** The main stories out of the region**
We started in Asia with Treasuries at the highs, more or less back to Wednesday's pre-CPI level, and then traded lower into the Asia close (10yr yields +1bp). In terms of Asia emerging markets, we saw some retracement of yesterday's move wider with markets buoyed by a U.S. delay to implement reciprocal tariffs until early April. Asia benchmark govie/agency bond spreads were 1-2bp better on the day.
In terms of newsflow, Nissan stated it had not yet had management level talks with Hon Hai. We didn’t think this was particularly surprising given the Honda deal had only recently collapsed, and the initial talks are probably with Nissan stake holder, Renault. In China tech, Apple confirmed it was also collaborating with Baidu as well as Alibaba, positive for sentiment, but expect it's a low margin business. Finally, Indian aluminium company, Hindalco Industries, reported a good set of Q3 results that were positive for spreads.
In terms of supply, no new deals announced today, but we did make fair value assessments on Mirae ($ 3y mandate). We also estimated where Indonesian electricity utility PLNIJ might come in various dollar maturities.
Best & Worst Performers (zsprd, bp)
Source: Bloomberg