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Aus Primary Market Picks Up, Asia Credit Little Changed

CREDIT UPDATE
  • Asian markets are trading mixed today, with Japan's stocks falling due to a stronger yen, which pressured technology firms, leading to a decline in the Nikkei 225 and Topix Index. In contrast, Hong Kong's market saw gains, driven by strong earnings from tech giants like Alibaba and JD.com. The broader sentiment in the region is cautious, with investors closely monitoring upcoming comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, which could influence global monetary policy expectations.
  • Aus credit has again been largely focus on the primary with NBN, Transurban, Orix, BP & Mirvac in the market. In secondary, snr bank paper is little changed, T2 paper is about unchanged to 1bps tighter, while corps are a touch weaker as investors look to sell seasons lines ahead of the new supply, while the recently issued MQGAU is trading at +190bps, while BNP is trading at +216bps both slightly weaker than issue.
  • Asia IG spreads are steady today after a strong week prior, gaming names are mixed today with some investors looking to lock in profits after strong rebound in the sector, most of the action was again in SOE names, while Indonesian & Malaysian quasis are 1-2bps tighter benefitting from strong FX moves in IDR & MYR
  • Aus iTraxx CDS is down 4bps to 66bps & Asia Ex-J iTraxx is 2bps lower at 94bps
  • Primary: Avic International USD Senior Unsecured Notes, Bocom Financial $Bmrk Green; 3Y FRN SOFR+125a, 3Y +105a, Puma Series 2019-1 Class A Note Refinance A$462.1m, Orix Australia A$ 3.5Y Benchmark Bond, IOCBC, Sydney Branch A$ 3Y FRN, 3mBBSW+73bp Area, Transurban Queensland Finance A$ 10Y Benchmark Bond, NBN CO AUD 3yr FXD/FRN MTN & 7yr Green MTN
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