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Slow Session In APAC Credit, New ANZ T2 Weakens

CREDIT UPDATE
  • Asian equities were lower today with tech stocks continuing to struggle on the back of comments from both Trump & the Biden Administration front he past few days, while a lack of any real policy updates out of the Third Plenum weighed on HK equities, China onshore equities fared better but that may be largely due to support from the China National Team.
  • It was another slow session in APAC credit with nothing in the primary market. Aus credit overall looked weaker today with the new A$ ANZ 15NC10 T2 trading 4bps wider than re offer, AUD corps were unch, Snr Bank unch while Bank Sub are flat to 1bps wider.
  • Santos released its 2Q operating update, with FY24 guidance unchanged since Feb, major projects are on track with Barossa expected to start producing gas in 3Q 2025, and Pikka to deliver first oil in 2026.
  • In Asia IG, Financials are unch to 1bps tighter while most other sectors were unchanged. Indonesian & Malaysian quasi names were unch to 1bps wider, while sovereigns are unch.
  • Credit headlines: Chinese builder Sino-Ocean Group said a debt-management proposal is supported by a group of lenders amid concerns from other creditors about terms being offered in the potential deal, while another Chinese builder Seazen has told investors that it has prepared enough cash for repayment of FUTLAN 6 08/12/24.
  • Aus iTraxx CDS is 0.5bp higher at 64.5bps & Asia Ex-J iTraxx is 2.5bps higher at 97.5bps
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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