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APAC Credit Steady Ahead Of US CPI and FOMC Later This Week

CREDIT UPDATE
  • Regional Asian equities are mixed today, tech names were lower on the back of the Apple AI event. China equities were lower on the back of weak holiday spending and renewed concern over the property market which caused property indices to drop although we are off earlier lows and finally Indian equities are back above pre-election levels.
  • It has been another slow session in APAC credit today: Aus Fins & Corps are both unchanged, there is better buying occurring in the high beta space and AT1s. Asia IG is 1bps tighter, while HY is 2-3bps wider. EM sovs and credit are 1-3bps tighter although volumes are on the low side.
  • Aus iTraxx CDS is 0.5bps higher at 65.5bps & Asia Ex-J iTraxx is unchanged at 96.5bps
  • Rates: local rates are relatively stable today, Australia returned from a public holiday with yields playing catch-up. US Treasuries are 1-2bps lower.
  • Data: SK BoP Current Account Balance swung to a $285m deficit for Apr, while Australian NAB Business Confidence fell to -3 from 2 revised, and Conditions dropped to 6 from 7.
  • Headline: Developer Dexin China gets liquidation order from HK court, Fitch Assigns TORRENS Series 2019-1 Trust A-R Notes 'AAAsf' (BBG), Japan regional banks to face capital headwind (S&P), Steady Performance for Indonesian Banks amid Improved Operating Environment (Fitch)
  • Primary Deals/headlines: John Deer A$ investor update starting June 11. Lunched - UDC Endeavour Auto ABS Trust 2024-1 NZ$300m of Notes & Manulife Financial SGD Benchmark 10NC5 Sub 4.6% Area. Mandate - Bendigo and Adelaide Bank €bmark long 5y covered bond,
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