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APAC Credit Spread Mixed, Aussie Banks Hit Primary Market

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities are mixed today, Japanese stocks were higher with higher yields boosting financials and insurers, while higher oil prices boosted resource stocks. Hong Kong markets reopened after a break with property stocks surging higher after strong sales numbers, while EV names also performed well following positive June sales and delivery data.
  • Aus credit spreads are mixed today, Major Bank Sub is 1-2bps tighter, Non-Major Bank has drifted 1-2bps wider, Snr Bank Debt is flat to 1bps tighter, while corps are +/-1bps with high beta names underperforming, while in the Primary Market the Aussie major banks were active. Asia IG credit spreads have widened, autos are 2bps wider, banks 1bps wider, Oil & Gas 2-4bps wider and Tech 1-2bps wider. In the sov space, CHINA is 2-4bps wider after the PBOC said they'd borrow government bonds from primary dealer, while INDON is 1-2bps tighter.
  • Credit Headlines: "Macau casino shares may fall after gaming revenue slowed in June as Chinese tourists stayed away" - BBG
  • Aus iTraxx CDS is 1.5bp lower at 68.5bps & Asia Ex-J iTraxx is 1.5bp lower at 96.5bps
  • Rates: ACGB yields are 2-6bps higher, curve bear-steepening, NZGB yields 2.5bps lower to 4bps higher, curve bear-steepening. JGBs are flat to 2bps higher, better selling through the belly of the curve post the 10yr auction.
  • APAC Data: NZ Building Approvals -1.7% vs -2.1% prior. SK CPI +2.4% y/y vs +2.7% prior. JP Monetary Base +.06% y/y vs +0.9% prior.
  • Primary Deals: IOIs - Metropolitan Life Global Funding I A$ 5Y FA-Backed Notes, Toronto-Dominion Bank SGD Perpnc5 AT1 at 5.80% Area, China Citic Bank London Branch $3Y Green Bond, Sofr+105a , National Australia Bank USD 5Y FRN at Sofr+83bps, CMB Sydney USD 3Y Green Notes at Sofr +105bps Area, Westpac Banking A$ 10nc5 Tier 2 Subordinated Notes, ANZ Bank NZ US$500m WNG 10NC5 Sub T2 +180 Area, Harvey RMBS 2024-1 A$500m
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  • Asian equities are mixed today, Japanese stocks were higher with higher yields boosting financials and insurers, while higher oil prices boosted resource stocks. Hong Kong markets reopened after a break with property stocks surging higher after strong sales numbers, while EV names also performed well following positive June sales and delivery data.
  • Aus credit spreads are mixed today, Major Bank Sub is 1-2bps tighter, Non-Major Bank has drifted 1-2bps wider, Snr Bank Debt is flat to 1bps tighter, while corps are +/-1bps with high beta names underperforming, while in the Primary Market the Aussie major banks were active. Asia IG credit spreads have widened, autos are 2bps wider, banks 1bps wider, Oil & Gas 2-4bps wider and Tech 1-2bps wider. In the sov space, CHINA is 2-4bps wider after the PBOC said they'd borrow government bonds from primary dealer, while INDON is 1-2bps tighter.
  • Credit Headlines: "Macau casino shares may fall after gaming revenue slowed in June as Chinese tourists stayed away" - BBG
  • Aus iTraxx CDS is 1.5bp lower at 68.5bps & Asia Ex-J iTraxx is 1.5bp lower at 96.5bps
  • Rates: ACGB yields are 2-6bps higher, curve bear-steepening, NZGB yields 2.5bps lower to 4bps higher, curve bear-steepening. JGBs are flat to 2bps higher, better selling through the belly of the curve post the 10yr auction.
  • APAC Data: NZ Building Approvals -1.7% vs -2.1% prior. SK CPI +2.4% y/y vs +2.7% prior. JP Monetary Base +.06% y/y vs +0.9% prior.
  • Primary Deals: IOIs - Metropolitan Life Global Funding I A$ 5Y FA-Backed Notes, Toronto-Dominion Bank SGD Perpnc5 AT1 at 5.80% Area, China Citic Bank London Branch $3Y Green Bond, Sofr+105a , National Australia Bank USD 5Y FRN at Sofr+83bps, CMB Sydney USD 3Y Green Notes at Sofr +105bps Area, Westpac Banking A$ 10nc5 Tier 2 Subordinated Notes, ANZ Bank NZ US$500m WNG 10NC5 Sub T2 +180 Area, Harvey RMBS 2024-1 A$500m