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APAC Credit Steady, Primary Market Prints 22b Over The Week

CREDIT UPDATE
  • Asian equities are higher today, headlines have been limited outside of the US Presidential Debate. The Japanese equity markets are higher as exporters continue to gain on the yen weakening past 161.00, China equities are higher amid hopes for progress in EU-China Tariff talks, while other regional markets track US equities higher.
  • APAC USD bond sales surged to their highest levels since January 2023, totaling nearly $22 billion, led by firms like Takeda Pharmaceutical and Nomura Holdings. Despite recent spread widening, issuers rushed to lock in historically tight yield premiums, reflecting robust investor demand amid a rebound in APAC offshore primary markets and renewed growth trends.
  • Following a busy week in primary the APAC credit market was very quiet today. In Australia, Bank Snr/Sub & Corps were unchanged, there was small buying in high yields corps from retail accounts. While in Asia IG is little changed today, Asia Tech names are 0.5 to 1bps tighter while gaming names have drifted 1-3bps wider. SOE/Quasi names performed well today with KOROIL the top performer. In the Sovereign space, Indon/Philip curves drifted 1-2bps wider, while China/HK continued to grind tighter.
  • Aus iTraxx CDS is unchanged at 70.5bps & Asia Ex-J iTraxx is 0.5bp lower at 98.5bps
  • Rates: ACGBs are 6-9bps lower today, reversing the moves made on Thursday, while JGB yields are flat to 2bps lower, while the yen is now trading back above 161.00. US Tsys futures edged lower throughout the Presidential Debate, yields yields 1-3bps higher, although clawed back some of those losses as we head into the European opens
  • Data: AU Private Sector Credit was 0.4% vs 0.5% est, Japan: Jobless Rate 2.6% vs 2.6% est, Job-To-Applicant Ratio was 1.24 vs 1.26 est, Tokyo CPI was 2.3% vs 2.3% est, Industrial Production was 2.8% m/m vs 2.0%, while housing starts were -5.3 y/y% vs -6.1% from 13.9% prior.
  • Headlines: "Builder Sino-Ocean Group Gets Wind-Up Petition in Hong Kong", "Builder Times China’s Debt Talks Speed Up Before Wind-Up Hearing" - BBG
  • Primary Deals: Mandate - Woori Bank USD PerpNC5 Sub AT1 Note.
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Credit BulletsBulletHomepagemarkets-real-timeCredit

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