Bonds issued by China’s property sector are facing heavier selling pressure
On Monday (9/11) the primary Asia bond market saw fixed-rate USD benchmark new issues from the Export-Import Bank of Korea, looking to lock in funding costs in a high-interest-rate environment. In the secondary market, as the industry outlook is mixed, there is higher selling pressure on bonds issued by Chinese property sector.
Key news
- The China Securities Regulatory Commission (CSRC) recently held seminars with experts, scholars, and domestic and foreign investors, pledging to research and implement more practical measures and urging enterprises to be proactive in counter-cyclical arrangements.
- On Monday (9/11), bondholders of Country Garden will vote on proposals to extend the maturity of 8 domestic bonds, with voting scheduled to end on Monday night in Asian time.
Primary market
The Export-Import Bank of Korea (EIBKOR) issued 2-year, 5-year, and 10-year USD-denominated senior bonds - Issuer Ratings: Moody’s: Aa2 (Stable) / S&P: AA (Stable) / Fitch: AA- (Stable)
- 2-year fixed-rate bond: Initial price guidance CT2+75bps
- 5-year fixed-rate bond: Initial price guidance CT5+105bps
- 10-year fixed-rate bond: Initial price guidance CT10+120bps
Secondary market - Bond prices of Chinese property sector declined significantly after 8PM in Asian time on Monday, with NWDEVL’s 2029s yielding around 12.7%, and LONFOR’s 2027s yielding near 15.4%.
- As EIBKOR issued benchmark new bonds, buying interests for other Korean quasi-sovereign bonds also increased a bit, with KORGAS’s 2028s yielding around 5.2%.
中國地產行業債券賣壓較為顯著
週一（9/11）亞洲債券初級市場有韓國進出口銀行發行固定利率美元計價新券，顯示在高利率環境下，仍持續有發行機構希望能夠鎖定資金成本。次級市場方面，由於整體行業前景不明，中國地產行業債券出現較為顯著賣壓。
重要新聞 - 中國證監會表示近日與專家學者、境內外投資者召開座談會，承諾研究出台更多務實舉措，並敦促行業機構要敢於、善於逆周期佈局。
- 周一（9/11）碧桂園的債券持有人將分別就延展8檔境內債券期限的提案進行投票，投票預定預定於亞洲時間周一晚上10點結束。
初級市場
韓國進出口銀行(EIBKOR)發行2年、5年、10年期美元計價主順位債券 - Issuer Ratings：Moody’s: Aa2 (Stable) / S&P AA (Stable) / Fitch: AA- (Stable)
- 2年期固定利率債券：初始價格指引 CT2+75bps
- 5年期固定利率債券： 初始價格指引 CT5+105bps
- 10年期固定利率債券：初始價格指引 CT10+120bps
次級市場 - 中國地產行業債券於亞洲時間周一晚上8點過後，價格出現較顯著下跌，NWDEVL 的2029年券收益率約12.7%，LONFOR的2027年券收益率約15.4%
- 受EIBKOR新券發行影響，帶動韓國機構債買盤略有升溫，KORGAS的2028年券收益率約在5.2%