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CREDIT UPDATE: APAC Credit Spreads Steady, CBA Prints A$ Tier 2

CREDIT UPDATE
BulletCredit Bullets
  • Asian stocks rose, driven by gains in Japanese shares as a weaker yen supported exporters. Chinese stocks in Hong Kong rebounded on stronger-than-expected retail sales growth, reflecting the impact of Beijing's recent stimulus measures. The MSCI Asia Pacific Index gained as much as 0.5% ending a five day losing streak, with tech giants like Samsung, NetEase, and TSMC contributing to the advance. Positive earnings from Japan's largest banks also bolstered market sentiment. However, the region remains on track for a weekly decline due to concerns over a stronger dollar and potential tariff impacts from President-elect Donald Trump's policies.
  • Aussie credit was slow today, focus was on CBA who printed a 15NC10 Tier 2 at +165bps, initial guidance was +175bps they deal was well supported, yesterday we saw weakness int he wider tier 2 space, however that looks to have been largely reversed today with existing lines trading -1/-2bps, the new QBE which priced at +180bps, is now trading at -172bps.
  • Not much happening in Asia credit today, the new CHINA deal trades inside tsys as supply has disappeared from the market. Spread on Asia IG bonds trade just off multi-year lows at +69.5bps. JD.com earnings were mixed, with focus now turning to Alibaba who report later today.
  • Aus iTraxx CDS is +0.5bps at 65.5bps & Asia Ex-JP iTraxx is also +0.5bps at 72bps
  • Headlines: Asia dollar bonds issuances rises the past week as the markets digest US election, issuance hit $4.13b up from $633m the week prior. Bids for CHINA bonds hit almost $40b, with increased interest from Middle Eastern accounts. Investors Chase Value in Shorter Asian Credits as Trump Returns. Sino-Ocean to Hold Creditor Calls Ahead of Restructuring Vote.
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  • Asian stocks rose, driven by gains in Japanese shares as a weaker yen supported exporters. Chinese stocks in Hong Kong rebounded on stronger-than-expected retail sales growth, reflecting the impact of Beijing's recent stimulus measures. The MSCI Asia Pacific Index gained as much as 0.5% ending a five day losing streak, with tech giants like Samsung, NetEase, and TSMC contributing to the advance. Positive earnings from Japan's largest banks also bolstered market sentiment. However, the region remains on track for a weekly decline due to concerns over a stronger dollar and potential tariff impacts from President-elect Donald Trump's policies.
  • Aussie credit was slow today, focus was on CBA who printed a 15NC10 Tier 2 at +165bps, initial guidance was +175bps they deal was well supported, yesterday we saw weakness int he wider tier 2 space, however that looks to have been largely reversed today with existing lines trading -1/-2bps, the new QBE which priced at +180bps, is now trading at -172bps.
  • Not much happening in Asia credit today, the new CHINA deal trades inside tsys as supply has disappeared from the market. Spread on Asia IG bonds trade just off multi-year lows at +69.5bps. JD.com earnings were mixed, with focus now turning to Alibaba who report later today.
  • Aus iTraxx CDS is +0.5bps at 65.5bps & Asia Ex-JP iTraxx is also +0.5bps at 72bps
  • Headlines: Asia dollar bonds issuances rises the past week as the markets digest US election, issuance hit $4.13b up from $633m the week prior. Bids for CHINA bonds hit almost $40b, with increased interest from Middle Eastern accounts. Investors Chase Value in Shorter Asian Credits as Trump Returns. Sino-Ocean to Hold Creditor Calls Ahead of Restructuring Vote.