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Aussie Credit Weakens, Asia IG Spread Tighter As Tech Rebounds

CREDIT UPDATE
  • Regional Asian equities are higher today, with semiconductor stocks leading the way higher after the Philadelphia SE Semiconductor Index rallied 4% overnight. US political risks have decreased a touch after Biden has pulled out, although betting markets are little changed. China & Hong Kong equities have struggled today as market grow concerned over a lack of any major policy updates.
  • In Aus credit has seen some selling pressure in the second half of the session with 7-10yr corp credit trading 1-3bps wider, Fins are holding up slightly better with snr bank unch to 1bp wider, while sub debt is 1-2bps wider.
  • Woodside's earnings missed estimates with 2Q Sales Revenue $3.03B Vs. $3.08B Y/y, and announced they would acquire Tellurian in a $900m cash deal, equity is down 3.65%, while bonds were little changed.
  • Asia IG saw better buying today although it was still a relative subdued session with nothing in the primary pipeline and very little in the way of data. Gaming was the top performing sectors trading 1-3bps tighter, Oil & Gas was 1-2bps tighter, while Real Estate names were 1-5bps tighter on the back of China lowering the LPR On Monday, and headlines that China Vanke is making coupon payments. In the quasi space, Indonesia names such as PLNIJ & PERTIJ were weaker as the IDR continues to slip over the past few days leading to higher funding costs on the USD lines.
  • Credit headlines: " China Vanke to Pay 3.1% 2026 Yuan Bond Coupon Due July 24" - BBG
  • Aus iTraxx CDS is 1bp lower at 64bps & Asia Ex-J iTraxx is 2.5bps lower at 94.5bps
  • Primary market was empty today
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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