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APAC Credit Spreads Little Changed As Focus Turns To Primary

CREDIT UPDATE
  • Asian equities were mostly lower today, there have been very few headlines with investors waiting for the US markets to return. Nasdaq futures have ticked higher the past hour or so but there has been little in the way of a catalyst, this has helped pull the Nikkei back to flat for the day while the HS Tech Index still trades near session lows down 1.80%
  • The APAC secondary market took a back seat to primary deals today. Aus Fins (Snr/Sub) and Corps were unch to +1bp, while AT1/Perps/HY were 0.25pt lower. Asia IG is little changed today, HY credit is 0.25pt higher led by gaming names. EM sovs were little changed today, focus on BI rate decision shortly.
  • Aus iTraxx CDS is 0.5bphigher at 70bps & Asia Ex-J iTraxx is 0.5bp higher at 99bps
  • Rates: NZ GDP came in above estimates at 0.2% vs 0.1%, we had some weak bond auction results earlier with NZGBs closing 4.5-6bps cheaper across the curve, ACGBs are 2-3bps cheaper, curve has steepened. While Japan had a solid 5y auction, the curve has bull-flatten with yields +/- 2bps
  • Data: NZ Q1 GDP 0.2% vs 0.2% est, China left 1yr & 2yr LPR unchanged at 3.45% & 3.95% respectively
  • Headlines: "Wuxi Industry Development Considers Offering 1B Yuan 50y Bond" - BBG
  • Primary Deals/headlines: PRICED - Bluestone Prime 2024-1 Trust RMBS A$700m, Firstmac Mortgage Funding Trust No. 4 RMBS A$1.2b, Changchun Urban $230m 3Y at 6.8% Yield, Capitaland Group SGD275m 7Y at 3.8% coupon. IOI - Heartland Bank Australia A$ 10nc5 Tier 2 Sub Notes, John Deere A$ 5Y Bmark Bond, ASW+105-110bp Area, FWD Group Holdings $Benchmark 7Y Reg S Sub +380 Area, IDOL RMBS Series 2017-1 Class A Note A$ Refinance, Bocom Leasing $Benchmark Green 3Y FRN, Bank of East Asia $Benchmark 10NC5 at +290 Area, BPHL Capital Management CNY TBD 3Y Keepwell Bond, 5.5% Area, Shangrao Innovation Development $TBD 34.5-Month at 6%.
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