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APAC Credit Spread Move Tighter, Quasi/SEOs Top Performers

CREDIT UPDATE
  • Asian equities have tracked US markets higher today, with semiconductor names the top performing. The Nikkei hit new record highs as traders eagerly await Powell testimony later today. Hong Kong & China equities were lower today with investors are uncertain about the central bank's new liquidity operations.
  • Aus credit spreads continue to move tighter, with many lines hitting all time lows, in spread terms. Major Bank Sub is flat to 1bps tighter Major Bank Snr debt is trading 1-2bps tighter, Aus corps are 1-2bps tighter, with Transportation & logistics the top performer names.
  • Asia IG credit spreads 1-2bps tighter today, gaming names are 1bps tighter with SANLTD the top performing, Fins are 1bps tighter, Industrials 1-2bps tighter, Oil & Gas 1-3bps tighter and Metals & Mining are 2-4bps tighter
  • Indonesian Quasi, SK SOE & CH SOE names are a top performing sector today, with all names 1-5bps tighter. While in the sov space, CHINA continues to drift wider post the government announcing they will borrow govt debt from primary dealers.
  • Aus iTraxx CDS is 1.5bps lower at 61.5bps & Asia Ex-J iTraxx is also 2bps lower at 91.5bps
  • Headlines: "Chinese Developer R&F Properties’ Unit Gets Liquidation Petition"
  • Primary Deals: Banco Santander 10nc5 Kangaroo Tier 2 Sub Notes, Agricultural Bank of China Sydney AUD Bmrk 3Y FRN Notes, Rabobank Australia Branch AUD 5Y, CCB Hong Kong Branch USD 3Y Green Bond, Sofr+105bps Area, ASTREA 8 15Y Multi Tranches USD, SGD Notes

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