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CREDIT UPDATE: APAC Credit Quiet Ahead Of NFP, Hong Kong Market Closed

CREDIT UPDATE
  • Asian stocks are mixed today, the MSCI Asia Pacific Index edged up 0.2% but remained on track for a 2.3% weekly loss. TSMC and Aus Banks were among the key drivers of gains, while a tech rebound lifted Taiwan’s market. Japanese stocks declined due to pressure on exporters from a stronger yen, while Australian shares rose. Mainland Chinese stocks fluctuated amid concerns over potential US export controls on critical technologies. Hong Kong markets were shut for the day as Super Typhoon Yagi hit the region. Thailand's equities rose after the lower house passed the fiscal budget. Investors are awaiting US jobs data later today.
  • It has been a very quiet day in Australian credit. Looking at the new recent tier 2 deal, MQGAU is underperforming and now trade 1-2bps wider than issue, while LLLOYDS & QBEAU trade 2-5bps tighter with the fixed rate lines outperforming. In the corp space the new SCGAU is trading 10-12bps tighter again the fixed rate outperforming, and the new WPLAU is trade little changed.
  • Asia primary was also very quiet today, with Hong Kong being out due to a typhoon trading volumes were on the low side. Asia IG is flat to 1bps wider today and now track to close about 6bps wider on the week, while Quasis are about 12bps wider on the week.
  • Aus iTraxx CDS is unchanged at 63.5bps & while Asia Ex-J iTraxx is 1bp lower at 96bps
  • There were no primary deals or major headlines out for the session.
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