MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

MNI: PBOC Net Drains CNY224.73 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1323 Thurs; -0.83% Y/Y

Asia USD Sov Yields Lower, Indonesian CPI Below Estimates

Australia Jun Exports +1.7%; Imports +0.5%

MNI:AUSTRALIA JUN TRADE BALANCE A$+5589

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

APAC Credit Grinds Tighter, Macau Gaming Revenue Misses

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities were mixed today with Japanese equities gapping lower on the back of a stronger yen with exporters down while Real Estate stocks were lower on the back on the BoJ hike. Elsewhere Taiwan & SK equities higher on the back of US tech stocks rallying overnight after the Philadelphia SE Semiconductor Index surged about 7%
  • overnight.
  • Aus credit continues to be well bid and grind tighter, there looks to be a real lack of supply around at the moment with most bank done or almost done of issuing Tier 2 paper for the year, suspect all outstanding bonds to continue to move tighter. Snr bank paper was little changed today, while corps again saw small buying through the longer-end of the curves.
  • Asia IG was little changed overall today, there was better buying seen in tech & semiconductor names with the sector 1-2bps tighter, while SOEs and Quasis were also well supported with Korean/China names 1-3bps tighter, while Indonesian Quasis are 1-2bps better on a slightly stronger IDR after CPI cooled.
  • Macau’s gaming revenue grew 12% y/y in July, missing the 14% growth forecast and reaching only 76% of pre-pandemic levels. The underperformance is attributed to Beijing’s crackdown on illegal money exchanges and cross-border gambling, which has dampened sentiment among gamblers. Additionally, visitor arrivals have slowed, and China’s economic downturn has shifted tourist spending away from luxury items
  • In the China Real Estate space Shimao Group & Times China had their winding-up hearings postponed until Aug. 12 as they seek to consolidate support for their restructuring plans and Hong Kong developer New World Development announced a tender offer to buy back up to $400 million in bonds to enhance investor confidence. The company is offering a premium to market prices for its 4.75% 27s & 6.15% Perps.
  • Aus iTraxx CDS is 1bp lower at 64.5bps & Asia Ex-J iTraxx is also 1bp lower at 95.5bps
  • Primary: Humm Group NZ$149.85M Notes, May Increase
318 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Asian equities were mixed today with Japanese equities gapping lower on the back of a stronger yen with exporters down while Real Estate stocks were lower on the back on the BoJ hike. Elsewhere Taiwan & SK equities higher on the back of US tech stocks rallying overnight after the Philadelphia SE Semiconductor Index surged about 7%
  • overnight.
  • Aus credit continues to be well bid and grind tighter, there looks to be a real lack of supply around at the moment with most bank done or almost done of issuing Tier 2 paper for the year, suspect all outstanding bonds to continue to move tighter. Snr bank paper was little changed today, while corps again saw small buying through the longer-end of the curves.
  • Asia IG was little changed overall today, there was better buying seen in tech & semiconductor names with the sector 1-2bps tighter, while SOEs and Quasis were also well supported with Korean/China names 1-3bps tighter, while Indonesian Quasis are 1-2bps better on a slightly stronger IDR after CPI cooled.
  • Macau’s gaming revenue grew 12% y/y in July, missing the 14% growth forecast and reaching only 76% of pre-pandemic levels. The underperformance is attributed to Beijing’s crackdown on illegal money exchanges and cross-border gambling, which has dampened sentiment among gamblers. Additionally, visitor arrivals have slowed, and China’s economic downturn has shifted tourist spending away from luxury items
  • In the China Real Estate space Shimao Group & Times China had their winding-up hearings postponed until Aug. 12 as they seek to consolidate support for their restructuring plans and Hong Kong developer New World Development announced a tender offer to buy back up to $400 million in bonds to enhance investor confidence. The company is offering a premium to market prices for its 4.75% 27s & 6.15% Perps.
  • Aus iTraxx CDS is 1bp lower at 64.5bps & Asia Ex-J iTraxx is also 1bp lower at 95.5bps
  • Primary: Humm Group NZ$149.85M Notes, May Increase