the use of estimates [26]. Using Estimates - Organizations must make assumptions and judgments to address data limitations, and the use of estimates does not diminish the usefulness of sustainability information if properly described [23][25]. - The complexity of sustainability topics often makes direct measurement impractical, requiring organizations to develop their own estimation methods [25][26]. Using Third-Party or Proxy Data - Organizations, especially SMEs, often resort to third-party data or proxies to estimate sustainability information when direct measurement is not possible [27][33]. - The report cautions against the potential downsides of using proxy data, which may lack organization-specific relevance [33][34]. Ensuring Staff Know What They Are Doing - Staff involved in data collection must understand the importance of their role to ensure high-quality data [36][40]. - Training and cross-functional collaboration are essential for improving data quality and addressing knowledge gaps [40][41]. Systems and Processes - Organizations need to design systems and processes specifically for collecting sustainability data, as scattered data sources complicate data aggregation [47][48]. - A strategic approach to investing in scalable and integrated systems is crucial for effective sustainability reporting [52][53]. Implementing Processes and Controls - High-quality sustainability data collection requires iterative improvements and robust processes to enhance data accuracy and reliability [62][64]. - Cross-functional teams with sustainability expertise are vital for establishing effective processes and controls [65][68]. Deriving Sustainability Data from Financial Data - Financial data can be utilized to estimate sustainability metrics, such as GHG emissions, when direct measurement is impractical [76][78]. - Organizations should be transparent about the assumptions and approximations used in their estimates [77][78]. Conclusion - The sustainability reporting landscape is evolving, and while direct measurement is ideal, estimates will continue to play a critical role in providing decision-useful information [88][89]. - Organizations should revise their estimates over time as data quality improves and understanding of sustainability topics deepens [89][91].

Core Viewpoint - Kadestone Capital Corp. has appointed Kevin Hoffman as the new CEO and director, highlighting a strategic leadership transition aimed at driving the company's growth and community engagement [1][3]. Company Overview - Kadestone Capital Corp. focuses on investment, acquisition, development, and management of residential and commercial income-producing properties, as well as procurement and sale of building materials in urban centers and emerging markets in Canada [4]. - The company operates five complementary business lines: building materials procurement and supply, property development and construction, construction finance, asset ownership, and property management, aiming to become a market-leading vertically integrated property company [4]. Leadership Transition - Kevin Hoffman, previously the Chief Development Officer, has extensive experience in real estate, including leading significant redevelopment projects and managing diverse portfolios [2]. - Dr. Anthony Holler, Chairman of the Board, expressed confidence in Hoffman's ability to lead the company through its next growth phase, emphasizing his strategic vision and leadership skills [3]. - Brent Billey will continue as President and remain on the board, recognized for his foundational role in the company's development and significant milestones during his tenure as CEO [3].

Philippine property firm Ayala Land its banking on its office, malls and hotel businesses to drive growth this year https://t.co/0Z1eZQPxpC ...

