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APAC Credit Weaker On Subdued Trading, Gaming Names Struggle

CREDIT UPDATE
  • Asian equities bounced this morning following days of heavy selling, although we are off the morning highs, with tech names again weighing on benchmarks. The Philadelphia SE Semiconductor Index fell another 2% in US hours, and are now down about 8% for the week. Small-cap stocks have outperformed today.
  • Aus credit saw better selling through front-end curves, snr bank paper is 1-2bps wider, sub debt is unchanged. Corporate bonds saw some selling although flows were light and we closed little changed.
  • MINAU released their sales report with key highlights including a record iron ore shipments and significant achievements in lithium production. The company’s mining services saw a 9% y/y increase in production volumes, reaching 269Mt for FY24, EBITDA for Q4 FY24 was A$1.6b, a 33% increase from the prior year
  • Asia credit is mixed today, gaming names were the worst performer following Las Vegas Sands earnings report with gaming names 5-10bps weaker, Oil & Gas names are 1-2bps wider, while Financials are unch to 1bps tighter
  • Indonesian quasis have had a poor week, with the likes of PLNIJ & PERTIJ about 5-10bps wider for the week, as the IDR slips.
  • Headlines: China 10-Year Yield Falls to A Fresh Record Low - BBG
  • Aus iTraxx CDS is unchanged66.5bps & Asia Ex-J iTraxx is unchanged at 98bps
  • No primary deals today
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Credit BulletsBulletHomepagemarkets-real-timeCredit

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