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Asia IG Spreads Erase Monday's Sell-Off As Equities Rally

CREDIT UPDATE
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  • Asian equities have had another strong session, led by Japanese Banks with the TOPIX Bank Index up over 10%, the move came after the yen dropped on dovish comments from BoJ deputy Gov Uchida. Elsewhere Asian tech stocks rallied with South Korean & Taiwan equities up 2-4%. Weak China data weighed a bit on some markets, with the CSI 300 up just 0.30% while the ASX is up 0.40%.
  • Aus credit is trading a touch weaker again today, following the 1-3bps move wider on Tuesday. Corps 1-3bps wider with better selling seen in the front-end of curves, tomorrow we have earnings from Mirvac, AMP, QBE & Centuria. In financials today we are trading 2-4bps weaker, snr bank is 2bps weaker, while sub paper is 3-4bps weaker.
  • In Asia IG today spreads narrowed 1-3bps and we now trade little changed on the week after Monday's sell-off. Autos are 2-4bps tighter, SOEs are 2bps tighter, Financials are +/- 1bps, Gaming names are 2-10bps tighter today although still trade 10-20bps wider this month after poor earnings updates
  • In the quasi space, the likes of PEMTK, PERTIJ & PLNIJ have seen a 20-25bps move wider over the past month, with the Indonesian names performing the worse.
  • Aus iTraxx CDS is 2bp lower at 72bps & Asia Ex-J iTraxx is 3bps lower at 101bps
  • Primary: CHINALCO $Benchmark 3.5Y +145 area, ndustrial Bank HK $Bmark 3Y Social FRN SOFR+105 area,
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  • Asian equities have had another strong session, led by Japanese Banks with the TOPIX Bank Index up over 10%, the move came after the yen dropped on dovish comments from BoJ deputy Gov Uchida. Elsewhere Asian tech stocks rallied with South Korean & Taiwan equities up 2-4%. Weak China data weighed a bit on some markets, with the CSI 300 up just 0.30% while the ASX is up 0.40%.
  • Aus credit is trading a touch weaker again today, following the 1-3bps move wider on Tuesday. Corps 1-3bps wider with better selling seen in the front-end of curves, tomorrow we have earnings from Mirvac, AMP, QBE & Centuria. In financials today we are trading 2-4bps weaker, snr bank is 2bps weaker, while sub paper is 3-4bps weaker.
  • In Asia IG today spreads narrowed 1-3bps and we now trade little changed on the week after Monday's sell-off. Autos are 2-4bps tighter, SOEs are 2bps tighter, Financials are +/- 1bps, Gaming names are 2-10bps tighter today although still trade 10-20bps wider this month after poor earnings updates
  • In the quasi space, the likes of PEMTK, PERTIJ & PLNIJ have seen a 20-25bps move wider over the past month, with the Indonesian names performing the worse.
  • Aus iTraxx CDS is 2bp lower at 72bps & Asia Ex-J iTraxx is 3bps lower at 101bps
  • Primary: CHINALCO $Benchmark 3.5Y +145 area, ndustrial Bank HK $Bmark 3Y Social FRN SOFR+105 area,