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CREDIT UPDATE: APAC Credit Spread Drift Wider, ANZ Print A$ Perp

CREDIT UPDATE
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  • Asian markets traded lower today, focus in the region today was on the Trump vs Harris debate betting markets have Harris winning with PredictIt showing a 5pt bounce in favor of Harris. There was little reaction from the equity markets during the debate, there has been some weakness post with crypto and tech slightly lower. Japanese & Hong Kong equities are the worst performing amid concerns over global growth and the upcoming U.S. inflation report, while the yen continues to strengthen hurting Japanese exporters.
  • In Australia focus was again was on primary with ANZ printing a PerpNC6 at +295bps (guidance +310-315bps) and Toyota printing 3yr at BBSW+90bps, 5yr frn at BBSW+115bps and the 5yr fxd at ASW+115. Secondary trading has largely been focused around recent issues, with most new issue drifting another 1-2bps wider, MQGAU +3bps, BNP +1/+2bps both trade wider than issue, while QBEAU is -1/-2bps & SCGAU trades -8/-10bps tighter, outside of these new issues bonds are little changed.
  • Asia IG spreads are 1-2bps wider and now trade 9bps wider since recent lows, while spreads on Asian dollar junk bonds have widened to the highest levels since January, driven by concerns over China's economic growth, particularly in the real estate sector. Looking closer at sectors, Banks +2bps, Autos +2bps, O&G +2bps, Energy +2/+3bps, while in the HY space gaming is -0.25pt, while Real Estate has no bid with prices 2-8pts lower.
  • Aus iTraxx CDS is 1+5bps higher at 65.5bps & while Asia Ex-J iTraxx is 2bps higher at 100bps
  • Headlines: "Europeans Unlikely to Abolish AT1s in Near Term - Credit sights", " RBA ‘Surprised’ by Limited Easing in Job Gauges, Hunter Says", China Junk Bonds Suffer Longest Slide in Year on Property Slump
  • Primary: Jinan Lixia Holding $ 3Y Bonds at 6.4% Area
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  • Asian markets traded lower today, focus in the region today was on the Trump vs Harris debate betting markets have Harris winning with PredictIt showing a 5pt bounce in favor of Harris. There was little reaction from the equity markets during the debate, there has been some weakness post with crypto and tech slightly lower. Japanese & Hong Kong equities are the worst performing amid concerns over global growth and the upcoming U.S. inflation report, while the yen continues to strengthen hurting Japanese exporters.
  • In Australia focus was again was on primary with ANZ printing a PerpNC6 at +295bps (guidance +310-315bps) and Toyota printing 3yr at BBSW+90bps, 5yr frn at BBSW+115bps and the 5yr fxd at ASW+115. Secondary trading has largely been focused around recent issues, with most new issue drifting another 1-2bps wider, MQGAU +3bps, BNP +1/+2bps both trade wider than issue, while QBEAU is -1/-2bps & SCGAU trades -8/-10bps tighter, outside of these new issues bonds are little changed.
  • Asia IG spreads are 1-2bps wider and now trade 9bps wider since recent lows, while spreads on Asian dollar junk bonds have widened to the highest levels since January, driven by concerns over China's economic growth, particularly in the real estate sector. Looking closer at sectors, Banks +2bps, Autos +2bps, O&G +2bps, Energy +2/+3bps, while in the HY space gaming is -0.25pt, while Real Estate has no bid with prices 2-8pts lower.
  • Aus iTraxx CDS is 1+5bps higher at 65.5bps & while Asia Ex-J iTraxx is 2bps higher at 100bps
  • Headlines: "Europeans Unlikely to Abolish AT1s in Near Term - Credit sights", " RBA ‘Surprised’ by Limited Easing in Job Gauges, Hunter Says", China Junk Bonds Suffer Longest Slide in Year on Property Slump
  • Primary: Jinan Lixia Holding $ 3Y Bonds at 6.4% Area