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APAC Credit Spreads Little Changed, AU CPI Beats

CREDIT UPDATE
  • Asian equities have been mixed today, ranges have been tight, tech stocks have been the best performing during the 2nd half of the session, although it has been a quiet day in equity markets. The yen held just below the psychologically important level of 160 with traders worried a breach would cause an intervention.
  • The APAC credit market is little changed in spread terms today, Aussie Credit yields followed the large move in rates on the back of the CPI print, there was some outright yield buyers, but volumes were light. In Asia IG we are little changed today, while gaming and property names remain the most active again, although prices were unchanged. In Sovs, Indonesia printed a three part sukuk.
  • Aus iTraxx CDS is unch at 71bps & Asia Ex-J iTraxx is 1bps higher at 101.5bps
  • Rates: APAC markets have been focused on Australia where CPI came in above expectations, ACGBs are 8-18bps higher, with the curve bear flattening, the 2Y is +17.3bps at 4.187%, NZGBs have also bear-flattened, yields are 3-6bps higher, while in Japan the curve has bear-steepened, yields are flat to 4bps higher.
  • Data: AU CPI 4% vs 3.8% est, above 3.6% prior
  • Headlines: " Chinese Builder Redsun’s Wind-Up Hearing Adjourned Until August" - BBG
  • Primary Deals: Cathay Life Insurance $Bmark 10Y Reg S Sub T2 +205a, Bangkok Bank HK Branch 144A/Reg S $Benchmark 10Y +165 Area, Swire Pacific $Benchmark 5Y Reg S +120 Area, China Huaneng Group US$ Reg S Perp NC3 At 5.85% Area, Macquarie Bank $Bmrk 144A/Reg S; 3Y +95a, 3Y FRN SOFR, Mitsubishi Corp. $Benchmark 144A/3c7/Reg S 5Y +100 Area, Pioneer Credit AUD Secured Subordinated 2028 FRN at BBSW+10.50% area
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