Asia bond market remained stable despite US treasury yields surged 不受前一晚美債利率彈升影響,亞洲債市保持相對穩定

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%。