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APAC Primary Market Picks Up, Indonesian Corps/Quasis Widen

CREDIT UPDATE
  • Asian stocks are mostly higher today, with Japan's Nikkei 225 jumped over 2% after a previous decline, Hong Kong & China benchmarks slipped following the decision to keep lending rates unchanged. Australia's ASX 200 edged up 0.2% as the Reserve Bank of Australia emphasized its focus on controlling inflation, with no immediate rate cuts expected. Meanwhile, the MSCI Asia-Pacific index is on track for its third consecutive day of increases. There have been little in the way of market headlines today.
  • It has all been about primary deals today in Australia, NBN are printing a three tranche deal 3yrs fxd/frn at +87bps & a 7yr fxd green bond at +125bps, BP printing a 5yr at +125bps area & 10yr at +165bps area, Orix 3.5yr at +145bps area, there has been some weakness in corps as accounts look to sell to fund these new deals, high beta names are seeing good two-way with retail continuing to buy. Financials are mixed with snr banks lines little changed, while Tier 2 continues to trade a touch weak following last weeks supply.
  • Asia IG spreads are 1-2bps tighter today, financials 1-2bps tighter, Industrials 1-3bps tighter, O&G 1-2bps tighter, Tech 1-3bps tighter, Real Estate is 1bps tighter. Asia Primary markets have also picked up with 4 deals today, following just the one on Monday.
  • Indonesian quasis have started to widen again after the national budget was released which has worried investors about government spending, spreads have move 1-4bps since
  • Aus iTraxx CDS is down 2bps to 64bps & Asia Ex-J iTraxx is 1bps lower at 93bps
  • Headlines: " Kaisa Enters Restructuring Support Agreement With Creditor Group", " R&F’s Hong Kong Unit Gets Wind-Up Petition"
  • Primary: La Trobe Financial Capital Markets A$750m, BOC (Dubai) Branch USD 3Y SOFR Green Notes, +105bps area, Avic International Leasing $Benchmark 3Y +125 Area, Wuxing City Investment HK $TBD 3Y 5.5% area, Yibin Emerging Industry Investment USD 3Y at 5.9% area, OCBC Sydney Branch A$ 3Y FRN, 3m BBSW +73bp area
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