Primary market cooled down
On Tuesday (9/12), the issuance size in the primary Asian bond market decreased, with only Nissan Motor being the major issuer, introducing two fixed-rate US dollar-denominated benchmark new issues. In the secondary market, the newly issued Export-Import Bank of Korea bonds are the most actively traded.
Key news
- Country Garden secured approval for the extension of the repayment period by three years for six of its onshore bonds in the previous day’s extension vote, while the voting deadline for the other two onshore bonds was extended to Tuesday evening.
Primary market
Nissan Motor (NSANY) issued 3-year, 5-year USD-denominated senior bonds - Issuer Ratings: Moody’s: Baa3 (Stable) / S&P: BB+ (Stable) / Fitch: BBB- (Stable)
- 3-year fixed-rate bond: Initial price guidance T+270bps
- 5-year fixed-rate bond: Initial price guidance T+300bps
Secondary market - EIBKOR new issues are actively traded, with 2025s yielding around 5.4%, 2028s yielding around 5.2%, and 2033s yielding near 5.2%.
- BABA 2024s is yielding around 5.9%, BIDU 2025s is yielding at 5.9%, and TENCNT 2025s is yielding near 5.7%.
初級市場發行量下降
週二（9/12）亞洲債券初級市場的發行量下降，僅有日產汽車為主要發行人，推介兩筆固定利率美元計價新券。次級市場方面，交易最熱絡的標的則為前一日韓國進出口銀行所發行之美元新券。
重要新聞 - 碧桂園有六檔境內債券於前一日的展期投票獲得通過，還款期限延長三年，另有兩檔境內債券之投票截止日則延至週二晚上。
初級市場
日產汽車(NSANY)發行3年、5年期美元計價主順位債券 - 發行人信評：Moody’s: Baa3 (Stable) / S&P: BB+ (Stable)/ Fitch: BBB- (Stable)
- 3年期固定利率債券：初始價格指引 T+270bps area
- 5年期固定利率債券：初始價格指引 T+300bps area
次級市場 - 韓國進出口銀行(EIBKOR)新券交易活絡，目前2025年券收益率約5.4%、2028年券收益率約在5.2%、2033年券收益率約5.2%
- 阿里巴巴(BABA)的2024年券約5.9%、百度(BIDU)的2025年期券約5.9%、騰訊(TENCNT)的2025年期券約5.7%