The issuance size of US dollar bonds in Asia has increased for two weeks
On Friday (9/15), the primary Asian bond market saw Westpac Banking Corporation issuing two 5-year Australian dollar-denominated bonds. Over the course of the week, the issuance of US dollar-denominated bonds by issuers in Asia (ex Japan) increased from $3.58 billion last week to $5.07 billion, while credit spreads remained largely unchanged from the previous week. In the secondary market, trading of newly issued bonds from Korea Southern Power and Bangkok Bank was relatively active.
Rating news
• Moody’s revised its outlook on the Chinese real estate industry from stable to negative. This is primarily due to weak economic growth prospects and continued concerns among homebuyers about project deliveries, which are expected to dampen property sales. Moody’s anticipates a 5% decline in China’s property sales volume over the next 6-12 months. Additionally, Moody’s believes that China’s policy stimulus on property sales will likely be short-term supports, as economic recovery facing challenges.
• Fitch downgraded Longfor Group’s long-term issuer default rating from BBB to BBB-, with a negative outlook. The downgrade reflects weaker-than-expected sales records for both the company and the industry recently, which could undermine Longfor’s cash flow generation and liquidity buffer. The negative outlook reflects uncertainties regarding the company’s operating prospects.
Primary market
Westpac Banking Corporation issued two 5-year Australian dollar-denominated bonds
• Issuer Ratings: Moody’s: Aa3 (Stable) / S&P: AA- (Stable) / Fitch: A+ (Stable)
• 5-year fixed-rate bond: Issued AUD 450 million, currently trading around 4.96%
• 5-year floating-rate bond: Issued AUD 1.95 billion, currently trading near 4.98%
Secondary market
The newly issued KOSOPW and BBLTB were trading relatively active
• KOSOPW 2026 bond traded near 99.8 with a yield of about 5.4%.
• BBLTB 2028 bond traded around 99.9 with a yield of about 5.3%, while 2033 bond traded near 99.8 with a yield of about 5.5%.
亞洲地區美元券的發行量連兩週上升
週五(9/15)亞洲債市的初級市場有西太平洋銀行發行2筆5年期澳幣計價債券。累計一週,亞洲(除日本外)發行人的美元計價債券發行量由上週的35.8億美元增至50.7億美元,信用利差則與上週大致持平。次級市場方面,前一日發行之韓國南部電力、曼谷銀行新券交易相對熱絡。
信評消息
• 穆迪在近日發布的報告中,將中國房地產行業的展望從穩定調整為負向,主因經濟成長前景疲軟以及購房者對項目交付的持續擔憂將壓抑樓市銷售,預計未來6-12個月中國的樓市銷量將下降約5%。此外,穆迪認為由於經濟復甦仍面臨挑戰,中國的政策刺激對房地產銷售為短期影響,可能幾個月後就會消退。
• 惠譽將龍湖集團的長期發行人違約評級從BBB下調至BBB-,展望從穩定調整為負向。評級下調反映了近期公司和行業的銷售表現弱於預期,可能會削弱龍湖的現金流生成和流動性緩衝,負向展望則是反映預期公司營運前景具不確定性。
初級市場
西太平洋銀行發行2筆5年期澳幣計價債券
• 發行人信評:Moody’s: Aa3 (Stable) / S&P: AA- (Stable) / Fitch: A+ (Stable)
• 5年期固定利率:發行4.5億澳幣,目前市場利率約4.96%
• 5年期浮動利率:發行19.5億澳幣,目前市場利率約4.98%
次級市場
韓國南部電力、曼谷銀行新券發行之新券交易相對熱絡
• 韓國南部電力(KOSOPW) 2026年券價格約99.8、收益率約5.4%。
• 曼谷銀行(BBLTB) 2028年券價格約99.9、收益率約5.3%,2033年券價格約99.8、收益率約5.5%。