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CREDIT UPDATE: Asia IG Spreads Rise, Adani Scraps Bond Issuance

CREDIT UPDATE
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  • Equity markets are trading mostly lower today, following on from Nvidia's revenue forecast, which fell short of the highest expectations, dampening sentiment in semiconductor and AI-related stocks. In Asia, Japanese chipmakers like Advantest and Hoya led declines, pulling the Topix down 0.3% and the Nikkei 225 by 0.8%. TSMC and SK Hynix also saw losses, reflecting concerns about the AI boom slowing. In Australia, Nvidia’s earnings report weighed on tech and consumer discretionary shares, though energy and financials offered some support. Traders are also cautious ahead of BOJ Governor Ueda’s remarks, which could provide insights into the central bank's policy direction. Meanwhile, geopolitical and legal developments, including the Adani bribery charges, are adding to market uncertainty.
  • There wasn't much happening in Australia today, Woolworths announced they are looking to print a 10yr with Initial price guidance is S/Q ASW +170bps area, while Qube Holdings is looking to print a potential inaugural 7 and/or 10yr bond, with an expected BBB rating, the company operates in logistics with divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.
  • In Asia, focus has been on Adani after the group’s renewable units scrapped a $600m bond offering after US prosecutors charged Gautam Adani, the group founder, with participating in an alleged bribe plot, the companies stock dropped 20%, while bonds were 5-10pts lower. Asia IG spreads were slightly weaker today, trading about -1bps.
  • In primary just the two deals today, with Bank of China Toronto Branch $bmrk 3Y FRN SOFR+105 area & Yichun Yuanzhou District $TBD 3Y at 5% area
  • Aus iTraxx CDS is -0.5bps at 66bps & Asia Ex-JP iTraxx is -0.5bp at 74bps
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  • Equity markets are trading mostly lower today, following on from Nvidia's revenue forecast, which fell short of the highest expectations, dampening sentiment in semiconductor and AI-related stocks. In Asia, Japanese chipmakers like Advantest and Hoya led declines, pulling the Topix down 0.3% and the Nikkei 225 by 0.8%. TSMC and SK Hynix also saw losses, reflecting concerns about the AI boom slowing. In Australia, Nvidia’s earnings report weighed on tech and consumer discretionary shares, though energy and financials offered some support. Traders are also cautious ahead of BOJ Governor Ueda’s remarks, which could provide insights into the central bank's policy direction. Meanwhile, geopolitical and legal developments, including the Adani bribery charges, are adding to market uncertainty.
  • There wasn't much happening in Australia today, Woolworths announced they are looking to print a 10yr with Initial price guidance is S/Q ASW +170bps area, while Qube Holdings is looking to print a potential inaugural 7 and/or 10yr bond, with an expected BBB rating, the company operates in logistics with divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.
  • In Asia, focus has been on Adani after the group’s renewable units scrapped a $600m bond offering after US prosecutors charged Gautam Adani, the group founder, with participating in an alleged bribe plot, the companies stock dropped 20%, while bonds were 5-10pts lower. Asia IG spreads were slightly weaker today, trading about -1bps.
  • In primary just the two deals today, with Bank of China Toronto Branch $bmrk 3Y FRN SOFR+105 area & Yichun Yuanzhou District $TBD 3Y at 5% area
  • Aus iTraxx CDS is -0.5bps at 66bps & Asia Ex-JP iTraxx is -0.5bp at 74bps