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APAC Credit Tighter, ANZ Prints 15NC5 T2, Third Plenum Underway

CREDIT UPDATE
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  • Asian equities are mixed today, markets have shown some concern around what a Trump presidency would mean, while China and HK markets also await updates from the Third Plenum policy meetings that are occurring in China at the moment. It was a very light on day for economic data and headlines in the region.
  • Focus in Aus today was on the new ANZ 15NC10 Tier 2 deal, which printed 7bps inside initial guidance, the book was 2.47x oversubscribed. In secondary the new ANZ deal looks to be offered around ASW+175bps while the new A$ Santan 10NC5 T2 deal which printed at +225bps last week is now trading at +205 area. Elsewhere, there had been some selling of older A$ T2 lines to switch into the new ANZ deal, but overall there the Major Bank sub was unchanged for the day, Snr bank Debt was 0.5-1bps tighter and corps flat to 1bps tighter.
  • Asian markets particular in Hong Kong & China have been awaiting any headlines and information coming out of the the Third Plenum policy meetings. Asia IG was steady today, tech/semiconductors names were 1bps tighter while Korean names were the most active as Korean govt bond futures rallied on growing hope of cuts from the Fed and BOK later this year.
  • Aus iTraxx CDS is 0.5bps higher at 61.5bps & Asia Ex-J iTraxx is u1bps higher at 92.5bps
  • Primary Deals: TD Bank 5yr A$ FRN and/or FXD Senior Unsecured Notes, China Cinda Finance $Bmark 3Y +165a, 5.5Y +195a, Mitsubishi HC $Benchmark 5.25Y Bond, SM Investments $Benchmark 5Y Bond. Priced - ANZ 15NC10 T2 at ASW+183bps, Rabo Bank NZ$ 2029 Tap
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  • Asian equities are mixed today, markets have shown some concern around what a Trump presidency would mean, while China and HK markets also await updates from the Third Plenum policy meetings that are occurring in China at the moment. It was a very light on day for economic data and headlines in the region.
  • Focus in Aus today was on the new ANZ 15NC10 Tier 2 deal, which printed 7bps inside initial guidance, the book was 2.47x oversubscribed. In secondary the new ANZ deal looks to be offered around ASW+175bps while the new A$ Santan 10NC5 T2 deal which printed at +225bps last week is now trading at +205 area. Elsewhere, there had been some selling of older A$ T2 lines to switch into the new ANZ deal, but overall there the Major Bank sub was unchanged for the day, Snr bank Debt was 0.5-1bps tighter and corps flat to 1bps tighter.
  • Asian markets particular in Hong Kong & China have been awaiting any headlines and information coming out of the the Third Plenum policy meetings. Asia IG was steady today, tech/semiconductors names were 1bps tighter while Korean names were the most active as Korean govt bond futures rallied on growing hope of cuts from the Fed and BOK later this year.
  • Aus iTraxx CDS is 0.5bps higher at 61.5bps & Asia Ex-J iTraxx is u1bps higher at 92.5bps
  • Primary Deals: TD Bank 5yr A$ FRN and/or FXD Senior Unsecured Notes, China Cinda Finance $Bmark 3Y +165a, 5.5Y +195a, Mitsubishi HC $Benchmark 5.25Y Bond, SM Investments $Benchmark 5Y Bond. Priced - ANZ 15NC10 T2 at ASW+183bps, Rabo Bank NZ$ 2029 Tap