Bond issuance increased while credit spreads remained stable
Sentiment in the Asian bond market improved following Country Garden’s interest payments. Expecting the Fed to keep interest rates elevated, Asian issuers (ex Japan) raised around $3.58 billion US dollar bonds in the past week as of Friday (9/8), the biggest weekly level since March 3. Meanwhile, credit spreads for investment-grade issuers declined slightly.
Rating news
- According to S&P, LGFVs with debt size around RMB3 trillion-RMB6 trillion are suffering from impending liquidity stress. Bank refinancing will remain the primary support for debt rollovers.
Primary market
Toyota Finance Australia issued total AUD 800 million new bonds - Issuer Rating: Moody’s: A1 (Stable) / S&P+ (Stable) / Fitch: A+ (Stable)
- 5-year fixed-rate bond: Issued AUD 250 million, with a coupon rate of 5.2%, currently trading near 5.19%.
- 3-year fixed-rate bond: Issued AUD 375 million, with a coupon rate of 5%, currently trading around 4.96%.
- 3-year floating-rate bond: Issued AUD 175 million, currently trading close to 4.98%.
Secondary market - The BCHINA 2026s floating-rate new bonds from China Bank London Branch is now yielding around 5.9%.
- The liquid short-term bonds of BABA 2024s and BIDU 2025s saw slightly higher yields, around 5.9%.
亞洲債市發行量上升而信用利差持穩
亞洲債券市場情緒自碧桂園支付利息後改善，預期聯準會未來將保持利率在較高水平，亞洲債市的發行量較上周增加。截至週五（9/8），亞洲（除日本外）發行人的美元計價債券於過去一週之發行量約為35.8億美元，為今年3月3日以來最大的單週發行量。同時，投資等級發行人的信用利差則是微幅走窄。
信評消息 - 標普於近日發布報告指出，估計有3兆至6兆人民幣規模的地方政府融資平台債務即將面臨流動性壓力，預期銀行融資將仍然是債務展期的主要方式。
初級市場
Toyota Finance Australia發行共8億澳幣計價債券 - 發行機構信評：Moody’s: A1 (Stable) / S&P+ (Stable) / Fitch: A+ (Stable)
- 5年期固定利率債券：發行2.5億澳幣，票息5.2%，目前市場利率約5.19%
- 3年期固定利率債券：發行3.75億澳幣，票息5%，目前市場利率約4.96%
- 3年期浮動利率債券：發行1.75億澳幣，目前市場利率約4.98%
次級市場 - 中國銀行倫敦分行(BCHINA)的2026年期浮動利率新券利率約5.9%
- 交易較活絡的阿里巴巴(BABA)的2024年期、百度(BIDU)的2025年期短券收益率略有彈升，約在5.9%