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APAC Credit Subdued Day, China Property Active

CREDIT UPDATE
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  • Asian equities were mostly lower today with tech stocks the worst performing across the region, after semiconductor stocks fell in the USD on Friday with the Philadelphia SE Semiconductor Index falling 1.27%. Japanese equities were slightly higher as exporters benefit from the continued slide in the yen.
  • The APAC credit market was very quiet today in both the primary and secondary markets. Aus Fins & Corps were unch, similar themes continued from Friday with retail accounts looking for high beta/ higher yielding bonds. In Asia, gaming names were active up 0.25-0.5pt, while Chinese IG tech names were 2-3bps tighter and China IG property names were up 2-5bps tighter, Asia Sovs were 2-3bps wider with Indonesia the worst preforming
  • Aus iTraxx CDS is 0.5bp higher at 71bps & Asia Ex-J iTraxx is unch at 99.5bps
  • Rates: ACGBs are +/- 1bps, earlier there was a 29 auction which went smoothly but less demand than prior auctions, the JGB curve has bear-steepened, yields are 1-4bps higher and US Tsys were little changed today.
  • Data: New Zealand Trade Balance Surplus widened to 204m from a 3m deficit prior.
  • Headlines: "Kaisa Avoids Liquidation for Now But Restructuring Plan Needed", "DaFa Properties’ Wind-Up Case Is Adjourned by Hong Kong Court", " Norinchukin Is Neither SVB Nor Lehman, Posing No Threat to Japan" - BBG
  • Primary Deals/headlines: LG Energy $Bmark; 3Y +130a, 5Y Green +140a, 10Y Green +165a & Cathay Life USD 10Y Reg S Sub T2 Dated Capital Bond
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  • Asian equities were mostly lower today with tech stocks the worst performing across the region, after semiconductor stocks fell in the USD on Friday with the Philadelphia SE Semiconductor Index falling 1.27%. Japanese equities were slightly higher as exporters benefit from the continued slide in the yen.
  • The APAC credit market was very quiet today in both the primary and secondary markets. Aus Fins & Corps were unch, similar themes continued from Friday with retail accounts looking for high beta/ higher yielding bonds. In Asia, gaming names were active up 0.25-0.5pt, while Chinese IG tech names were 2-3bps tighter and China IG property names were up 2-5bps tighter, Asia Sovs were 2-3bps wider with Indonesia the worst preforming
  • Aus iTraxx CDS is 0.5bp higher at 71bps & Asia Ex-J iTraxx is unch at 99.5bps
  • Rates: ACGBs are +/- 1bps, earlier there was a 29 auction which went smoothly but less demand than prior auctions, the JGB curve has bear-steepened, yields are 1-4bps higher and US Tsys were little changed today.
  • Data: New Zealand Trade Balance Surplus widened to 204m from a 3m deficit prior.
  • Headlines: "Kaisa Avoids Liquidation for Now But Restructuring Plan Needed", "DaFa Properties’ Wind-Up Case Is Adjourned by Hong Kong Court", " Norinchukin Is Neither SVB Nor Lehman, Posing No Threat to Japan" - BBG
  • Primary Deals/headlines: LG Energy $Bmark; 3Y +130a, 5Y Green +140a, 10Y Green +165a & Cathay Life USD 10Y Reg S Sub T2 Dated Capital Bond