MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Credit Spreads Mixed, Asia IG Drifts Wider, WBC Prints 10NC5 T2

CREDIT UPDATE
  • Asian equities advanced today, led by gains in Korea and Taiwan as technology stocks rallied, while China tech stocks rallied after a report that Apple is seeking to modify a Chinese court ruling in its favor. Property stocks have continued their rally post data showing sales were up m/m. The MSCI Asia Pacific Index climbed up to 0.6%, marking its fourth straight session of gains fueled by Federal Reserve Chief Jerome Powell's comments on the resumption of a disinflationary trend in the US.
  • Aus credit spreads are 1-3bps tighter today, Major Bank Sub is trading near all time tights earlier today WBC priced a 10NC5 at BBSW+167bps, Snr Bank Debt is flat to 1bps tighter, corps are 1bp wider 2-5yr lines, while longer dated corps are 1-2bps tighter with limited supply floating around.
  • Asia IG credit spreads have widened again today, airlines are 2-4bps wider, Banks/Fins are 1-3bps wider, Macau gaming in 5-8bps wider following data showing tourist were down, Oil & Gas names are also trading 1-2bps wider, tech names are the top performing with the likes of tencent 3-6bps tighter. Sovereigns are mixed today, there was demand in INDON/PHILIP following a slightly more dovish Powell overnight, while CHINA is moved wider following the PBOC announcing they will borrow govt debt from primary dealers in order to control yields.
  • Credit Headlines: " Times China Winding-Up Hearing Adjourned to July 31 in HK", " China Rolls Out New Bond Program to Support Private Companies"
  • Aus iTraxx CDS is 1bp lower at 68bps & Asia Ex-J iTraxx is 1bp lower at 96bps
  • Rates: ACGB yields are 2-4bps higher, the 10-15yr tenors slightly outperforming, NZGB are flat to 3.5bps higher, curve has bear steepened, while JGB yields are +/-1.5bps, curve has flattened.
  • Primary Deals: Priced - Metropolitan Life Global Funding I AUD 5Y Notes at a yield of 5.4595%, re-offer spread of ASW +115bps, Westpac Banking A$1.5b 10nc5 Tier 2 Subordinated Notes at ASW+167bps. IPT - Samvardhana Motherson $Bmark 5Y Sr Sec +175 Area, CapitaLand Integrated SGD Bmark 10Y Green Reg S 3.85% Area, Taizhou Urban Construction $TBD 3Y Sust. Reg S 5.8% Area
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.