Secondary market was mute due to Japan holiday
On Monday (9/18), there are 4 issuers introducing US dollar-denominated bonds in primary Asia bond market, including LG Energy and Hyundai Capital America. However, in the secondary market, the trading was light due to Japan holiday, without US Treasury market. Demand for China IG BABA (long-end) and TENCNT (front-end and long-end) was relatively strong.
Primary market
LG Energy issued two fixed rate US dollar-denominated bonds
- Issuer Ratings: Moody’s: Baa1 (Stable) / S&P: BBB+ (Stable)
- 3-year fixed-rate bond: CT3 + 140 area
- 5-year fixed-rate bond: CT5 + 170 area
Hyundai Capital America issued one floating rate and three fixed rate US dollar-denominated bonds - Issuer Ratings: Moody’s: Baa1 (Postive) / S&P: BBB+ (Stable)
- 3-year floating-rate bond: SOFR Equivalent
- 3-year fixed-rate bond: T + 145 area
- 5-year fixed-rate bond: T + 185 area
- 7-year fixed-rate bond: T + 210 area
Secondary market
China IG BABA and TENCNT were trading relatively strong - BABA 2024 bond traded near 97.3 with a yield of about 5.98%.
- TENCNT 2024 bond traded around 98.6 with a yield of about 5.86%, while 2030 bond traded near 81 with a yield of about 5.85%.
因日本假期,次級市場較為清淡
星期一(9/18),有4家發行機構在亞洲債市初級市場推出以美元計價的債券,其中包括LG能源和現代資本美國。然而,由於為日本假期,美國國債市場休市,次級市場交易較為清淡,惟對中國投資級別的阿里巴巴長券、騰訊短券以及長券需求仍相對較強。
初級市場
LG能源發行兩筆固定利率的美元計價債券 - 發行人信評:Moody’s: Baa1 (Stable) / S&P: BBB+ (Stable)
- 3年期固定利率:CT3 + 140 area
- 5年期固定利率:CT3 + 170 area
現代資本美國發行一筆浮動利率、三筆固定利率的美元計價債券 - 發行人信評:Moody’s: Baa1 (Positive) / S&P: BBB+ (Stable)
- 3年期浮動利率:約當SOFR
- 3年期固定利率:T + 145 area
- 5年期固定利率:T + 185 area
- 7年期固定利率:T + 210 area
次級市場
對中國投資級別的阿里巴巴和騰訊需求較強 - 阿里巴巴(BABA) 2024年券價格約97.3、收益率約5.98%。
- 騰訊(TENCNT) 2024年券價格約98.6、收益率約5.86%,2030年券價格約81、收益率約5.85%。