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APAC Credit Spread Mixed, A$ Banks See Strong Demand

CREDIT UPDATE
  • Asian equities advanced today, largely tracking gains made in the US after data from the US bolstered the case for potential Federal Reserve rate cuts. The MSCI Asia Pacific Index climbed up to 0.9%, marking its fifth straight session of gains.
  • Aus credit spreads are 1-2bps tighter today, Major Bank Sub is trading near all time tights, the new WBC 10NC5 T2 priced at +167, before instantly trading into +163 and inline with peers. Snr Bank Debt is 1-2bps tighter, while corps were unchanged.
  • Asia IG credit spreads are mixed today with Banks/Fins are 1-2bps tighter, Oil & Gas 1-2bps tighter, Tech is trading 1bps tighter. Macau gaming names are 1-2bps wider post data showing tourism was down to the region, Real Estate is 2-5bps wider, as equities sell off post a strong rally. Sovereigns are 1-2bps wider through the 7-10yr part of the curve.
  • Asia printed no USD deals for the second time this week ahead of the July 4th Holiday.
  • Credit Headlines: Australia Introduces Legislation For 15% Global Minimum Tax for Multinational Companies, China Vanke-Linked Wealth Products Miss Payments - BBG
  • Aus iTraxx CDS is 2bp lower at 65.5bps & Asia Ex-J iTraxx is 2.5bp lower at 94bps
  • Primary Deals: Priced - CapitaLand Integrated SGD300m 10Y Green to Yield 3.75%, IPT: Ho Bee Land 5Y SGD Green Bmark Bond at 4.6%.
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  • Asian equities advanced today, largely tracking gains made in the US after data from the US bolstered the case for potential Federal Reserve rate cuts. The MSCI Asia Pacific Index climbed up to 0.9%, marking its fifth straight session of gains.
  • Aus credit spreads are 1-2bps tighter today, Major Bank Sub is trading near all time tights, the new WBC 10NC5 T2 priced at +167, before instantly trading into +163 and inline with peers. Snr Bank Debt is 1-2bps tighter, while corps were unchanged.
  • Asia IG credit spreads are mixed today with Banks/Fins are 1-2bps tighter, Oil & Gas 1-2bps tighter, Tech is trading 1bps tighter. Macau gaming names are 1-2bps wider post data showing tourism was down to the region, Real Estate is 2-5bps wider, as equities sell off post a strong rally. Sovereigns are 1-2bps wider through the 7-10yr part of the curve.
  • Asia printed no USD deals for the second time this week ahead of the July 4th Holiday.
  • Credit Headlines: Australia Introduces Legislation For 15% Global Minimum Tax for Multinational Companies, China Vanke-Linked Wealth Products Miss Payments - BBG
  • Aus iTraxx CDS is 2bp lower at 65.5bps & Asia Ex-J iTraxx is 2.5bp lower at 94bps
  • Primary Deals: Priced - CapitaLand Integrated SGD300m 10Y Green to Yield 3.75%, IPT: Ho Bee Land 5Y SGD Green Bmark Bond at 4.6%.