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CREDIT UPDATE: Asia Credit Spreads Steady, Primary Market Picks Up

CREDIT UPDATE
  • Asian markets are higher today, driven by gains in the technology sector, following record highs on Wall Street. The MSCI Asia Pacific Index climbed 0.7%, led by contributions from major chipmakers like TSMC, Tokyo Electron & SoftBank Group. Japan’s Nikkei 225 reached its highest level since July, bolstered by optimism in its undervalued stocks, while Australian shares also hit a new record high. China & Hong Kong markets are both lower today, with investors growing cautious over lack or further stimulus measures.
  • The Aussie credit market today was focused on primary which saw Judo bank print a 10NC5 $125m at +335bps vs guidance of +370bps, high yield bonds are rare in the Australia market and it was very well supported with the book 8.3x oversubscribed, US based Blue Owl with look to do a A$ 3yr deal rated BBB- with guidance at +280bps, while there was also two RMBS deals announced as well as BPCE doing a 5yr snr. Primary was a bit quiet today although spreads continued to edge tighter, with SNR/SUB -1bps, lower beta corps saw two-way, while high beta corps were -1/-2bps tighter.
  • In Asia today, there was decent demand in the China LGFV names following the finance ministry pledging to make the largest effort in years to swap off-balance sheet debt. The primary market has picked up with at least 5 primary market deals in the region. Spreads are little changed today, with focus switch to primary deals, while higher equity prices have also supported the market.
  • Aus iTraxx CDS is -0.5bp at 64.5bps & Asia Ex-JP iTraxx is also -0.5bps at 71bps
  • Headlines: China Banks Mull Cutting Deposit Rates as Early as This Week, Thai Finance Chief Says Timing Right for Rate Cut to Aid Economy, China’s Car and Ship Exports Hit Record Despite Slowing Trade
  • Primary: Judo Bank Pty A$ 10NC5 FRN at +335bps, Blue Owl Credit Income AUD 3yr +280bps area,  Shinhan Card A$ 3Y Fixed and/or Floating-Rate Bonds, Citic Securities $Bmrk 3Y FRN SOFR+120a, 3.5Y +105a, Sekisui House $Bmrrk 5Y and/or 10Y Bonds, Zhaoqing Guolian 3Y $Bmrk at 5.8% Area, China Power Construction $Bmrk PerpNC5 5.05%a, Adani Hybrid Renewables $Bmrk 20Y (13.6Y WAL) Green 7% Area, Korea Land & Housing Corp $Bmrk 3Y +85 Area, Ningbo Haishu Development 3Y USD Bonds, 
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