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APAC Credit Widens On Street Selling, Volkswagen Prices A$ 3Y

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Asian equities were mostly higher today, although there were very few local headlines. Equities were mostly higher following moves from US markets and Nvidia passing the $3T mark, pushing the Philadelphia Semiconductor Index up over 4%. Indian Markets stabilized after President Modi gains support to form a majority. China property was the worst performing, with the BI property gauge now in a bear market
  • Aus Corps +1-2bps, Aus Snr Fins unch, while are Subs are +2-5bps. Asia IG widens 2-4bps, China & SK IG 2-3bps wider, Indian credit is 2-3bps tighter. EM Sovereigns continue to under preform moves in UST and trade 2-3bps wider.
  • Aus iTraxx CDS 1bps lower at 65bps & Asia Ex-J iTraxx is 1bp at 96bps
  • Rates: Local rates are richer today following moves made by UST post ADP employment change. US Treasury futures are a touch lower in Asia, although ranges have been very tight, yields are 1-2bps higher/
  • Data: Australia Trade Surplus Widened to A$6548m from A$4841m, April home loan values increased to 4.8% from 1.5% in March. NZ ANZ Commodity Price -4.0% vs -0.5% prior. Japan Tokyo Avg Office Vacancies for May were 5.48% from 5.38% in April
  • Primary Deals: Priced - Volkswagen Financial A$350m 4Y at ASW+152bps (5.583%). Announced - Bank of China Sydney $Bmark 3y FRN at SOFR+95 area, Chengdu Xisheng Investment CNY 3Y 5.2% area, HSBC SGB Bmark PerpNC5.5 at 5.625%.
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  • Asian equities were mostly higher today, although there were very few local headlines. Equities were mostly higher following moves from US markets and Nvidia passing the $3T mark, pushing the Philadelphia Semiconductor Index up over 4%. Indian Markets stabilized after President Modi gains support to form a majority. China property was the worst performing, with the BI property gauge now in a bear market
  • Aus Corps +1-2bps, Aus Snr Fins unch, while are Subs are +2-5bps. Asia IG widens 2-4bps, China & SK IG 2-3bps wider, Indian credit is 2-3bps tighter. EM Sovereigns continue to under preform moves in UST and trade 2-3bps wider.
  • Aus iTraxx CDS 1bps lower at 65bps & Asia Ex-J iTraxx is 1bp at 96bps
  • Rates: Local rates are richer today following moves made by UST post ADP employment change. US Treasury futures are a touch lower in Asia, although ranges have been very tight, yields are 1-2bps higher/
  • Data: Australia Trade Surplus Widened to A$6548m from A$4841m, April home loan values increased to 4.8% from 1.5% in March. NZ ANZ Commodity Price -4.0% vs -0.5% prior. Japan Tokyo Avg Office Vacancies for May were 5.48% from 5.38% in April
  • Primary Deals: Priced - Volkswagen Financial A$350m 4Y at ASW+152bps (5.583%). Announced - Bank of China Sydney $Bmark 3y FRN at SOFR+95 area, Chengdu Xisheng Investment CNY 3Y 5.2% area, HSBC SGB Bmark PerpNC5.5 at 5.625%.