Case Study

Case Study 1: What are the bond repayment cash flows in the last two months of 2023, and how do they reflect issuers’ repayment pressure?

Steps 1

1. To drill down into individual bonds, go to the Bond List tab. Note: This module allows users to create multiple custom filters, which can be saved as templates for future use.

2. To assess repayment pressure in the last two months of 2023, apply the following filters:

• Maturity Date: from 06/10/2023 to 31/12/2023

• Bond Status: Normal (i.e., not yet matured and not bought back by the issuer)

This filter returns 121 results, representing bonds that will mature before year-end 2023 and thus contribute to short-term repayment pressure.

Steps 3

Steps 4

3. From the filtered results, select Column Customization.

4. Add columns such as Outstanding Value and Credit Events, while removing unnecessary fields for a cleaner view.

Steps 5

5. Sort the results by Issue Value to identify which bonds have the largest issuance amounts.

Steps 6

6. Next, refine the results by excluding certain sectors to avoid noise. For example, the Banking sector can be filtered out, as it is generally considered lower risk and enjoys stronger credit quality.

Steps 7

7. In the Credit Events column, users may see notes such as “Debt restructuring” or “Executive risk event.” These indicate that the issuer has previously faced credit-related issues. For issuers with such events in their history, users should conduct deeper analysis to evaluate the likelihood of future repayment risks.