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Asia IG Spread Tighter On Easing US Recession Risks

CREDIT UPDATE
  • Asian markets are rallying today, buoyed by optimism that the US economy will avoid a recession. Almost all major stock benchmarks across the region are up, with a regional gauge poised for its best weekly performance in over a year. Japanese equities are leading the gains, benefiting from a weaker yen which has helped exporters, the currency has fallen significantly against the dollar, easing concerns of a carry trade unwind. The Hong Kong equities saw gains, supported by Alibaba and JD.com posting better-than-expected profits. While poor home price data out of China has weighed on the onshore market.
  • Aus credit has ended the week on a quiet note, there was some weakness in the Tier 2 space after a couple of deals throughout the week and trade about 1bps wider, after ending yesterday's session 2-3bps wider with the new issues (MQGAU & BNP underperforming) although the AT1 space remains firm. In the corporate space there continues to be two-way in high beta names, level unchanged for the day.
  • Asia IG spreads are 2-3bps tighter, and now on track for their performing week in about 8 months. Fins (-1 to 3bps), O&G (-1 to 2bps), Tech (-2 to 3bps), while gaming names have seen some buying and trade above Aug 5 sell off levels.
  • In the SOE space SK names are +1bps, while HK & CH are -1bps, Indonesian quasis are a touch weaker today after a strong week.
  • Aus iTraxx CDS is down 2bps to 68.50bps & Asia Ex-J iTraxx is 2bps lower at 96bps
  • Primary & Headlines: It was a quiet session with nothing pricing, headlines were light on also.
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