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APAC Credit Tighter, Financial Well Bid After BoJ Hikes

CREDIT UPDATE
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  • Asian markets are mostly higher today with Japanese stocks have reversing earlier losses while the yen has shown fluctuations following the BoJ's interest-rate hike and bond purchase reduction. Aus equities were higher after CPI cooled a touch causing rate hike pricing to soften, China & Hong Kong equities surged higher with heavy buying in some of the benchmark ETFs which leads us to believe the China National Team were back in the market driving the rally, while weaker PMI data lead many to believe there will be some new supportive policies to be announced.
  • Aus credit has been well bid today especially in the Tier 2 space with non major bank spread slightly outperforming with spread 1-3bps tighter, snr bank paper is 1-2bps tighter, while in the corporate space we continue the grind tighter with the front end of curve 1-2bps tighter, while further out we trade 1-3bps tighter.
  • Asia IG is 1-3bps tighter, Fins & SOEs are 1-2bps tighter, Tech 2-3bps tighter, Metals & Miners are the top performers and trade 2-4bps tighter, while Gaming is 1-3bps wider.
  • In the Sov space, curves twist-flattened with better buying seen through the belly of curves while quasis were little changed today
  • Headlines: Shimao Group & Times China are in court today where they are under pressure to show that they have made progress on debt restructuring to fend off the risk of liquidation.
  • Aus iTraxx CDS is unchanged at 65.5bps & Asia Ex-J iTraxx is unchanged at 96.5bps
  • Primary: Zip Master Trust Series 2024-2 A$ ABS Transaction
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  • Asian markets are mostly higher today with Japanese stocks have reversing earlier losses while the yen has shown fluctuations following the BoJ's interest-rate hike and bond purchase reduction. Aus equities were higher after CPI cooled a touch causing rate hike pricing to soften, China & Hong Kong equities surged higher with heavy buying in some of the benchmark ETFs which leads us to believe the China National Team were back in the market driving the rally, while weaker PMI data lead many to believe there will be some new supportive policies to be announced.
  • Aus credit has been well bid today especially in the Tier 2 space with non major bank spread slightly outperforming with spread 1-3bps tighter, snr bank paper is 1-2bps tighter, while in the corporate space we continue the grind tighter with the front end of curve 1-2bps tighter, while further out we trade 1-3bps tighter.
  • Asia IG is 1-3bps tighter, Fins & SOEs are 1-2bps tighter, Tech 2-3bps tighter, Metals & Miners are the top performers and trade 2-4bps tighter, while Gaming is 1-3bps wider.
  • In the Sov space, curves twist-flattened with better buying seen through the belly of curves while quasis were little changed today
  • Headlines: Shimao Group & Times China are in court today where they are under pressure to show that they have made progress on debt restructuring to fend off the risk of liquidation.
  • Aus iTraxx CDS is unchanged at 65.5bps & Asia Ex-J iTraxx is unchanged at 96.5bps
  • Primary: Zip Master Trust Series 2024-2 A$ ABS Transaction