Investment-grade borrowers continue to issue new bonds
In the Asian bond market, eight institutions collectively issued approximately $14.7 billion in new bonds on Tuesday (9/5). Continuing the trend of issuance, yesterday seven investment-grade borrowers issued new bonds, resulting in active trading in the primary market. In addition, Chinese state media released a commentary, and the market expects more stimulus policies for the real estate industry, stabilizing the bond prices of Chinese non-investment-grade real estate companies.
Headline news
• Chinese official media, Securities Times, called for dropping the restrictive policies on the real estate industry.
Economic data
• No significant economic data yesterday.
Primary market
Several institutions are issuing new bonds. Nippon Life Insurance Company (NIPLIF), the largest life insurance company in Japan, issued a 30-year new bond with an initial price guidance (IPT) yield of around 6.625%.
• Credit Ratings: Issuer ratings Moody’s A1 / S&P A+; Bond ratings Moody’s A3 / S&P A-
• Structure: 30NC10, fixed to fixed step-up callable dated subordinated notes
• Pricing: Coupon rate 6.25%, issuance price $100
• Issuance Amount: $930 million
Secondary market
• Country Garden Holdings (COGARD) 2026 dollar bonds saw a slight price increase of $0.02 to around $10.42.
• Hong Kong Mortgage Corporation Limited (HKMTGC) new bonds are actively trading, with the secondary market price for the 2028 USD new bonds at around 99.6, yielding about 4.97%.
投資等級機構持續發行新券
週二(9/5)亞洲債市有8家機構發行了共約147億美元的新券,延續發行的熱潮,昨日再有7家投資等級機構發行新券,初級市場的交易量熱絡。此外,中國官媒發表評論,市場預期將有更多利好房地產行業的政策出台,使中資非投資等級房地產商的債券價格持穩。
重要事件
• 中國官方媒體證券時報今日在頭版發表評論文章稱,對房地產業的限制性政策已「不合時宜」。
初級市場
多家機構發行新券,其中包括日本最大的人壽保險公司Nippon Life Insurance Company (NIPLIF) 發行30年期新券,初始價格指引(IPT)收益率約 6.625%
• 信評:發行機構 Moody’s A1 / S&P A+;債券評級Moody’s A3 / S&P A-
• 結構:30NC10,fixed to fixed step-up callable dated subordinated notes
• 定價:票息6.25%,發行價100元
• 發行量:9.3億美元
次級市場
• 碧桂園(COGARD) 2026年美元券價格小幅上漲0.02元,至約10.42元。
• 香港按揭證券有限公司(HKMTGC)新券交易活絡,2028年美元新券的次級市場價格約99.6,約當收益率4.97%。