MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

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

CREDIT UPDATE
  • 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
BulletCredit Bullets
BulletCredit Bullets

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.