MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

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 Spreads Tighter, China Property Jumps

CREDIT UPDATE
BulletCredit Bullets
  • Asian markets rallied for a second consecutive day, driven by optimism over China’s wide-ranging stimulus package aimed at revitalizing its sluggish economy. The onshore CSI 300 Index rose by 3.2% at one point, nearly erasing its year-to-date losses, while the offshore yuan strengthened past 7 against the dollar for the first time since May 2023. Investors are betting that the People’s Bank of China’s latest measures, which include liquidity support and interest rate cuts, will stabilize China’s stock market and boost regional equities.
  • It was a very quiet session in Australia today, CPI came out in line with expectations. There were no primary market deals today although NBN did priced a 3yr at 62bps & 5yr at 77bps & Coronado priced a $400m 5NC2 at 9.25% overnight. In secondary, snr/sub bank paper is little changed, while non-bank T2 paper is trading 1-2bps tighter, with a skew to the fxd rate lines while the ANZ AT1s continue to trade tighter although supply is now hard to come across.
  • In Asia today the focus has been on Chinese names following the stimulus announcement on Tuesday, while they also cut the 1yr MLF rate by the most of record. Property names have been the most active with bonds trading 1-5pts higher, while in Asia IG spreads are trading 1-3bps tighter with Metals & Mining and O&G the top performing sectors 2-4bps tighter, while yields on Asia IG hit 2yr lows of 5.28%.
  • Aus iTraxx CDS is 1bp lower at 63.5bps & while Asia Ex-J iTraxx is unch at 70bps
  • Headlines: China Stimulus Measures to Squeeze Bank Margins, S&P Says, US investigates China-backed venture firm over Silicon Valley dealmaking
  • Primary: KT Corp. $Bmrk 3Y +105 Area, Jinan Hi-Tech Holding $TBD 3Y 6.1% Area,  Shinhan Bank USD Green  5Y/5.5Y FRN, Jiangsu Fangyang Holdings $TBD 3Y Green 5.7% area
299 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 markets rallied for a second consecutive day, driven by optimism over China’s wide-ranging stimulus package aimed at revitalizing its sluggish economy. The onshore CSI 300 Index rose by 3.2% at one point, nearly erasing its year-to-date losses, while the offshore yuan strengthened past 7 against the dollar for the first time since May 2023. Investors are betting that the People’s Bank of China’s latest measures, which include liquidity support and interest rate cuts, will stabilize China’s stock market and boost regional equities.
  • It was a very quiet session in Australia today, CPI came out in line with expectations. There were no primary market deals today although NBN did priced a 3yr at 62bps & 5yr at 77bps & Coronado priced a $400m 5NC2 at 9.25% overnight. In secondary, snr/sub bank paper is little changed, while non-bank T2 paper is trading 1-2bps tighter, with a skew to the fxd rate lines while the ANZ AT1s continue to trade tighter although supply is now hard to come across.
  • In Asia today the focus has been on Chinese names following the stimulus announcement on Tuesday, while they also cut the 1yr MLF rate by the most of record. Property names have been the most active with bonds trading 1-5pts higher, while in Asia IG spreads are trading 1-3bps tighter with Metals & Mining and O&G the top performing sectors 2-4bps tighter, while yields on Asia IG hit 2yr lows of 5.28%.
  • Aus iTraxx CDS is 1bp lower at 63.5bps & while Asia Ex-J iTraxx is unch at 70bps
  • Headlines: China Stimulus Measures to Squeeze Bank Margins, S&P Says, US investigates China-backed venture firm over Silicon Valley dealmaking
  • Primary: KT Corp. $Bmrk 3Y +105 Area, Jinan Hi-Tech Holding $TBD 3Y 6.1% Area,  Shinhan Bank USD Green  5Y/5.5Y FRN, Jiangsu Fangyang Holdings $TBD 3Y Green 5.7% area