Developers in Dubai are betting that the boom in the city’s ultra-luxury property market will continue https://t.co/rSbbhDLSOM ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The Chinese/HK properties performed strongly overall, especially VNKRLE bonds due to the reported SZ government rescue plan for Vanke. The deflationary pressure in China continued to ease in early 2026, and mild price reflation is expected in 2026, which should improve corporate profitability and support the capital - market performance of materials and cyclical sectors [2][3][12]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par. Chinese AMC space was firm, while HK bank T2s BNKEA/NANYAN widened 5 - 6bps, and Chinese TMTs KUAISH/MEITUA widened 2 - 5bps. Higher - beta names FRESHK 26 - 29s/ZHOSHK 28 closed 7 - 13bps wider. EHICAR 27 dropped 2.1pts, and EHICAR 26 closed 0.3pt lower. VNKRLE 27' and 29' surged 8.0 - 8.8pts on the SZ government rescue plan report. LNGFOR 27 - 32s/FUTLAN 28/FTLNHD 26 - 27 edged 0.1 - 0.4pt higher. Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement. LASUDE 26 rose 1.5pts, NWDEVL/VDNWDL complex gained 0.2 - 0.9pt, and FAEACO 12.814 Perp closed 0.8pt higher. In SE Asian space, PTTGC 31 - 52s widened 1 - 5bps, PTTGC Perps leaked 0.1 - 0.2pt, VLLPM 27 - 29 were down 1.0 - 1.8pts, and SMCGL Perps were 0.1pt higher. In KR space, POHANG/SKBTAM/HYNMTR/LGENSO stabilized. In JP space, there were selling flows on 10yr bank papers, Japanese insurance subs edged 0.1pt firmer, and Yankee AT1s leaked 0.1 - 0.3pt. In the Middle East, BSFRs were 0.1pt lower to 0.1pt higher, and long - end KSAs traded up to 0.4pt higher [2]. - This morning, MEITUA/KUAISH recovered to 3 - 5bps tighter. There was better selling on FRESHKs, FAEACO 12.814 Perp gained 1.6pts higher, EHICAR 26 dropped 2.3pts, and ACPM 4.85 Perp/HYSAN 4.85 Perp were 0.6 - 0.8pt lower. VNKRLE 27' and 29' edged 0.1 - 0.2pt higher after yesterday's jump [3]. - In the LGFV space, there was deployment demand from institutions, lifting offers and driving yields tighter. Non - LGFV CNH papers remained afloat due to cross - border account demand [4]. Last Trading Day's Top Movers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | VNKRLE 3.975 11/09/27 | 43.4 | 8.8 | EHICAR 12 09/26/27 | 53.3 | - 2.1 | | VNKRLE 3 1/2 11/12/29 | 41.5 | 8.0 | VLLPM 7 1/4 07/20/27 | 51.9 | - 1.8 | | TTMTIN 4.35 06/09/26 | 99.4 | 1.9 | NICAU 9 09/30/30 | 103.4 | - 1.2 | | LASUDE 5 07/28/26 | 78.4 | 1.5 | HAOHUA 5 1/2 03/14/48 | 99.9 | - 1.0 | | NWDEVL 10.131 PERP | 80.9 | 0.9 | VLLPM 9 3/8 07/29/29 | 41.5 | - 1.0 | [5] Marco News Recap - On Wednesday, S&P (-0.00%), Dow (-0.13%), and Nasdaq (-0.16%) were lower. The US Jan'26 Nonfarm Payrolls were +130k (higher than the market expectation of +66k), the Unemployment Rate was 4.3% (lower than the forecast of 4.4%), the Average Hourly Earnings in Jan'26 was +0.4% mom (a touch higher than the forecast of +0.3%), and the Crude Oil Inventories was +8.53mn (higher than the market expectation of -0.2mn). UST yield was higher, with 2/5/10/30 - year yield at 3.52%/3.75%/4.18%/4.82% [6]. Desk Analyst Comments - VNKRLE 27' and 29' jumped 8.0 - 8.8pts yesterday and edged 0.1 - 0.2pt higher this morning on the media reports of the SZ government's RMB80bn rescue plan for Vanke, including a RMB20bn share placement. Whether the equity injection is sufficient is under discussion, and the new share issue for a loss - making company needs special regulatory approval. The rescue plan is in line with the view that the central government doesn't want another high - profile default in the property sector. The SZ government, through SZ Metro, has been incentivized to support Vanke's refinancing and maturity extension [7]. - In late Jan'26, Vanke secured consents on onshore bonds. SZ Metro provided a 3 - year loan of up to RMB2.4bn to Vanke. Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating [8]. - Vanke can turn to alternative funding channels like long - term operating loans or CBICL - guaranteed bonds secured by IPs. As of Jun'25, the book value of Vanke's IPs was cRMB152bn, and c48% of IPs remained unencumbered, which could secure additional financing of cRMB36bn. The total o/s onshore and offshore bonds of Vanke is cRMB27bn [9][10]. - There are hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds is USD1.3bn, and the next offshore maturity is VNKRLE 3.975 11/09/27 in Nov'27. Estimated NPVs for VNKRLEs are low - 60 to high - 70 and high - 50 to low - 70, respectively [11]. China Economy - China's deflationary pressure continued to ease in early 2026. CPI slowed to 0.2% YoY in