COGARD paid interest within grace period, sentiment remained stable碧桂園及時支付美元券票息,市場情緒保持相對穩定

COGARD paid interest within grace period, sentiment remained stable

Credit spreads remained stable or slightly widened in Asia bond market, customer trading volumes were two-way balanced. Overall market sentiment remained relatively stable, and there were large-scale new bond issuances.

Headline news
• COGARD paid $22.5 million interest on two US dollar bonds within the grace period, avoiding a debt default temporarily.

Economic data
• China’s Caixin Services PMI for August slipped to 51.8, below market expectations of 53.6 and down from the previous reading of 54.1, marking the lowest level since January 2023. The Composite PMI also dipped by 0.2 from July to 51.7, the lowest since February this year.

Primary market
Several institutions issued new bonds, with Hong Kong Mortgage Corporation (HKMC) issuing larger size around $2.55 billion equivalent in Hong Kong dollar, offshore renminbi, and US dollar
• 2-year tranche: issued HKD 9.5 billion, with coupon rate 4.68%
• 3-year tranche: issued CNH 5 billion, with coupon rate 2.98%
• 5-year tranche: issued USD 0.65 billion, with coupon rate 4.875%

Secondary market
• After paying interest within grace period, COGARD’s US dollar bond prices remained mostly unchanged or slightly increased, with current dollar prices ranging from 9 to 15.
• The Philippines government may issue US dollar bonds to the retail market in September. PHILIP US dollar bonds saw a slight increase in yields, as the benchmark treasury yields was up, with the 2048 bond yielding around 5.5% and the 2033 bond yielding around 5.1%. 

碧桂園及時支付美元券票息,市場情緒保持相對穩定

亞洲債市信用利差大致持平或稍微擴大,客戶交易流量持平,整體市場情緒保持相對穩定,並有較大規模新券發行。

重大事件
• 碧桂園(COGARD)在寬限期內,支付了兩筆美元債券的票息,金額約2250萬美元,暫時避免債務違約。

經濟數據
• 8月中國財新服務業PMI下滑至51.8,低於市場預測的53.6與前期的54.1,為今年1月以來最低。綜合 PMI則是 由7月的51.9微降 0.2 至 51.7,則為 今年2 月以來最低。

初級市場
多家機構發行新券,其中以香港按揭證券有限公司(HKMC)發行2~5年期港幣、離岸人民幣、美元計價債券,共約當25.5億美元,規模較大
• 2年期:發行95億港幣計價債券,票息為4.68%
• 3年期:發行50億離岸人民幣計價債券,票息為2.98%
• 5年期:發行6.5億美元計價債券,票息為4.875%

次級市場
• 於寬限期內及時付息,碧桂園美元債券價格基本持平或小幅上漲,目前百元價約落在9~15元。
• 菲律賓政府預計於9月向零售市場發行美元計價債券,菲律賓美元公債利率隨美債基準利率微幅上彈,2048年期美元債券利率約5.5%、2033年期美元債券利率約5.1%。