Asia Credit - Monday Tidbits - Revisiting FFLPs, dated Sep 18。    Since last note on this topic, the space has grown from 7bonds with total outstandingnotional of around USD5billion to 13bonds with about USD8.5billion outstanding.Given the low rates environment and hunt for yield, it should keep growing.。    KWG Property Holding Ltd - Our thoughts on new issue, dated Sep 18。    KWG announced a 5NC3USD bond. Given KWG is a seasoned issuer and its landbankand margins are good, we see fair value of the proposed 5NC3at 5.0-5.2%.。    Asia Credit Strategy - South Korea - Start covering your Underweight, dated Sep 21。    Korea has already witnessed a material underperformance. We believe further significantunderperformance from here is less likely, unless the North Korea issue really escalates.We suggest investors that are Underweight to start covering. At the same time, we don’thave the conviction yet to move to Overweight as headlines are likely to continue andrisk/reward skewed to the downside.。

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