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APAC Credit Spread Drift Widen, Volumes Low Ahead Of NFP

CREDIT UPDATE
  • Regional Asian equities are mixed today, South Korean equities were the top performing as they returned from a break on Thursday for Memorial Day, the rest of the market struggled to find any direct ahead of US NFP later today.
  • It has been a very slow session in APAC credit today: Aus Fins +/- 1bps, high beta corps 1-2bps wider. Asia IG is 1-2bps wider. In the EM space, it has been a quiet session with sovs 1-2bps wider, credit 2-3 wider.
  • Aus iTraxx CDS 0.5bp higher at 65.5bps & Asia Ex-J iTraxx is unchanged at 96.5bps
  • Rates: local rates are little changed today, while US tsy futures have edges lower throughout the day ahead of US NFP later today
  • Data: NZ 1Q manufacturing volumes fell 0.4% q/q, from -0.7% prior, sales rise 0.7% q/q from -0.5% prior. Japan April Household spending rose 0.5% y/y up from -1.2% prior. China May trade surplus widened to $82.62b vs $72.15b up from $72.35b prior.
  • Headlines: Developer Yida China Receives Winding-Up Petition in Hong Kong, Indonesian Builder Lippo to buy back majority of 2025 bond, Mineral Resources’ Sale of Minority Stake in Onslow Road Project to Reduce Leverage.
  • Primary Deals: Priced: Brighte A$195m Green Trust 2024-1 A-C tranche priced at BBSW+140bps.
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Credit BulletsBulletHomepagemarkets-real-timeCredit

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