Issuance volume in the primary market remains low
Asia’s primary bond market remained slow on Wednesday (9/13), with only China Everbright Bank Sydney Branch issuing a 3-year floating-rate US dollar bond, following active new bond offerings by borrowers earlier this month. In the secondary market, trading was relatively light, with credit spreads mostly stable or slightly widening, and the new issues from Nissan Motor Company the day before saw relatively strong demand.
Key news
- A spokesperson for the Ministry of Foreign Affairs stated during a routine press conference that China has not issued any laws, regulations, or policies prohibiting the purchase and use of foreign-brand phones such as Apple.
- The Ministry of Finance of China announced that it will issue RMB 5 billion sovereign bonds in Macau on September 20th this year, to support developing the offshore RMB market in Macau.
- Country Garden obtained approval for the extension of seven onshore bonds, extending their maturities by three years. The vote for the other one onshore bond has been postponed for a second time and will conclude on Thursday evening.
Primary market
China Everbright Bank Sydney Branch (CHEVBK) issued a 3-year US dollar-denominated floating-rate bond. - Issuer Ratings: Moody’s: Baa2 (Stable) / S&P: BBB+ (Stable) / Fitch: BBB+ (Stable)
- Initial Price Guidance: SOFR+110bps area
- Pricing: SOFR+63bps,around 5.96%
- Issuance Amount: $550 million
Secondary market - Nissan Motor Company (NSANY) saw higher buying interests, with 2026s’ price around 101 and yield around 6.4%, and 2028s’ prices near 100.4 and yield about 6.9%.
初級市場發行量保持低位
本月初在借款人積極發行新券之後,週三(9/13)亞洲債券初級市場的發行量保持低位,僅光大銀行雪梨分行發行3年期浮動利率美元債券。次級市場方面,交易較平靜,信用利差多持平或小幅走寬,日產汽車於前日發行之新券買盤相對熱絡。
重要新聞 - 外交部發言人在例行記者會上表示,中國沒有頒布法律、法規或政策文件禁止購買和使用蘋果等外國品牌手機。
- 中國財政部公告指出,將於今年9月20日於澳門發行50億元人民幣國債,支持澳門發展離岸人民幣市場。
- 目前碧桂園已有七檔境內債券的展期投票獲得通過,還款期限延長三年,另有一檔境內債券之投票則是二度延期至週四晚間截至。
初級市場
中國光大銀行雪梨分行(CHEVBK)發行3年期美元計價浮動利率債券 - 發行人信評:Moody’s: Baa2 (Stable) / S&P: BBB+ (Stable)/ Fitch: BBB+ (Stable)
- 初始價格指引:SOFR+110bps area
- 定價:SOFR+63bps,約5.96%
- 發行量:5.5億美元
次級市場 - 日產汽車(NSANY)買盤相對活絡,2026年券價格約101、收益率約6.4%,2028年券價格約100.4、收益率約6.9%