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APAC Credit Muted Session As Focus Turns To Primary Deals

CREDIT UPDATE
  • Asian equities were higher today, largely tracking US markets higher and in particular US Tech stocks. Semiconductor names were the top performing in the region today, with Citi and Barclays both upgrading TSMC, which accounts for about 60% of Taiwan's Taiex moves.
  • APAC credit was little changed today today, taking a bit of a break from the recent sell-off. Aus Fins (Snr/Sub) were unch, Aus corps were unch to +1bps, while AT1/Perps/HY were mixed at +/- 0.25pt. Asia IG has continues to widen and trades another 1bp weaker, HY credit is 0.25-0.5pt lower, while in the EM Sov space IDNON/PHILIP curves are 1-2bps wider, while HKINTL/CHINA trades unch to 1bp tighter, EM credit is 2-3bps wider with Indonesian & Thai names the worst performing.
  • Aus iTraxx CDS is 0.5bp lower at 70.50bps & Asia Ex-J iTraxx is 0.5bp lower at 100.5bps
  • Rates: ACGB yields are 5-6bps higher, curve is slightly steeper, while JGB curve bear-steepened after BoJs Ueda's comments.
  • Data: RBA was the major focus, they kept rates on hold at 4.35%, which was expected although the statement from the RBA was slightly more hawkish than expected. In NZ Westpac Consumer Confidence for Q2 was 82.2 down from 93.2.
  • Headlines: Default Fears Grip China’s $111 Billion Convertible Bond Market - BBG
  • Primary Deals/headlines: UBS Group PERPNC5.5 SGD AT1 Notes at 5.85% Area, Iois: Latitude Financial Services NZ$250M Notes, Guotai Junan USD 3Y Bmark Sofr Compounded + 115bp Area, BOC Panama Branch USD Reg S 2Y Sus. Notes, Sofr +95bp Area, Hyundai Capital USD 2Y/3Y FXD T+105/115a, 3Y FRN Sofr, Shanghai Lingang CNH 3Y Social Notes at 3.45% Area, Guotai Junan $Benchmark Reg S FRN SOFR+115 Area, BOC Hungarian Branch $Bmark 3Y Sust. Notes, SOFR+100bps Area, Launch: Bluestone Prime A$500M Trust
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