We focus on credits where an alternative market or a better structure can materially change the financing outcome.
Our core coverage is international corporate and public-sector related issuers, with an expanding focus on sovereign and quasi-sovereign borrowers.
International Corporates
Infrastructure, energy, manufacturing, natural resources, transport, utilities and other businesses with identifiable assets, recurring cash flow or strategic shareholder support.
Non-Investment-Grade Issuers
Companies with viable businesses and repayment capacity but without easy access to investment-grade pricing or a deep existing investor base.
State-Owned & Government-Related
State-owned enterprises, public utilities, infrastructure operators and other entities where ownership, public mandate and support mechanisms influence credit.
Sovereign & Quasi-Sovereign
Sovereign, quasi-sovereign and government-supported borrowers seeking funding diversification, Asian investor access or an offshore RMB alternative.
When a conversation is worth having.
A CNH assessment is most relevant when there is a real financing need and at least one reason the existing funding route may be suboptimal.
- USD borrowing costs are elevated
- The issuer wants a second international funding channel
- The credit has assets, cash flow or support that may not be fully reflected in a rating
- A guarantee or other enhancement could materially improve execution
- The issuer wants broader Asian investor exposure
- There is a defined use of proceeds and a realistic repayment source