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APAC Credit Spreads Off Lows, Primary Deals Pick Up

CREDIT UPDATE
  • Asian equities are lower today, as higher global yields and poor forecasts from Micron Technologies weigh on market sentiment. China property stocks have taken another leg down on disappointing policy updates from the city of Beijing, while the MSCI China Index has fallen 10% from the May highs.
  • The APAC credit market has been active today, the primary markets has been active as Asian dollar bonds sales surge to a nine-month high, yields continue to rise as the rate market sells-off on the back of higher inflation, although credit spread remain near multi year lows. In Australia, Bank Snr/Sub 1-2bps tighter, while corps were unch to 1bps wider, with lack of supply supporting further widening in some names. In Asia IG we are 1-2bps wider, gaming names were the worst performing while Industrials & China Tech names were the top performing sectors. SOE/Quasi names were mixed, with Indonesian names performing slightly better than the rest. In the Sovereign space, Indon/Philip curves drifted 1-2bps wider, while China/HK continued to grind tighter.
  • Aus iTraxx CDS is down 0.5bp at 70.5bps & Asia Ex-J iTraxx is 2bps lower at 99bps
  • Rates: ACGBs have continued the post CPI move with yields 6-10bps higher across the curve, NZGBs are 4-7bps higher, JGB yields are 4-6bps higher, while US tsys futures saw an increase in volume traded and currently trade just off session lows, while yields are about 1bps higher across the curve
  • Data: NZ Consumer Confidence Index was 83.2 vs 84.9 prior, Activity Outlook was 12.2 vs 11.8 prior, Business Confidence was 6.1 vs 11.2 prior. AU Consumer Inflation Expectations was 4.4% vs 4.1% prior, Job Vacancies were -2.7% vs -6.2% prior. JP Retail Sales were 3% vs 2% prior. CH Industrial Profits were 4.1% vs 2.7% prior and SK Business Survey Mfg was 75 vs 76 prior and Non-Mfg was 70 vs 72 prior.
  • Headlines: Lippo Malls rallies on amendment to loan facility, New World (NWDEVL) plans to redeem it's perpetual Bond.
  • Primary Deals: IPT: Korea Gas $Benchmark 144A/Reg S 5Y +105 Area, Mizuho $Benchmark; 6NC5 +135 Area, 11NC10 +155 Area, Takeda SEC-Registered $Benchmark Debt Offering in 4 Parts. Priced - Pioneer Credit A$55m 4Y FRN at BBSW+1050bps, Mercury NZ$ 350m 30NC5 at 6.42% yield.
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