MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

APAC Market Steady, Primary Quiet Ahead Of Jackson Hole

CREDIT UPDATE
  • Asian equities are mixed today, with markets showing caution ahead of Jerome Powell's upcoming speech at Jackson Hole. The yen strengthened as investors reacted to remarks from BOJ's Ueda as he speaks before parliament, contributing to mixed performance in Japanese stocks. Meanwhile, disappointing earnings from key Chinese tech firms added to the pressure, leading to declines in Hong Kong, while onshore equities are higher. Broader market sentiment was also weighed down by lingering concerns over global monetary policy direction, following hawkish rhetoric from central banks earlier in the month.
  • The Aus credit market took a break today after a very busy week in primary, we had no new deals today. In secondary it was mainly focused on outright buyers topping up after yields jumped overnight, in spread terms Snr bank paper is unch to 1bps tighter, bank sub paper is 1bps tighter, while corps are 1-2bps tighter with better buying further out curves.
  • New deals: Corps - Mirvac ASW+146bps (priced +150), Transurban ASW+166 (priced +170), ORIX ASW+131 (priced +140bps), BP Capital 5yr ASW+113 (priced +115bps) 10yr ASW+148 (priced 153bps). Fins - Lloyds frn +217, fxd +215 (priced +218), Mqgau frn +186, fxd +188 (priced ASW+185), Bnp frn +214, fxd +214 (priced +215)
  • Asia IG spreads are 1bps tighter today, although it has been a very slow session. Auto/parts -1bps, Fins -1bps, Industrials -1/-2bps, O&G -1bps, Tech -1/-2bps, Energy -1/-2bps. In the HY space, Real estate names are lower with LNGFOR earnings below expectations, bonds are anywhere from 1-5pts lower, there is limited liquidity in the sector during Asia with many bonds now trading during the US session
  • In the SOE/Quasi space, similar moves to yesterday with Korean names are 1bp tighter following a dovish BOK better buying in the front-end. While Indonesian & Malaysian quasis continue to see buyers although little changed today.
  • Aus iTraxx CDS is 0.5bp lower at 64bps & while Asia Ex-J iTraxx is 0.5bp lower to 96bps
  • Headlines: Sino-Ocean Group said it has increased support from loan creditors,
  • Primary: Weifang Urban Construction 3Y USD Notes At 7.5%
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.