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APAC Credit Continues To Widen, BoJ On Hold

CREDIT UPDATE
  • Regional Asian equities are mixed today, Japanese equities are higher following the BoJ's decision to keep rates on hold and delay reducing bond buying operations, SK & Taiwan benefitted from higher tech prices, while HK and China equities were mostly lower ahead of key data on Monday although property names bucked the trend and ticked higher on hopes of a rate cut on Monday.
  • Aus Fins (Snr/Sub) are +1-2bps, while Aus corps are unch to +2bp, with high beta names slightly weaker. Asia IG has continued to widen and trades another 1-2bps weaker, yields on HY credit are 1-3bps lower, while in the EM space sov are 1-2bps wider, with credit 2-3bps wider, Indonesian names underperforming.
  • Aus iTraxx CDS is 2bps higher at 67.5bps & Asia Ex-J iTraxx is 2bp higher at 97.5bps
  • Rates: ACGB & NZGB yields are 4-5.5bps lower, focus in the region has been on the BoJ where they kept rate on hold, JGB yields are 1-5bps lower, curve bull-flattening.
  • Data: NZ - BusinessNZ PMI 47.2 vs 48.8 prior, Food Prices -0.2 vs -0.6 prior. JP - Tertiary Industry Index 0.4% vs -2.4% prior, Industrial Production -0.9% m/m vs -0.1% prior, Capacity Utilization 0.3% vs 1.3% prior and BoJ kept rates on hold. SK Export Price Index -0.6% m/m vs 4.4% prior, Import Price Index -1.4% m/m vs 3.8% prior.
  • Headlines: Nickel Industries Says RKEF Review Not for Existing Permits, China Vanke Affirmed at BB+ by S&P. Indonesia President Elect plans to increase Debt-to-GDP Ratio to 50% over the coming years.
  • Primary Deals/headlines: Priced - Mapletree Investments SGD200m 12Y Reg S at SORA+71.05bps, Teachers Mutual Bank 3y FRN at BBSW-130bps. Announced - Chengdu Xingjin Construction CNY TBD 3Y Reg S 4.5% Area.
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