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Asia IG Spread Tighten Following 2 Sessions Of Weakness

CREDIT UPDATE
  • Asian equities have reversed a large chuck of Monday's sell-off, there was very little in the way of headlines although the yen did fall over 1% which helped Japanese exporters. Tech stocks were the top performers in the region, while financials underperformed the bounce. On Monday the Topix Bank Index fell a huge 17.70%, this followed a 10% drop on Friday, we have only recovered 4% today.
  • Australia cash bond trading resumed today after the Sydney Bank Holiday on Monday. The credit market is 1-4bps wider today, with corps the worst performers, snr bank paper has held up well and trades unch, while bank sub paper is 2bps wider.
  • Woodside announced their second acquisition in two weeks, equities sold off as analysts expect there to be pressure on the balance sheet and free cash flow.
  • It was somewhat of a slow session in Asia today, with no primary dollar bond sales, amid growing concern of weakening economic growth. Spreads on Asia IG benchmark names did tighten 2-5bps following a decent sell-off on Friday/Monday.
  • Aus iTraxx CDS is 1bp lower at 73bps & Asia Ex-J iTraxx is 1.5bps lower at 103bps
  • Primary: Humm Group NZ$178.85m of Debt Securities, Aluminum Corporation of China USD 3.5Y
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