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APAC Credit Tighter As Investors Rotate Into Bonds

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities plunged today after weak US data and disappointing tech results from the likes of Apple & Amazon, while Japanese markets were even weaker on the back of BoJ rate hike and the yen strengthening which has hurt exporters. Elsewhere The Philadelphia SE Semiconductor fell over 7% overnight, hurting Taiwan & South Korean markets. Overall Financials and tech stocks were the worst performing today.
  • Credit markets were stronger today on what looks to be a rotation out of equities and into bonds. Overall it has been a relatively quiet week in terms of headlines and a incredibly slow week in primary with no major deals printing, overall credit markets are 1-4bps tighter for the week.
  • Aus credit is unchanged to 1bps tighter, better buying seen in Bank T2 FRNs, snr bank paper is unchanged, while corporates are seeing good two-way in 5-10yr tenors.
  • Asia credit are also a touch tighter today, autos have been a top performer this week with (HYUCAP & KIAMTR) 1-3bps tighter, Oil & Gas is 1bps tighter, SOEs are 1-2bps tighter, there was a bit of weakness in Asian Banks today with the Topix Bank Index off almost 10%.
  • Aisa sovs have underperformed moves in US tsys by 1-3bps, with Indonesia the worst performer in the region.
  • Aus iTraxx CDS is 2.5bp higher at 68bps & Asia Ex-J iTraxx is 3bp higher at 99bps
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  • Asian equities plunged today after weak US data and disappointing tech results from the likes of Apple & Amazon, while Japanese markets were even weaker on the back of BoJ rate hike and the yen strengthening which has hurt exporters. Elsewhere The Philadelphia SE Semiconductor fell over 7% overnight, hurting Taiwan & South Korean markets. Overall Financials and tech stocks were the worst performing today.
  • Credit markets were stronger today on what looks to be a rotation out of equities and into bonds. Overall it has been a relatively quiet week in terms of headlines and a incredibly slow week in primary with no major deals printing, overall credit markets are 1-4bps tighter for the week.
  • Aus credit is unchanged to 1bps tighter, better buying seen in Bank T2 FRNs, snr bank paper is unchanged, while corporates are seeing good two-way in 5-10yr tenors.
  • Asia credit are also a touch tighter today, autos have been a top performer this week with (HYUCAP & KIAMTR) 1-3bps tighter, Oil & Gas is 1bps tighter, SOEs are 1-2bps tighter, there was a bit of weakness in Asian Banks today with the Topix Bank Index off almost 10%.
  • Aisa sovs have underperformed moves in US tsys by 1-3bps, with Indonesia the worst performer in the region.
  • Aus iTraxx CDS is 2.5bp higher at 68bps & Asia Ex-J iTraxx is 3bp higher at 99bps