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APAC Credit Continues Move Tighter, India Weaker On Election Count

CREDIT UPDATE
  • Regional Asian equities are mostly lower today, markets have had little direction as they await further US data before making a directional change. Indian equities have fallen and erased most of the gains made on Monday as the election votes are much closer than expected.
  • Aus Corps unch to 1bp tighter, Aus Snr Fins flat to 1bps tighter, while are Subs are 1bp tighter. China & Korea Fins are 1bp tighter, Corps 1-2bps tighter. In the EM space, with INDON Indonesian quasis are 1-2bps tighter, Indian credit is 2-3bps wider.
  • Aus iTraxx CDS 1bp lower 64bps & Asia Ex-J iTraxx is down 1.5bp at 94.5bps
  • Rates: Local rates are richer today, US Treasury futures initially opened higher however have given up those gains and now trade unchanged for the session.
  • Data: SK - CPI was 2.7% vs 2.8%. JP - Monetary Base 0.9% vs 2.1%prior. AU - BoP Current Account Balance -A$4.9b vs A$5.2b with a very large revision from A$11.8b to A$2.7b in the prior quarter.
  • Primary Deals: Volkswagen Financial is looking to do an A$ 4Y fixed, Metric Credit Partners doing a A$ 3yr FRN, Registry Finance looking to do a A$ 7.5yr or 10yr & Australian Rail Track printing a A$450m 7yr @ +135bp
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