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APAC Credit 1-2bps Tighter, AU Rates Sell-Off on Higher CPI

CREDIT UPDATE
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  • Rates: Local rates are cheaper today, following moves by US treasuries overnight, ACGB yields are 11-15bps higher underperforming after CPI beat estimates at 3.6% vs 3.4%, NZGB yields are 5-7.5bps higher, JGBs are 2-5bps higher, the 10Y yield is +4.8bps at 1.067% and the highest since 2011.
  • Regional Asian equities are mostly lower today, Chinese equities the only market in the green on positive property news, SK equities are the worst performing as foreign investors flows slow.
  • Aus Corps 1-2bps tighter & Snr Fins 1bp tighter, Subs 1-2bps tighter, China Credit is little changed today
  • Aus iTraxx CDS unchanged at 63bps & Asia Ex-J iTraxx is up 1bp at 92.50bps
  • Data: NZ Activity Outlook for May was 11.8 vs 14.3 prior and Business Confidence was 11.2 vs 14.9 prior, AU Apr Leading Index was -0.03% vs -0.05% prior, Construction work -2.9% vs 0.5% est & Apr CPI was 3.6% vs 3.4% est,
  • Primary Deals: Airport Authority launched a Fixed CNY 10Y at 3.4% area
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  • Rates: Local rates are cheaper today, following moves by US treasuries overnight, ACGB yields are 11-15bps higher underperforming after CPI beat estimates at 3.6% vs 3.4%, NZGB yields are 5-7.5bps higher, JGBs are 2-5bps higher, the 10Y yield is +4.8bps at 1.067% and the highest since 2011.
  • Regional Asian equities are mostly lower today, Chinese equities the only market in the green on positive property news, SK equities are the worst performing as foreign investors flows slow.
  • Aus Corps 1-2bps tighter & Snr Fins 1bp tighter, Subs 1-2bps tighter, China Credit is little changed today
  • Aus iTraxx CDS unchanged at 63bps & Asia Ex-J iTraxx is up 1bp at 92.50bps
  • Data: NZ Activity Outlook for May was 11.8 vs 14.3 prior and Business Confidence was 11.2 vs 14.9 prior, AU Apr Leading Index was -0.03% vs -0.05% prior, Construction work -2.9% vs 0.5% est & Apr CPI was 3.6% vs 3.4% est,
  • Primary Deals: Airport Authority launched a Fixed CNY 10Y at 3.4% area