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CREDIT UPDATE: Aus Credit Spreads Widen, Asia Out For Public Holidays

CREDIT UPDATE
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  • Asian markets are experiencing mixed trading as investors react to disappointing Chinese data, Typhoon Bebinca while liquidity is poor with majority of Asia out on public Holidays. Looking ahead it is busy week for central bank decisions with the Fed the most closely watched followed by BoJ & BoE, while locally we also have Indonesia & Taiwan central bank decisions
  • It has been a slow day in APAC credit markets today, Origin Energy announced plans to do a A$ 7yr bond, roadshows finished today so expect that deal to launch sometime this week. Secondary trading remains focused on the flood of recent deals, with some weakness creeping into the markets, MQGAU continues to be the worst performing deal trading 3-4bps wider than offer, however it looks like investors are starting to selling some of the better performing new issues, with QBEAU, SCGAU & the new ANZ perp all 2-5bps wider than recent tights.
  • It has been a very quiet session in Asia today as expected with most regions out for public holidays. Spread ended last week slightly tighter as demand for risk asset remained robust ahead of a flood of central bank rate decisions this week. Today, Hong Kong listed property indices struggled following the weak Chinese Data out over the weekend, which may see further weakness in property related bonds after there seems to be some support for them late last week.
  • Aus iTraxx CDS is unchanged at 64bps & while Asia Ex-J iTraxx is unchanged at 97bps
  • Headlines: Chinese Builder Redsun’s Liquidation Hearing Adjourned to March
  • Primary: Westpac New Zealand NZ$ 5 Year Fixed Rate Bonds, NBN $Benchmark 144A/Reg S 3Y and/or 5Y Bonds
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  • Asian markets are experiencing mixed trading as investors react to disappointing Chinese data, Typhoon Bebinca while liquidity is poor with majority of Asia out on public Holidays. Looking ahead it is busy week for central bank decisions with the Fed the most closely watched followed by BoJ & BoE, while locally we also have Indonesia & Taiwan central bank decisions
  • It has been a slow day in APAC credit markets today, Origin Energy announced plans to do a A$ 7yr bond, roadshows finished today so expect that deal to launch sometime this week. Secondary trading remains focused on the flood of recent deals, with some weakness creeping into the markets, MQGAU continues to be the worst performing deal trading 3-4bps wider than offer, however it looks like investors are starting to selling some of the better performing new issues, with QBEAU, SCGAU & the new ANZ perp all 2-5bps wider than recent tights.
  • It has been a very quiet session in Asia today as expected with most regions out for public holidays. Spread ended last week slightly tighter as demand for risk asset remained robust ahead of a flood of central bank rate decisions this week. Today, Hong Kong listed property indices struggled following the weak Chinese Data out over the weekend, which may see further weakness in property related bonds after there seems to be some support for them late last week.
  • Aus iTraxx CDS is unchanged at 64bps & while Asia Ex-J iTraxx is unchanged at 97bps
  • Headlines: Chinese Builder Redsun’s Liquidation Hearing Adjourned to March
  • Primary: Westpac New Zealand NZ$ 5 Year Fixed Rate Bonds, NBN $Benchmark 144A/Reg S 3Y and/or 5Y Bonds