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Quiet Session in APAC Credit, Spreads Near Historical Tights

CREDIT UPDATE
  • Asian equities were higher today, largely just tracking US equity moves made overnight following lower-than-expected jobless claims, the Philadelphia SE semiconductor Index was 6.86% higher overnight, which has helped Taiwan & South Korean markets. Elsewhere, news flow in APC today was very light on, China's largest semiconductor manufacturer reported good earnings which helped the sector, while property developers were higher on the back of hope that other Tier 1 cities will follow Shenzhen in purchasing buildings to be converted into social housing.
  • Aus credit spreads are 1-3bps tighter today, with better buying in longer dated corps and T2, snr bank paper is little changed. QBE reported first half earnings with net income doubling, and revenue increasing by 5.2%, although numbers were slightly below forecasts which led to weakness in their equity.
  • It was a slow session in asia today, spread moved tighter however this were no deals and very few headlines. Asia IG is 1-2bps tighter and trading near historical tight levels. Auto -1/-2bps, Fins -1/-2bps, Oil & Gas -2bps, SOE were slightly weaker with spreads about +1bps with Korean names the worst performers.
  • Aus iTraxx CDS is 2bp lower at 72bps & Asia Ex-J iTraxx is 2.5bps lower at 100.5bps
  • It was another quiet day in primary with no deals printing,
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