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CREDIT UPDATE: Asia Credit Spread Grind Tighter, Primary Quiet Ahead Of US CPI

CREDIT UPDATE
BulletCredit Bullets
  • Asian equities are tracking gains on overnight, boosted by strong performances from US tech stocks and expectations of easing inflation data. Chinese equities continue to rally after headlines the PBoC new liquidity tool is ready to be put to use and hopes that the country’s finance ministry will announce fresh stimulus during a briefing Saturday. Japanese equities rose as the yen weakened, while South Korea and Australia also advanced on positive sentiment from the US markets and declining oil prices.
  • Aussie credit continues to grind tighter, with everything well bid. Snr/Sub Bank debt -1/-2bps, Non-Major Bank sub debt is -2/-3bps, while corps are -1/-3bps, supply looks to be thin with the past week or so without a new deal and nothing in the immediate future. In the high yields space the likes of NICAU/NCIAU/CRNAU all trade near best levels. The ABS/RMBS market continue to print deals with Orion, Conquest, MME Autopay in the market.
  • Asia was much quieter today with just the single primary deal from Yantai Guofeng, following on from Wednesday 5 deals. Spreads continue to grind tighter, supported by hopes of further China stimulus measures to hopefully be announced on Saturday at the MOF meeting. Asia IG is trading +1bps, while HY is unchanged as property names slightly weaker.
  • Aus iTraxx CDS is +1bp at 65bps & while Asia Ex-JP iTraxx is unch at 71.5bps
  • Headlines: PBOC Opens Applications for $70.6b Equity Swap Facility (2)
  • Primary: Yantai Guofeng Investment $TBD 3Y Reg S 6.2% Area
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  • Asian equities are tracking gains on overnight, boosted by strong performances from US tech stocks and expectations of easing inflation data. Chinese equities continue to rally after headlines the PBoC new liquidity tool is ready to be put to use and hopes that the country’s finance ministry will announce fresh stimulus during a briefing Saturday. Japanese equities rose as the yen weakened, while South Korea and Australia also advanced on positive sentiment from the US markets and declining oil prices.
  • Aussie credit continues to grind tighter, with everything well bid. Snr/Sub Bank debt -1/-2bps, Non-Major Bank sub debt is -2/-3bps, while corps are -1/-3bps, supply looks to be thin with the past week or so without a new deal and nothing in the immediate future. In the high yields space the likes of NICAU/NCIAU/CRNAU all trade near best levels. The ABS/RMBS market continue to print deals with Orion, Conquest, MME Autopay in the market.
  • Asia was much quieter today with just the single primary deal from Yantai Guofeng, following on from Wednesday 5 deals. Spreads continue to grind tighter, supported by hopes of further China stimulus measures to hopefully be announced on Saturday at the MOF meeting. Asia IG is trading +1bps, while HY is unchanged as property names slightly weaker.
  • Aus iTraxx CDS is +1bp at 65bps & while Asia Ex-JP iTraxx is unch at 71.5bps
  • Headlines: PBOC Opens Applications for $70.6b Equity Swap Facility (2)
  • Primary: Yantai Guofeng Investment $TBD 3Y Reg S 6.2% Area