EM ASIA CREDIT: MNI EM Credit Market Wrap - Asia
MNI EM Credit Market Wrap - Asia
Measure Level Δ DoD
5yr UST 4.5% +0.9bp
10yr UST 4.7% +0.2bp
5s-10s UST 22.5 -0.7bp
CDX EM 97.1 0.0bp
CDX EM IG 100.8 0.0bp
CDX EM HY 93.2 0.0bp
WTI Crude 75.7 +1.7
Gold 2682 +14.3
USDCNY 7.3 +0.00
USDKRW 1,467.3 +7.70
USDPHP 58.4 -0.12
USDIDR 16,190.0 -27.00
USDTHB 34.6 +0.02
USDMYR 4.5 -0.01
USDINR 86.0 +0.11
Main stories recap:
China
China Real Estate: Longfor bonds under pressure as Vanke refinancing risks in the frame.
Vanke unit gets CNY1bn bank loan, refinancing concerns remain.
India
Tata Capital mandates banks for inaugural $ benchmark deal (3.5y)
Vedanta secures $300m in financing, working on $200m more…will repay debt.
JSW Steel Q3 crude steel output up 2% YoY.
Korea
Hyundai follows up large domestic investment plans ($17bn), with AI partnership with Nvidia.
Indonesia
Indonesia gets over $4.25bn in orders for its dual tranche $ deal ($2bn raised)
Top/Bottom Performers recap:
China real estate company Longfor continues to slide (1/28s, +26bp wider), while Vedanta saw some support post refinancing news (-14bp tighter)