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Aus Primary Market Busy, APAC Credit Spreads Widen

CREDIT UPDATE
  • Asian markets declined as investor sentiment cooled ahead of key central bank events, including Jerome Powell's upcoming Jackson Hole speech the MSCI Asia Pacific is down 0.70%. Japanese stocks fell, as a stronger yen raised concerns about earnings, particularly for exporters like carmakers. In South Korea, the KOSPI opened lower, following Wall Street's overnight losses, with Samsung Electronics and SK hynix tracking Nvidia's slide. Meanwhile, Chinese equities are lower after JD.com dropped 11% while property stocks were in focus amid speculation of new funding options for local governments.
  • Again focus in Australia has all been on primary, ORIX priced a 3.5yr at ASW+140bps this was 5bps inside guidance, BP priced a 5yr at +115bps (guidance +125bps) & a 10y at 153bps (guidance +165bps), Mirvac is in the market with a 6.5yr at ASW+165bps area, Transurban with a 10yr ASW+185bps and Lloyds are pricing a 10NC5 Tier 2 with a +230-230bps guidance. In secondary, fixed rate bank sub debt is trading 3-4bps wider, while frns are trading about 1bps tighter, snr bank paper is 1-2bps wider, while corporates are also a touch weaker following the flurry of supply that is about to hit the market with many investors selling seasoned lines to fund these new deals.
  • Asia IG spreads about 1bps wider today, Fins are 1-2bps wider, Industrials 2bps wider, gaming names were 2-3bps wider with better selling in the longer end lines, tech names including BIDU & TENCNT have had a strong few days trading 2-5bps tighter although we have given back some of those moves today with equity weakness largely to blame, while the sale of Walmart's stake JD.com weighed a touch on the sector and finally Real estate is trading soft with the likes of LNGFOR, ROADKG & VNKRLE down 0.5-1pt.
  • Flows into EM bonds have increased recently with SK, Thailand, Indonesia, India & Malaysian bonds all seeing inflows at the same time since 2020 following expectations that the Fed will start to cut rates.
  • Aus iTraxx CDS is unchanged at 64bps & while Asia Ex-J iTraxx has ticked higher, up 1bps to 93.50bps
  • Headlines: "Kaisa’s Financial Adviser to Hold Creditor Call on Restructuring", "Fitch Ratings sees Indonesia’s debt capital market growth slowing in the short term as the 2025 state budget suggests fiscal prudence", "India’s inflation must show signs of settling around the central bank’s target of 4% on a sustainable basis before a rate cut can be considered, Reserve Bank of India Governor Shaktikanta Das "
  • Primary: excluding the flurry of above mentioned Aussie deals we also had UETD Construction $TBD 3Y Social 7.5% area, Wuxi Hengting USD 3Y SNR Unsecured Bonds at 5.5% area.
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