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CREDIT UPDATE: Asia Credit Spreads Rise, Aus Primary Remains Active

CREDIT UPDATE
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  • Asian markets are trading mixed today as investors weigh US trade policies and weaker corporate earnings. Korean chipmakers and Japanese automakers fell amid concerns over US tariffs and subsidies, while Chinese stocks declined as industrial profits dropped 10% in October, highlighting economic pressure. The HSI approached a two-month low, with auto stocks underperforming but Chow Tai Fook surging on a share buyback plan.
  • The Aus primary market continues to be active, however we may be starting to see signs of fatigue, with Aurizon only tightening 5bps during bookbuild to price at +190bps, while the new BNP which priced yesterday is now trading 7-11bps wider than issue, Goodman however priced a 5yr at +135bps coming in from +150bps. The weakness seen in BNP is starting to reprice the entire A$ Tier 2 space, with spreads now trading 3-5bps wider over the past two sessions, while corps look 2-4bps wider. Spreads are near multi-year lows, and as we head into year-end, dealers seem to be full, while the recent flurry of deals over the past few weeks looks to be weighing on the market. The recently announced Pacific National deal will be interesting to see.
  • Asia IG spreads have now erased the November move lower, trading another +1bp today, while HY spreads are now 33bps off the November lows. Trumps tariffs are weighing on Chinese credit a touch, while SEA credit holds up rather well. Adani bonds looks to have found some support and trade 1-3pts higher today.
  • Primary: Wuxi Guangyi Construction USD 3Y SBLC Bond at 5% Area, Huzhou New City USD TBD 3Y Reg S At 5.40% Area, Tencent is considering selling bonds in dollars and offshore yuan as soon as the coming weeks
  • Aus iTraxx CDS is unch at 66.5bps & Asia Ex-JP iTraxx is +0.5 at 74bps
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  • Asian markets are trading mixed today as investors weigh US trade policies and weaker corporate earnings. Korean chipmakers and Japanese automakers fell amid concerns over US tariffs and subsidies, while Chinese stocks declined as industrial profits dropped 10% in October, highlighting economic pressure. The HSI approached a two-month low, with auto stocks underperforming but Chow Tai Fook surging on a share buyback plan.
  • The Aus primary market continues to be active, however we may be starting to see signs of fatigue, with Aurizon only tightening 5bps during bookbuild to price at +190bps, while the new BNP which priced yesterday is now trading 7-11bps wider than issue, Goodman however priced a 5yr at +135bps coming in from +150bps. The weakness seen in BNP is starting to reprice the entire A$ Tier 2 space, with spreads now trading 3-5bps wider over the past two sessions, while corps look 2-4bps wider. Spreads are near multi-year lows, and as we head into year-end, dealers seem to be full, while the recent flurry of deals over the past few weeks looks to be weighing on the market. The recently announced Pacific National deal will be interesting to see.
  • Asia IG spreads have now erased the November move lower, trading another +1bp today, while HY spreads are now 33bps off the November lows. Trumps tariffs are weighing on Chinese credit a touch, while SEA credit holds up rather well. Adani bonds looks to have found some support and trade 1-3pts higher today.
  • Primary: Wuxi Guangyi Construction USD 3Y SBLC Bond at 5% Area, Huzhou New City USD TBD 3Y Reg S At 5.40% Area, Tencent is considering selling bonds in dollars and offshore yuan as soon as the coming weeks
  • Aus iTraxx CDS is unch at 66.5bps & Asia Ex-JP iTraxx is +0.5 at 74bps