MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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 IG Spreads Tighter, Goodman Group 10yr Bond

CREDIT UPDATE
BulletCredit Bullets
  • Asian markets are trading mixed today with Chinese equities have surging again with property shares experienced a significant rally. The Bloomberg property gauge is up 14% after Tier 1 cities eased homebuying restrictions as part of the government's efforts to stabilize the struggling real estate sector. Elsewhere Japan’s Nikkei slumped nearly 4.5%, while the Topix dropped over 3%, driven by investor repositioning after Shigeru Ishiba's victory in the ruling party's leadership race. South Korea ( KOSPI -1%) & Taiwan (Taiex -1.50%) have both struggled today with tech stocks lower, while Indian equities are under pressure with the Nifty 50 down 0.5% this has been due to a decline in IT, automotive, and banking stocks. Australia's ASX200 is 0.75% higher, on the back of higher commodity prices after Iron Ore jumped 10%.
  • It has been a very slow session in Australian credit today with all the focus on RMBS/ABS deals after Light Trust, MA Money & Puma all bring deals to the market, while the sole USD deal in the APAC region today has been Goodman Industrial announcing a 10y deal. Secondary has seen spreads tighten with risk markets rallying, snr/sub bank paper is -1bps, corps are -1/-2bps while ANZ's new AT1 is now trading 35bps tighter since issue.
  • There were no USD deals out of Asia today, with the focus again on Chinese names with equities continuing their huge rallying of late. Property bonds are another 2-5pts higher although little is trading at the moment. Asia IG spreads are 1-2bps tighter with commodity names leading the way.
  • Aus iTraxx CDS is 0.5bps lower at 63.5bps & while Asia Ex-J iTraxx is 1bp lower at 68.50bps
  • Headlines: Nomura Dropped by Several Issuers for Yen Bond Underwriting
  • Primary: Goodman Industrial USD 10Y 144A/Reg S Note
288 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 are trading mixed today with Chinese equities have surging again with property shares experienced a significant rally. The Bloomberg property gauge is up 14% after Tier 1 cities eased homebuying restrictions as part of the government's efforts to stabilize the struggling real estate sector. Elsewhere Japan’s Nikkei slumped nearly 4.5%, while the Topix dropped over 3%, driven by investor repositioning after Shigeru Ishiba's victory in the ruling party's leadership race. South Korea ( KOSPI -1%) & Taiwan (Taiex -1.50%) have both struggled today with tech stocks lower, while Indian equities are under pressure with the Nifty 50 down 0.5% this has been due to a decline in IT, automotive, and banking stocks. Australia's ASX200 is 0.75% higher, on the back of higher commodity prices after Iron Ore jumped 10%.
  • It has been a very slow session in Australian credit today with all the focus on RMBS/ABS deals after Light Trust, MA Money & Puma all bring deals to the market, while the sole USD deal in the APAC region today has been Goodman Industrial announcing a 10y deal. Secondary has seen spreads tighten with risk markets rallying, snr/sub bank paper is -1bps, corps are -1/-2bps while ANZ's new AT1 is now trading 35bps tighter since issue.
  • There were no USD deals out of Asia today, with the focus again on Chinese names with equities continuing their huge rallying of late. Property bonds are another 2-5pts higher although little is trading at the moment. Asia IG spreads are 1-2bps tighter with commodity names leading the way.
  • Aus iTraxx CDS is 0.5bps lower at 63.5bps & while Asia Ex-J iTraxx is 1bp lower at 68.50bps
  • Headlines: Nomura Dropped by Several Issuers for Yen Bond Underwriting
  • Primary: Goodman Industrial USD 10Y 144A/Reg S Note