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Aus Primary Continues To be Active, Asia Credit Spreads Widen

CREDIT UPDATE
  • Asian equities opened stronger this morning following dovish signals from the FOMC minutes but later gave up most of their gains. The HSTech lost half of its early rally, and mainland China indexes edged lower. South Korea's Kospi slipped as the won weakened, influenced by a the BOK leaving rates unchanged and more dovish stance. Japanese equities remained narrowly mixed, retreating from their best levels. Traders are now focused on Jackson hole headlines, Jobless Claims while BoJ Ueda is to speak tomorrow.
  • Another busy day for primary market in Australia with Mirvac pricing a 6.5yr at ASW+150bps (guidance +165bps), Transurban priced a 10yr at ASW+170bps (guidance +185bps) and Lloyds priced a 10NC5 Tier 2 at +218bps (Guidance +255-230bps). In secondary we are slightly tighter today as the market digests the flurry of supply, snr bank paper is about 1bps tighter, sub debt is 1-2bps tighter (Recent T2 Deals - MQGAU FXD is +189, FRN is +185 | BNP FXD +214, FRN +212), while in the corporate space there has been good two-way flow with better buying in the higher yielding names such as PNHAU, while the new issues are trading well.
  • Asia IG spreads are unch to 1bps wider today in what was a quiet session, with just the one USD deal printing ($100m UETD 3yr at 7.5%). In secondary today, Chems were 1bps wider, Fins are 1-2bps wider, Metals & Mining are 1-2 wider, Insurers are 1-2bps tighter after AIA posted strong profit, Real Estate continues to struggle with equity benchmarks heading lower, bonds are trading flat to 1pts lower, gaming again has been a large focus with spreads 1-3bps wider with many names now given back half about half of the months gains.
  • In the SOE/Quasi space, Korean names are 1-2bps tighter following a dovish BOK, short-end names outperforming, while Indonesian & Malaysian quasis are 1-2bps tighter benefitting from expectations of a fed rate cut.
  • Aus iTraxx CDS is unchanged at 64.50bps & while Asia Ex-J iTraxx has ticked higher, up 2bps to 96.50bps
  • Headlines: About 60 cities have voiced support for state-owned enterprises to buy unsold homes and turn them into affordable housing.
  • Primary: CapitaLand India Trust SGD Benchmark 3Y 3.9% Area, La Trobe Financial Capital Markets Trust A$1.25b Notes
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