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Asia Credit Slightly Weaker, Tech Underperforms, China Lowers LPRs

CREDIT UPDATE
  • Asian equities are lower again today, tech stocks in particular semiconductor names continue to get hammered with the likes of TSMC down 3.10%, Tokyo Electron down 2%, which follows a 3% fall on Friday for the Philadelphia SE Semiconductor Index, foreign investors have continued to sell tech stocks today although using live Korean equity flows as a proxy selling has slowed down from last week. China onshore markets have under performed Hong Kong markets today, this could be due to the China National Team not entering the market today.
  • It was has been another quiet session in APAC credit markets today, primary markets were slow KOHNPW & VLLPM the only names looking to print today.
  • In Aus, corps are 1-2bps weaker, with 10yr tenors underperforming. In Fins, snr bank 5yr paper is underperforming T2 5yr paper by about 1bp, while longer dated sub is trading about 2bps wider.
  • In Asia IG we are relatively stable today as the market look to the US for any directional change on the back of Biden pulling out, betting markets show a slight increase for the Democrats, which could mean some slight unwinding of "Trump Trades" but at current betting odds it's unlikely to have much of an impact on Asian markets at the moment. Tech names are the worst performing sector following equities, while property names area touch higher after China lowered the LPR to their lowest on record. Indonesian quasis are weaker again with PERTIJ another 1bps cheaper. While in the sovereign space, INDON has outperformed PHILIP curve.
  • Credit headlines: " Mystery Bond Buyer Clears China Developer’s Debt at 90% Discount" - BBG
  • Aus iTraxx CDS is 0.5bp higher at 65bps & Asia Ex-J iTraxx is unchanged at 97.5bps
  • Primary: IPT: Korea Hydro & Nuclear Power $Benchmark 5Y T+100 Area & Vista Land $Benchmark 5Y Reg S 9.5% Area
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