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APAC Credit Firmer, New A$ NAB T2 Top Performing Recent Issue

CREDIT UPDATE
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  • Regional Asian equities are lower today, Chinese property names continue their recent sell off with major indices down 2-4%. South Korean equities have been the worst performing region on the back of news that Samsung's union will continue ahead with their strike.
  • Aus Corps unch to 1bps tighter, better buying in high beta names & Snr Fins unch, while are Subs 1-2bps tighter. Korean credit 1-3bps tighter, while China credit is unch. In the EM space, Indonesian quasi's are 2-5bps wider and EM sovs are 3-5bps wider.
  • Aus iTraxx CDS 1bps higher at 64.75bps & Asia Ex-J iTraxx is up 2bp at 95.50bps
  • Recent deals: the NAB T2, is another 4bps tighter today and now trade about 15bps tighter since issue.
  • Rates: Local rates are cheaper today, US yields were lower on the back of further supply this time $44b of 7yr. US Treasury futures are little changed today with ranges extremely tight.
  • Data: NZ Building Permits for Apr were -1.9% vs -0.2% in March, AU Private Capital Expenditure for Q1 was 1% vs 0.7% est & Building Approvals for Apr were -0.3% vs 1.8% est
  • Primary Deals: Refinance of Torrens 2019-1 A at +95, Shangri-La Asia 3y, Krakatau Posco 3Y at +200 area & 5Y at +220 area, China Orient Asset Management 5y at +180 area. Late Wednesday Airport Authority priced a CNY 1.5b 10Y at 2.93%
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  • Regional Asian equities are lower today, Chinese property names continue their recent sell off with major indices down 2-4%. South Korean equities have been the worst performing region on the back of news that Samsung's union will continue ahead with their strike.
  • Aus Corps unch to 1bps tighter, better buying in high beta names & Snr Fins unch, while are Subs 1-2bps tighter. Korean credit 1-3bps tighter, while China credit is unch. In the EM space, Indonesian quasi's are 2-5bps wider and EM sovs are 3-5bps wider.
  • Aus iTraxx CDS 1bps higher at 64.75bps & Asia Ex-J iTraxx is up 2bp at 95.50bps
  • Recent deals: the NAB T2, is another 4bps tighter today and now trade about 15bps tighter since issue.
  • Rates: Local rates are cheaper today, US yields were lower on the back of further supply this time $44b of 7yr. US Treasury futures are little changed today with ranges extremely tight.
  • Data: NZ Building Permits for Apr were -1.9% vs -0.2% in March, AU Private Capital Expenditure for Q1 was 1% vs 0.7% est & Building Approvals for Apr were -0.3% vs 1.8% est
  • Primary Deals: Refinance of Torrens 2019-1 A at +95, Shangri-La Asia 3y, Krakatau Posco 3Y at +200 area & 5Y at +220 area, China Orient Asset Management 5y at +180 area. Late Wednesday Airport Authority priced a CNY 1.5b 10Y at 2.93%