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CREDIT UPDATE: Asia IG Spread Off Recent Lows, Primary Continues To Be Active

CREDIT UPDATE
BulletCredit Bullets
  • Asian stocks declined on Tuesday as traders weighed the potential impact of additional US tariffs on China, Mexico, and Canada, with the MSCI Asia Pacific Index down 0.5%. Japan, Taiwan, and South Korea led losses, with tech hardware and financials dragging the regional gauge. Chinese stocks recovered slightly after three days of losses amid expectations of potential fiscal easing from Beijing.
  • Aussie credit was again focused on primary today, although it was a much quieter day, BNP has priced a 12NZ7 at +200bps, after initial guidance of +215bps, Aurizon announced they are looking to do a A$ 9yr Snr Unsecured with initial guidance at +195bps, and Goodman has announced they are looking to do a A$ 5y with an initial guidance of +150bps. Secondary trading was largely focused around the new issues, with spreads moving off lows over the past few sessions, although still near multi-year lows.  
  • Asia IG spreads are trading 2-3bps higher today, and now trade about 6bps off the multi-year lows, while HY spreads have erased November gains and trade roughly 25bps off recent multi-year lows. Property bonds have struggling over the past few session with Vanke & Longfor bonds hitting two-month lows. Elsewhere, Trumps new tariffs have weighed on the market somewhat today, however we didn't see any major moves, Fitch has cut Adani's units rating to Junk, there hasn't been too much of a spillover into other Indian names following the Adani drama.
  • Primary: Huzhou City Investment USD Sust, Quzhou Qutong Transportation 3Y $TBD 5.2% Area, Huaibei City Construction $TBD 3Y  6.7% Area, Zhejiang Qiantang River $TBD 3Y 6.25% Area
  • Aus iTraxx CDS is unch at 66bps & Asia Ex-JP iTraxx is unch at 73.5bps
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  • Asian stocks declined on Tuesday as traders weighed the potential impact of additional US tariffs on China, Mexico, and Canada, with the MSCI Asia Pacific Index down 0.5%. Japan, Taiwan, and South Korea led losses, with tech hardware and financials dragging the regional gauge. Chinese stocks recovered slightly after three days of losses amid expectations of potential fiscal easing from Beijing.
  • Aussie credit was again focused on primary today, although it was a much quieter day, BNP has priced a 12NZ7 at +200bps, after initial guidance of +215bps, Aurizon announced they are looking to do a A$ 9yr Snr Unsecured with initial guidance at +195bps, and Goodman has announced they are looking to do a A$ 5y with an initial guidance of +150bps. Secondary trading was largely focused around the new issues, with spreads moving off lows over the past few sessions, although still near multi-year lows.  
  • Asia IG spreads are trading 2-3bps higher today, and now trade about 6bps off the multi-year lows, while HY spreads have erased November gains and trade roughly 25bps off recent multi-year lows. Property bonds have struggling over the past few session with Vanke & Longfor bonds hitting two-month lows. Elsewhere, Trumps new tariffs have weighed on the market somewhat today, however we didn't see any major moves, Fitch has cut Adani's units rating to Junk, there hasn't been too much of a spillover into other Indian names following the Adani drama.
  • Primary: Huzhou City Investment USD Sust, Quzhou Qutong Transportation 3Y $TBD 5.2% Area, Huaibei City Construction $TBD 3Y  6.7% Area, Zhejiang Qiantang River $TBD 3Y 6.25% Area
  • Aus iTraxx CDS is unch at 66bps & Asia Ex-JP iTraxx is unch at 73.5bps