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Deutsche Bank Markets Research Asia Credit Date China Financials 1 June 2017 Franco Lam Research Analyst Asia Credit (+852 ) 2203 6226 franco.lam@ Chinese Insurance: Sunshine Life offers Viacheslav Shilin, MBA best risk-reward upside Research Analyst (+65 ) 6423 5726 viacheslav.shilin@ Initiating coverage of Sunshine Life and Taikang insurance bonds We are initiating coverage of the Chinese insurance space, with a Credit Buy rating on Sunshine Life’s ’21 and ’26 bonds, a Credit Sell on CCB Life’s ’77 c.22 and a Credit Hold on the Taikang’22 bond. While we believe the near-term China Insurance: Key recommendations fundamentals are likely to remain challenging, these concerns are largely in the Bond Ask/Bid YTC (%) G-Spread price, particularly for Sunshine, with its YTD G-Spread performance lagging Price (bp) behind that of its HK/China peers. We also believe the short-term weakness in Buy Ask