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APAC Credit Little Changed, More China Property Issues

CREDIT UPDATE
  • Asian equities mixed today, Japanese equities were higher after CPI came in slightly below expectations, while other markets were pulled lower after Tech and semiconductor names fell overnight.
  • The APAC credit market was little changed today, there were a couple of A$ primary deals that priced but outside of that a very slow session. Aus Fins & Corps were unch, there was a little buying in high beta names, while retail accounts were buying AT1s and yieldly credit in smalls. In Asia IG we were also little changed, in the HY space Asia gaming names were down 0.5-1pt, while China property names were 1-2pts lower. EM Sovs unchanged while Indonesian and Indian credits were 0.5pt lower.
  • Aus iTraxx CDS is 0.5bp higher at 70.25bps & Asia Ex-J iTraxx is unch at 99bps
  • Rates: ACGBs are 2-4bps cheaper, curve steeper. NZGBs are 2-3bps cheaper while JGBs are 1-3bps cheaper, better selling seen through the belly. While US Tsys futures are little changed now after trading slightly higher in the second half fo the session.
  • Data: SK May PPI 2.3 y/y vs 1.9%, UK June GFK -14 vs -17 prior, JP CPI 2.8 vs 2.9% est & Jibun Bank PMI 50 vs 52.6
  • Headlines: "Builder Road King Warns of Default Risk " - BBG
  • (BBG) Chinese Developers Face Make-or-Break Week in Liquidation Cases - (See link)
  • Primary Deals/headlines: PRICED - Heartland Bank A$50m 10nc5 Tier 2, 3mBBSW + 370bps, PRICED: John Deere Financial A$450m 5Y Bond at SQ ASW+100bps, Latitude New Zealand Credit Card Master Trust NZ$250m. IOI - MANDATE: Bangkok Bank USD 10Y 144A/Reg S Notes
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Credit BulletsBulletHomepagemarkets-real-timeCredit

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