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Asia Credit Spreads Slightly Tighter, Primary The Focus

CREDIT UPDATE
  • Asian equities are higher today, driven by a combination of positive signals from US, Japan & Australia, while China data was somewhat mixed. Chinese equities rose after retail sales slightly beat expectations and home prices showed signs of stabilization, suggesting some momentum in the country's economic recovery, although traders have reported gains could be linked to China's National Team stepping back into the market. Japanese stocks also gained on better-than-expected GDP growth and relief from U.S. inflation data.
  • Aus credit was little changed today as the market digests an uptick in primary deals, BP announced they would look to a 5-10yr A$ bond, the recently priced MQGAU is about 1bps wider than where it priced, while the BNP T2 is wrapped around +215. Elsewhere, financial both T2 & Snr are little changed, while corps saw two-way trading with a skew to the longer dated names although we are little changed in spread terms.
  • Asia saw two primary USD deal price today with yields moving tighter for the second straight session. Spread were about 1bps tighter in IG with longer dated bonds outperforming, with the likes of BABA & TENCNT the best on the day, Indonesian quasis have been a strong performer with the IDR trading 1.5% higher over the past week, while we saw some profit occurring in SK SOEs.
  • Aus iTraxx CDS is down 2bps to 70.5bps & Asia Ex-J iTraxx is 1.5bps lower at 98.50bps
  • Primary: BP Capital Markets A$ 5Y to 10Y Benchmark Bonds, NWS Holdings $Bmrk 4Y +310 Area, Huaibei City Construction $bmrk 3Y at 6.1% Area
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