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APAC Credit Tighter, CHINA Sov Drifts Wider

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities are mixed today, following weaker US employment figures. Investors are also focused on upcoming central bank decisions and key economic data from the US and China later this week. China & HK equities were the worst performing region as investors grow concerned about a lack of policy support, ahead of the Third Plenum next week. China property indices are entering bear markets with the Mainland Property Index now off 22.5% from recent highs.
  • Aus credit spreads 1-2bps tighter today with many now trading at all time tights, Major Bank Sub are unchanged to 1bps tighter, with fixed rate lines continuing you outperform. Major Short-end Bank Snr debt is trading unchanged, while 5Y is trading 1-2bps tighter, while corps are little changed.
  • Asia IG are unch to 1bp tighter, some China SEOs included HRINTH are outperforming, while China Industrial names are underperforming. Tech names are 0.5bps tighter, with TENCNT the top performer, while Real Estate names are mixed ROADKG the top performer up 2-3pts.
  • In the Quasi Space, Indonesian Quasis are seeing selling through the belly of curve 7-12yr tenors, while long-end bond outperform the curve. In the sov space CHINA/HKINTL is 2-5bps wider again.
  • Aus iTraxx CDS is is 1bp lower at 63bps & Asia Ex-J iTraxx is 0.5bps lower at 93.5bps
  • Primary Deals: IPT: ANZ USD Bmark 3Y FXD at +75bp Area, 3Y FRN at Sofr Equiv, Agricultural Bank of China Sydney AUD BMRK 3Y Notes, CMB New York $Benchmark Social FRN SOFR+105 Area, Piramal Finance Plans Up to $500 Million Debut Dollar-Bond Issue
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  • Asian equities are mixed today, following weaker US employment figures. Investors are also focused on upcoming central bank decisions and key economic data from the US and China later this week. China & HK equities were the worst performing region as investors grow concerned about a lack of policy support, ahead of the Third Plenum next week. China property indices are entering bear markets with the Mainland Property Index now off 22.5% from recent highs.
  • Aus credit spreads 1-2bps tighter today with many now trading at all time tights, Major Bank Sub are unchanged to 1bps tighter, with fixed rate lines continuing you outperform. Major Short-end Bank Snr debt is trading unchanged, while 5Y is trading 1-2bps tighter, while corps are little changed.
  • Asia IG are unch to 1bp tighter, some China SEOs included HRINTH are outperforming, while China Industrial names are underperforming. Tech names are 0.5bps tighter, with TENCNT the top performer, while Real Estate names are mixed ROADKG the top performer up 2-3pts.
  • In the Quasi Space, Indonesian Quasis are seeing selling through the belly of curve 7-12yr tenors, while long-end bond outperform the curve. In the sov space CHINA/HKINTL is 2-5bps wider again.
  • Aus iTraxx CDS is is 1bp lower at 63bps & Asia Ex-J iTraxx is 0.5bps lower at 93.5bps
  • Primary Deals: IPT: ANZ USD Bmark 3Y FXD at +75bp Area, 3Y FRN at Sofr Equiv, Agricultural Bank of China Sydney AUD BMRK 3Y Notes, CMB New York $Benchmark Social FRN SOFR+105 Area, Piramal Finance Plans Up to $500 Million Debut Dollar-Bond Issue