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CREDIT UPDATE: APRA Proposal Sees Aussie T2 Widen, Asia Credit Spreads Unch

CREDIT UPDATE
  • Asian markets are mostly higher today, tech is the top performing sector rising on the back of the prospect of OpenAI's potential $150 billion valuation and after Nvidia's CEO, Jensen Huang, highlighted surging demand for its products. Japanese stocks advanced sharply, with the Nikkei 225 rising more than 3% as a pause in the yen's strengthening benefited exporters like Hitachi and Toyota Motor. The recent U.S. inflation data has dampened hopes for a large 50 basis-point rate cut from the Federal Reserve, but markets still anticipate a more modest 25bp cut, which is supporting broader market sentiment.
  • Primary market continues to be the main focus in Australia with WBC printing a 5yr Snr Unsecured at +85 (guidance +90bps) and NSW Ports printing 7yr & 10yr (Guidance 7yr +155-160bps, 10yr +175-180bps). In secondary, the recently issued ANZ perp has seen very strong demand trading about 20bps tighter after APRA announced they plan to phase AT1s out, this has weighed on the T2 space with many lines drifting another 1bps wider.
  • Quieter day in Asia IG with spreads are unchanged, while HY continues to drift wider largely on the back of continued weakness in the property space.
  • Aus iTraxx CDS is 1bps lower at 65bps & while Asia Ex-J iTraxx is 2bps lower at 99bps
  • Primary: NSW Ports Finance A$ 7Y and/or 10Y Bmrk Bonds, WSTP A$ 5yr Snr Unsec, Panorama Auto Trust 2024-3 A$ Multi-Tranche Debt.
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