Jan due to a high base effect and volatile food pricing. Core inflation remained robust driven by durable goods, tourism, and jewellery prices. PPI beat market expectation as price relation in upstream sectors passed through, while PPI of consumer goods remained subdued. Mild price reflation is expected in 2026, and CPI and PPI are expected to reflate from 0.1% and - 2.6% in 2025 to 0.9% and 0.5% in 2026. Further demand - side policies are expected to address the imbalance [12]. - Food price dynamics and base effects drove the shift in headline CPI. CPI YoY moderated to 0.2% in Jan from 0.8% in Dec, slightly below the market expectation. Sequentially, CPI remained flat at 0.2% MoM. Food prices showed weaker - than - normal seasonality, pork prices had 1.2% MoM growth, fresh vegetable prices dropped - 4.8% MoM, and vehicle fuel prices declined 1.2% MoM. Headline CPI is expected to rebound to 1.1% in Feb [13]. - Core CPI remained robust as durable goods price reflated. Core inflation edged down to 0.8% YoY in Jan from 1.2% in Dec due to the base effect, while its MoM expanded to 0.3%. Durable goods saw notable price reflation, other supplies and services including gold jewellery surged 2.7% MoM, service price growth edged up to 0.2% MoM, medical services continued reflation, and housing rent dropped 0.1% MoM [14]. - PPI sustained its recovery momentum. The YoY contraction of PPI narrowed to - 1.4% in Jan from - 1.9% in Dec, beating market expectations. The MoM growth reached 0.4%, the highest in 28 months. The extraction sector dropped 1.7% MoM, raw materials and processing sectors rose 0.7% and 0.5% MoM, AI - related and anti - involution sectors saw price increases, while downstream sectors remained subdued [15][16]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [19][20]. News and Market Color - Yesterday, 72 credit bonds were issued onshore with an amount of RMB50bn. Month - to - date, 858 credit bonds were issued with a total amount of RMB690bn, a 615.7% yoy increase. Sales of New Energy Vehicles (NEVs) in China slumped 18.9% yoy in Jan'26. First Pacific's Meralco will spend USD4.65bn on network upgrades and service expansion. Fosun - owned insurer weighs Lisbon listing at more than USD3.6bn valuation [21]. Company - Specific News - Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement to help repay FTLNHD 4.5 05/02/26 [26]. - Medco Energi Internasional's arm was awarded the operatorship of Cendramas offshore field in Malaysia by Petronas [26]. - Moody's affirmed Meituan's Baa1 ratings and revised outlook to negative from stable due to competition in the food delivery business [26]. - Petron Malaysian unit flagged a potential financial hit due to tropical storm Senyar [26]. - Petronas launched a bidding round for nine exploration blocks across Malaysia [26]. - Samsung Heavy won a USD321mn deal to build two containerships for an African buyer [26]. - AIIB will provide up to USD250mn on - lending facility to Shriram Finance [26]. - Santos flagged a USD137mn impairment loss in 2025 [26]. - West China Cement settled tender offer for WESCHI 4.95 07/08/26, with USD51.976mn remaining outstanding [26].

Core Insights - Cognizant has entered a three-year strategic agreement with DAMAC Group to enhance its IT infrastructure and application services, focusing on operational efficiency and improved digital experiences for customers and employees [1][2]. Company Overview - DAMAC Group is a diversified private conglomerate based in Dubai, with a portfolio that includes property development, data centers, retail, hospitality, capital markets, and logistics [6][7]. - Established in 1982, DAMAC has expanded significantly from its origins in catering and logistics to a global presence across Europe, North America, Asia, and the Middle East [6][7]. Strategic Collaboration - The collaboration aims to support DAMAC's technology transformation by improving service delivery, accelerating digital maturity, and driving measurable business impact through a wide range of IT services [3][4]. - Cognizant will implement automation and operational excellence to enhance business agility and scalability, aligning with DAMAC's long-term strategic vision [3][4]. Industry Context - The Middle East is experiencing a shift towards digital-first business models, increasing the pressure on real estate and infrastructure companies to modernize their systems and meet rising customer expectations [4]. - Cognizant's expertise in data-led decision-making and intelligent automation positions it well to support DAMAC and similar companies in navigating these industry changes [4][5].