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APAC Credit Spreads Widen Most In Almost Two Years

CREDIT UPDATE
  • Asian equities have had one of the worst sessions on record, with the Japanese market the worst performing. The weakness in equities kicked off on Thursday with weak jobs data and continued on Friday with soft Nonfarm payrolls, the rally in the yen has caused Japanese exporters to plunge, while financials have also taken a beating with major bank stocks off well over 10%. Taiwan equities have had their worst day on record with the Taiex closing down 8.4%.
  • It was a public holiday in Sydney today with cash bond trading closed, credit trading was very limited.
  • Asia IG credit spreads have jumped the most in almost 2 years, as investors dump credit for government bonds, spread are up to 10bps wider. There hasn't been any stand out sectors today as investors look to sell anything they can get a bid on.
  • Aus iTraxx CDS is 5bp higher at 73bps & Asia Ex-J iTraxx is 7bp higher at 105bps
  • There was little in the way of credit specific headlines or any primary deals today.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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