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CREDIT UPDATE: Asia IG Spreads Near All Time Lows

CREDIT UPDATE
BulletCredit Bullets
  • Asian markets are mostly lower today, largely just a continuation from overnight on Wall street. US tsys yields are reversing earlier gains, there is uncertainty in Japan surrounding the upcoming general election and weak domestic demand have also weighed on the local market. It is a quiet week for economic data in the region this week
  • In Aussie credit today, BQDAU printed a $250m 10.25NC5.25 T2 deal at +183bps with initial guidance at +200bps, just going to show how strong the demand for A$ Tier 2 currently is. The same themes again continue in secondary trading, with strong demand in the T2/AT1 and higher beta corps, with investors also taking advantage of the move in outright yields, spreads are 1-2bps tighter.
  • It was a relatively quiet day in credit in Asia today, with just he one issuer tapping the market. Overnight spreads on Asia IG traded to just 0.5bps over all time lows reaching 76bps, while spreads on Asia HY made new all time lows of 459bps.
  • Aus iTraxx CDS is 1bp higher at 66bps & Asia Ex-JP iTraxx is also 1bp higher at 73bps
  • Headlines: India’s central bank expects the nation’s slowing economy to get a boost from festive demand and increased government spending, China Wealth Fund Issues Record $29 Billion of Bonds This Year
  • Primary: Huzhou New City Investment USD 3Y At 6.5%
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  • Asian markets are mostly lower today, largely just a continuation from overnight on Wall street. US tsys yields are reversing earlier gains, there is uncertainty in Japan surrounding the upcoming general election and weak domestic demand have also weighed on the local market. It is a quiet week for economic data in the region this week
  • In Aussie credit today, BQDAU printed a $250m 10.25NC5.25 T2 deal at +183bps with initial guidance at +200bps, just going to show how strong the demand for A$ Tier 2 currently is. The same themes again continue in secondary trading, with strong demand in the T2/AT1 and higher beta corps, with investors also taking advantage of the move in outright yields, spreads are 1-2bps tighter.
  • It was a relatively quiet day in credit in Asia today, with just he one issuer tapping the market. Overnight spreads on Asia IG traded to just 0.5bps over all time lows reaching 76bps, while spreads on Asia HY made new all time lows of 459bps.
  • Aus iTraxx CDS is 1bp higher at 66bps & Asia Ex-JP iTraxx is also 1bp higher at 73bps
  • Headlines: India’s central bank expects the nation’s slowing economy to get a boost from festive demand and increased government spending, China Wealth Fund Issues Record $29 Billion of Bonds This Year
  • Primary: Huzhou New City Investment USD 3Y At 6.5%