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CREDIT SUPPLY: Asia IG Spreads Tighten On Limited Primary Supply

CREDIT SUPPLY
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  • Asian stocks are mostly higher today led by gains in Hong Kong shares, as traders assessed the ongoing impact of Middle East tensions. The MSCI Asia Pacific Index rose 0.6%, boosted by major Chinese tech names like Tencent and Alibaba. Investors are optimistic about holiday spending data from the Golden Week in China, though mainland markets remain closed until Monday. Japan's stocks rose amid a weaker yen, and South Korea's market saw gains, though Taiwan edged lower after reopening post-typhoon. Despite today’s uptick, the regional benchmark is set for a 0.7% weekly decline, its first in four weeks.
  • It has been another very quiet session in Asia today as the market awaits US NFP due later today, China remains out, while South Korea & Taiwan returned although there was very little trading in fixed income with global rates trading in narrow ranges, US tsys yields are flat to 0.5bps lower.
  • In Australia the only deal to note was MME Autopay ABS 2024-1 Trust, it was a quiet session with many taking a long weekend with Sydney out for a Public Holiday on Monday. In secondary trading it was largely focused on the Tier 2 space again, with outright yields rising, in spread terms we are -1/-2bps with slightly buying seen in the foreign bank lines (BNP/Lloyds), ANZ AT1 now trades 50bps tighter since issue.
  • Asia IG spreads -1/-2bps have continue to trade tighter, which has been help by a lack of primary deals this week, while HY spreads are trading at tightest levels since early August. China Property names have been a focus again today, with better two-way trading equity benchmarks slightly higher however the rally for the moment has run out of steam.
  • Aus iTraxx CDS is unch at 65bps & while Asia Ex-J iTraxx is unch at 71.5bps
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  • Asian stocks are mostly higher today led by gains in Hong Kong shares, as traders assessed the ongoing impact of Middle East tensions. The MSCI Asia Pacific Index rose 0.6%, boosted by major Chinese tech names like Tencent and Alibaba. Investors are optimistic about holiday spending data from the Golden Week in China, though mainland markets remain closed until Monday. Japan's stocks rose amid a weaker yen, and South Korea's market saw gains, though Taiwan edged lower after reopening post-typhoon. Despite today’s uptick, the regional benchmark is set for a 0.7% weekly decline, its first in four weeks.
  • It has been another very quiet session in Asia today as the market awaits US NFP due later today, China remains out, while South Korea & Taiwan returned although there was very little trading in fixed income with global rates trading in narrow ranges, US tsys yields are flat to 0.5bps lower.
  • In Australia the only deal to note was MME Autopay ABS 2024-1 Trust, it was a quiet session with many taking a long weekend with Sydney out for a Public Holiday on Monday. In secondary trading it was largely focused on the Tier 2 space again, with outright yields rising, in spread terms we are -1/-2bps with slightly buying seen in the foreign bank lines (BNP/Lloyds), ANZ AT1 now trades 50bps tighter since issue.
  • Asia IG spreads -1/-2bps have continue to trade tighter, which has been help by a lack of primary deals this week, while HY spreads are trading at tightest levels since early August. China Property names have been a focus again today, with better two-way trading equity benchmarks slightly higher however the rally for the moment has run out of steam.
  • Aus iTraxx CDS is unch at 65bps & while Asia Ex-J iTraxx is unch at 71.5bps