Asia bond market remained stable despite US treasury yields surged
While U.S. bond yields spiked overnight, the Asian bond market was relatively stable on Thursday (9/7). Credit spreads for Chinese high-yield real estate, investment-grade corporates and financials remained roughly flat or slightly widened, with two-way trading flows balanced.
Headline news
• According to IFR statistics cited by Reuters, on Tuesday (9/5) this week, 21 institutions issued around $31 billion in corporate bonds. New issues from Asia-Pacific region banks received good subscriptions. For example, DBS, the largest bank in Southeast Asia, issued $1.5 billion in new bonds with a 2-year fixed interest rate, receiving interests of $2.65 billion and priced at 5.479%.
Economic data
China’s trade surplus In August decreased from $78.65 billion in the same period last year to $68.36 billion, the lowest since May, mainly due to weak global demand.
• Exports: down 8.8% year-on-year, declining for 4 months
• Imports: down 7.3% year-on-year, falling for 6 months
Primary market
Bank of China London Branch issued a 3-year USD-denominated floating-rate bond
• Issuer Credit Ratings: Moody’s: A1 (Stable) / S&P: A (Stable) / Fitch: A (Stable)
• Format: Green bond, senior floating-rate
• Pricing: SOFRIN + 59bps
• Issuance Amount: $600 million
Secondary market
• Alibaba (BABA) 2024s and Baidu (BIDU) 2025s short-term bonds have relatively strong buying interest, with yields around 5.8%.
不受前一晚美債利率彈升影響,亞洲債市保持相對穩定
雖然美債殖利率於前一晚來到相對高位,週四(9/7)亞洲債市則是相對平穩,中資地產、投資等級公司債、金融債的信用利差大致持平或小幅走寬,客戶交易雙向皆有,流量持平。
重要事件
• 據路透引用IFR統計,本週二(9/5)有21家機構發行共約310億美元公司債,且亞太地區銀行的新券獲得良好的認購,例如東南亞地區規模最大的新展銀行(DBS)發行15
億美元新券,其2年期固定利率新券發行量為7.5億美元,共獲得了26.5億美元的認購量,發行利率為5.479%。
經濟數據
8月中國的貿易順差從去年同期的786.5億美元降至683.6億美元,為自5月以來的最低,主因國內外需求持續疲軟,出口下降超過進口
• 出口:較去年同期下降8.8%,連續第四個月下降
• 進口:較去年同期下降7.3%,連續第六個月下降
初級市場
中國銀行倫敦分行發行3年期美元計價浮動債券
• 發行人信評:Moody’s: A1 (Stable) / S&P: A (Stable) / Fitch: A (Stable)
• 形式:綠色債券,主順位浮動利率
• 定價:SOFRIN + 59bps
• 發行量:6億美元
次級市場
• 阿里巴巴(BABA)的2024年期、百度(BIDU)的2025年期短券買盤皆相對較強,收益率約5.8%。