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ASIA STOCKS: Asia Credit Spreads Higher, China Prices $2b USD Deal, 20x Oversub

ASIA STOCKS
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  • Asian equities are mixed today, the MSCI Asia Pacific is 0.40i% lower although it has been a quiet session with ranges tight. Japan, South Korea & Australian equities have edged up slightly higher driven by expectations that the Fed may lower interest rates in December after US inflation data aligned with forecasts. China, Hong Kong & Taiwan equities continue to struggle following announcement from Trump he will be appointing people critical of China to key government positions. On the data front, the focus was on Australian employment data which came in below expectations ending 5 consecutive months of more than 30k new jobs.
  • Slow day in Aussie credit, CBA have announced they will be doing a 15NC10 guidance is ASW +180bps area, the deal is expected to launch tomorrow. There was selling through existing A$ Tier 2 lines, post the announced, with most lines trading +2/+3bps. Elsewhere the market is little changed.
  • In Asia today, focus was on the new China 3yr & 5yr USD deals which priced slightly wider than tsys, however the deal was 20x oversubscribed and has now trading inside us tsys yields in secondary trading. Elsewhere there are three Asian issuers looking to tap the bond market with WLB Asset, Zhejiang Changxing Financial & Singapore Power marketing deals. Asia IG spreads rose 1bps after making new lows on Tuesday, while HY OAS is +4bps.
  • Aus iTraxx CDS is unchanged at 65bps & Asia Ex-JP iTraxx is also unchanged at 71.5bps
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  • Asian equities are mixed today, the MSCI Asia Pacific is 0.40i% lower although it has been a quiet session with ranges tight. Japan, South Korea & Australian equities have edged up slightly higher driven by expectations that the Fed may lower interest rates in December after US inflation data aligned with forecasts. China, Hong Kong & Taiwan equities continue to struggle following announcement from Trump he will be appointing people critical of China to key government positions. On the data front, the focus was on Australian employment data which came in below expectations ending 5 consecutive months of more than 30k new jobs.
  • Slow day in Aussie credit, CBA have announced they will be doing a 15NC10 guidance is ASW +180bps area, the deal is expected to launch tomorrow. There was selling through existing A$ Tier 2 lines, post the announced, with most lines trading +2/+3bps. Elsewhere the market is little changed.
  • In Asia today, focus was on the new China 3yr & 5yr USD deals which priced slightly wider than tsys, however the deal was 20x oversubscribed and has now trading inside us tsys yields in secondary trading. Elsewhere there are three Asian issuers looking to tap the bond market with WLB Asset, Zhejiang Changxing Financial & Singapore Power marketing deals. Asia IG spreads rose 1bps after making new lows on Tuesday, while HY OAS is +4bps.
  • Aus iTraxx CDS is unchanged at 65bps & Asia Ex-JP iTraxx is also unchanged at 71.5bps