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CREDIT UPDATE: APAC Credit Spreads Tighten, PBoC Announces Support Measures

CREDIT UPDATE
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  • Asian markets are broadly positive as China’s recent stimulus measures aimed at boosting the economy lifted investor sentiment. Chinese property stocks surged after the government announced cuts to mortgage rates and down-payment requirements for second homes, although the market remain cautious on whether this will fully revive the housing market.
  • Aus credit market has a reasonably slows session, in primary we saw a couple for ABS/RBMS deals, while NBN has announced a USD deal and Ausgrid priced a $150m tap of their 2031 bond. In secondary today similar themes continue, with the ANZ AT1 deal grinding tighter with little supply around, while the SCGAU T2 now trades 20-25bps tighter since issue, overall snr bank is -1bps, Sub -1/-2bps while Corps are -1/-3bps.
  • A wave of borrowers across the region is tapping into favorable debt market conditions following the Fed 0.5bps rate cut, with about 6 issuers looking to do deals today. In secondary trading focus has been on property names after China announced supportive measures, bonds are trading 1-5pts higher although caution remains, tech & banking names have also performed well and trading 1-3bps tighter.
  • Aus iTraxx CDS is unch at 64.5bps & while Asia Ex-J iTraxx is 1bps higher at 71bps
  • Primary: Biocon Biologics $Bmrk 5NC2 Sr Sec, Meituan $Bmrk 3.5Y +145 Area, 5Y +160 Area, Kyushu Electric USD 5Y Bond, Shriram Finance $Bmrk 3.5Y Social Sr Sec 6.5% area, KNOC $Bmrk 3Y +105a, 3Y FRN SOFR-Eq, 5Y +120a, NBN $Bmrk 3Y +90 Area, 5Y +105 Area
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  • Asian markets are broadly positive as China’s recent stimulus measures aimed at boosting the economy lifted investor sentiment. Chinese property stocks surged after the government announced cuts to mortgage rates and down-payment requirements for second homes, although the market remain cautious on whether this will fully revive the housing market.
  • Aus credit market has a reasonably slows session, in primary we saw a couple for ABS/RBMS deals, while NBN has announced a USD deal and Ausgrid priced a $150m tap of their 2031 bond. In secondary today similar themes continue, with the ANZ AT1 deal grinding tighter with little supply around, while the SCGAU T2 now trades 20-25bps tighter since issue, overall snr bank is -1bps, Sub -1/-2bps while Corps are -1/-3bps.
  • A wave of borrowers across the region is tapping into favorable debt market conditions following the Fed 0.5bps rate cut, with about 6 issuers looking to do deals today. In secondary trading focus has been on property names after China announced supportive measures, bonds are trading 1-5pts higher although caution remains, tech & banking names have also performed well and trading 1-3bps tighter.
  • Aus iTraxx CDS is unch at 64.5bps & while Asia Ex-J iTraxx is 1bps higher at 71bps
  • Primary: Biocon Biologics $Bmrk 5NC2 Sr Sec, Meituan $Bmrk 3.5Y +145 Area, 5Y +160 Area, Kyushu Electric USD 5Y Bond, Shriram Finance $Bmrk 3.5Y Social Sr Sec 6.5% area, KNOC $Bmrk 3Y +105a, 3Y FRN SOFR-Eq, 5Y +120a, NBN $Bmrk 3Y +90 Area, 5Y +105 Area