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APAC Credit Mixed, Asia Quasis/SOE Weaker

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities are mixed today, Japanese, South Korea & Taiwan tech stocks are lower highs after reports that the Biden administration is considering stringent trade restrictions on companies like Tokyo Electron if they continue providing advanced semiconductor technology to China, Taiwan equities have also been hit after Trump was questioned if it's the US duty to protect Taiwan, outside of tech stocks mostly other sectors are performing well, Asia Pac benchmarks higher.
  • Aus credit continue to grind tighter, 7-10yr corps were 1-3bps tighter with transportation names the top performing. In the Fins space today, the new ANZ T2 has drifted wider and is now trading at ASW+185 after pricing at +183bps, most other major bank T2 is unchanged for the day, while SNR bank debt is trading 1-2bps tighter.
  • Asia IG is a touch weaker over the past day with Bank/Fins 1bps wider, Macau gaming is 1-2bps wider with the likes of SANLTD & MGMCHI now 5-10bps wider over the past week. Asia Oil & Gas Quasis are weaker today with the light of PERTIJ & PETMK 5-10bps wider, while China's SINOPE is also 2-5bps weaker across the curve.
  • Aus iTraxx CDS is 0.5bps higher at 62bps & Asia Ex-J iTraxx is 0.5bps lower at 92bps
  • Headlines: Woori Bank's new AT1s may replace the seasoned 4.25% Callable at the next call in October. Asset Plus Shuts $740 Million Fund Amid Energy Absolute Fallout - Asset plus are a Thailand based asset manager. The moves comes as Thailand credit markets have been hit after Energy Absolute plunged 30% after the founder was hit with fraud charges the company has roughly $1b of debt.
  • Primary Deals: Hong Kong SAR USD Green Notes at +40 Bps Area, SM Investments $Benchmark 5Y +170 Area, Mitsubishi HC Capital $Bmark 5.25Y +135 Area, Ningbo Yincheng Group Co Ltd $TBD 3Y Sust 5.8% Area, New York Life Global A$ 5Y FRN and/or FXD Bond at +113a, Woori Bank $Benchmark PerpNC5 AT1 at 6.75%a. Priced - SMBC Sydney Branch, A$1b 5Y FRN at BBSW+88bps
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  • Asian equities are mixed today, Japanese, South Korea & Taiwan tech stocks are lower highs after reports that the Biden administration is considering stringent trade restrictions on companies like Tokyo Electron if they continue providing advanced semiconductor technology to China, Taiwan equities have also been hit after Trump was questioned if it's the US duty to protect Taiwan, outside of tech stocks mostly other sectors are performing well, Asia Pac benchmarks higher.
  • Aus credit continue to grind tighter, 7-10yr corps were 1-3bps tighter with transportation names the top performing. In the Fins space today, the new ANZ T2 has drifted wider and is now trading at ASW+185 after pricing at +183bps, most other major bank T2 is unchanged for the day, while SNR bank debt is trading 1-2bps tighter.
  • Asia IG is a touch weaker over the past day with Bank/Fins 1bps wider, Macau gaming is 1-2bps wider with the likes of SANLTD & MGMCHI now 5-10bps wider over the past week. Asia Oil & Gas Quasis are weaker today with the light of PERTIJ & PETMK 5-10bps wider, while China's SINOPE is also 2-5bps weaker across the curve.
  • Aus iTraxx CDS is 0.5bps higher at 62bps & Asia Ex-J iTraxx is 0.5bps lower at 92bps
  • Headlines: Woori Bank's new AT1s may replace the seasoned 4.25% Callable at the next call in October. Asset Plus Shuts $740 Million Fund Amid Energy Absolute Fallout - Asset plus are a Thailand based asset manager. The moves comes as Thailand credit markets have been hit after Energy Absolute plunged 30% after the founder was hit with fraud charges the company has roughly $1b of debt.
  • Primary Deals: Hong Kong SAR USD Green Notes at +40 Bps Area, SM Investments $Benchmark 5Y +170 Area, Mitsubishi HC Capital $Bmark 5.25Y +135 Area, Ningbo Yincheng Group Co Ltd $TBD 3Y Sust 5.8% Area, New York Life Global A$ 5Y FRN and/or FXD Bond at +113a, Woori Bank $Benchmark PerpNC5 AT1 at 6.75%a. Priced - SMBC Sydney Branch, A$1b 5Y FRN at BBSW+88bps