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APAC Credit Little Changed Ahead Of US Employment Data

CREDIT UPDATE
  • Asian equities are mixed today, Japanese equities were lower after the yen recovered somewhat which hurt exporters, while China & Hong Kong equities were lower on a lack of policy support and ahead of key policy meetings, with property and tech stocks falling the most.
  • Aus credit spreads are mixed today, Major Bank Sub is 1-2bps tighter, with fixed rate lines outperforming FRNs the new WTSP deal is now 5bps inside reoffer, Major Bank Snr debt is trading 1bps tighter and now at all time lows, Aus corps are little changed apart from LLCAU which have drifted 5bps wider.
  • Asia IG credit spreads are little changed today, as many names largely trade off moves made during the US session, with he market close Thursday and ahead of NFP later today traders seems to largely stick to the sidelines. Indonesian Quasis are 1bps tighter, PERTIJ is 2-3bps tighter after higher oil prices and their international expansion, while in the sovereign space INDON spreads are 2-5bps tighter, while CHINA again drifts a touch wider.
  • Chinese bond futures slightly dipped after the PBOC announced market intervention plans, but traders remain optimistic due to ongoing economic challenges requiring accommodative monetary policy. Signals from Jerome Powell about potential interest rate cuts and continued support for yuan bonds amidst struggling Chinese equities also provide a positive backdrop for debt markets.
  • Aus iTraxx CDS is is unchanged at 64.5bps & Asia Ex-J iTraxx is also unchanged at 94bps
  • Primary Deals: it was another slow day in the Asia USD primary market with no deals pricing.
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Credit BulletsBulletHomepagemarkets-real-timeCredit

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