FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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: Asia Credit Spread Tighter, Focus Turn To China's MOF Meeting

CREDIT UPDATE
BulletCredit Bullets
  • Asian equity are trading mixed today with Chinese stocks underperforming due to growing caution ahead of a key weekend briefing that could unveil fiscal stimulus measures. The CSI 300 Index fell as much as 1.6%, reversing Thursday's gains. Most other markets are trading slightly higher today, however ranges have been narrow. Elon musk presented at Tesla's Robotaxi event, where he has unveiled a "Cybercab" & "Robovan", US equity futures ticked up a touch throughout the event however we since trade little change from prior. BOK lower interest rates  to 3.25% as expected.
  • In Australia today, credit markets were much of the same with spreads continuing to tighten amid a lack of primary deals. It was announced late yesterday that QBEAU priced a A$45m T2 Private placement, a very rare deal for Australia, talk was that there was serious demand for larger size once the market got wind of it. Elsewhere spreads are again -1/-3bps with fixed rate lines outperforming FRNs there is still strong demand for the ANZ AT1s although now look to be trading in line with their listed peers, so we may see some supply start to slowly come out, A$ T2 paper remains well bid.
  • In Asia there was some earlier selling alongside weakness in the Chinese equity market, however we have since steadied with Asia IG trading -1/-2bps as investors moved cash back into bonds, higher rated names outperforming. There were no primary market deals announced today.
  • Aus iTraxx CDS is unchanged at 65bps & Asia Ex-JP iTraxx is also unchanged at 71.5bps
  • Headlines: BOK Cuts Interest Rate to 3.25% from 3.5% as Expected, Yields of Chinese Yuan Corporate Bonds Fall by 10bps, Japan Finance Ministry to Suspend Nomura From Debt Auctions 
282 words

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.
  • Asian equity are trading mixed today with Chinese stocks underperforming due to growing caution ahead of a key weekend briefing that could unveil fiscal stimulus measures. The CSI 300 Index fell as much as 1.6%, reversing Thursday's gains. Most other markets are trading slightly higher today, however ranges have been narrow. Elon musk presented at Tesla's Robotaxi event, where he has unveiled a "Cybercab" & "Robovan", US equity futures ticked up a touch throughout the event however we since trade little change from prior. BOK lower interest rates  to 3.25% as expected.
  • In Australia today, credit markets were much of the same with spreads continuing to tighten amid a lack of primary deals. It was announced late yesterday that QBEAU priced a A$45m T2 Private placement, a very rare deal for Australia, talk was that there was serious demand for larger size once the market got wind of it. Elsewhere spreads are again -1/-3bps with fixed rate lines outperforming FRNs there is still strong demand for the ANZ AT1s although now look to be trading in line with their listed peers, so we may see some supply start to slowly come out, A$ T2 paper remains well bid.
  • In Asia there was some earlier selling alongside weakness in the Chinese equity market, however we have since steadied with Asia IG trading -1/-2bps as investors moved cash back into bonds, higher rated names outperforming. There were no primary market deals announced today.
  • Aus iTraxx CDS is unchanged at 65bps & Asia Ex-JP iTraxx is also unchanged at 71.5bps
  • Headlines: BOK Cuts Interest Rate to 3.25% from 3.5% as Expected, Yields of Chinese Yuan Corporate Bonds Fall by 10bps, Japan Finance Ministry to Suspend Nomura From Debt Auctions