No significant USD bond issuances before FOMC
On Tuesday (9/19), there were no significant USD bond issuances in the primary Asian bond market. However, Mercedes-Benz Australia issued an AUD-denominated bond. In the secondary market, there were two-way trades, with the newly issued bonds being traded actively. Among them, LG Energy’s 2028 new issues saw relatively strong demand, while the credit spreads for Hyundai Capital America’s new issues widened by about 2-4 basis points.
Important news
- The People’s Bank of China (PBOC) hosted a meeting with foreign financial institutions and corporates on Monday (9/18), chaired by PBOC Governor Pan Gongsheng, to solicit opinions and study ways to enhance financial support for stable foreign trade and foreign investment, further optimizing the foreign investment environment.
- Being postponed for three times, the extension plan for a domestic bond under the control of Country Garden has finally been approved by bondholders. The company has successfully extended 9 domestic bonds for around CNY 14.7 billion, temporarily easing repayment pressure.
Primary market
Mercedes-Benz Australia issued an AUD-denominated bond. - Issuer Ratings: Moody’s: A2 (Stable)
- 3-year fixed-rate bond: coupon 5%
Secondary market
Trading in LGENSO and HYNMTR new bonds was relatively active. - LGENSO 2026 bond traded near 99.9 with a yield of about 5.65%, and 2028 bond traded near 100.3 with a yield of about 5.68%
- HYNMTR 2026 bond traded around 100.3 with a yield of about 5.82%, 2028 bond traded near 100.5 with a yield of about 5.99%, while 2030 bond traded near 100.1 with a yield of about 6.18%.
FOMC之前，亞洲債市無重大美元券發行
週二（9/19），亞洲債市的初級市場無重要美元券發行機構，但有賓士汽車澳洲發行澳幣計價債券。次級市場方面，雙向交易皆有，以新券之交易較為熱絡，其中LG能源之2028年期新券買盤相對強，而現代資本美國新券的信用利差則是走寬約2~4bps不等。
重要新聞 - 繼日前中國證監會表示與專家學者、境內外投資者召開座談會，以研究出台支持性舉措，中國人民銀行亦於週一（9/18）由行長潘功勝主持，召開與外資金融機構和外資企業座談會，聽取相關意見，研究增強金融支持穩外貿、穩外資力度，進一步優化外商投資環境。
- 在經過三次延長投票截止日後，碧桂園旗下一筆境內債之展期方案終於獲持有人通過。至此，該公司已成功將九支境內債券展期，總計約 147 億人民幣，暫時緩解了償付壓力。
初級市場
賓士汽車澳洲發行一筆澳幣計價債券 - 發行人信評：Moody’s: Ａ2 (Stable)
- 3年期固定利率：票息5%
次級市場
LG能源（LGENSO）與現代資本美國（HYNMTR）的新券交易較為熱絡 - LG能源（LGENSO）2026年券價格約99.9、收益率約5.65%，2028年券價格約100.3、收益率約5.68%。
- 現代資本美國（HYNMTR）2026年券價格約100.3、收益率約5.82%，2028年券價格約100.5、收益率約5.99%，2030年券價格約100.1、收益率約6.18%。