Higher Treasury yields attracted real money into Asia IG
On Wednesday (9/20), the primary Asia bond market saw the issuance of AUD-denominated subordinated bond by Suncorp Group. In the secondary market, real money investors added Asia IG bonds as the 10-year US Treasury yield rose to its 16-year high overnight. Credit spreads for HK IG bonds narrowed by around 1-3 bps, while credit spreads for Korea IG bonds remained stable or tightened by 1-2 bps.
Important news
- The People’s Bank of China (PBOC) authorized the National Interbank Funding Center (NIFC) to announce that the Loan Prime Rate (LPR) for September 20, 2023, is 3.45% for the 1-year term and 4.20% for terms longer than 5 years. The aforementioned LPRs will remain effective until the next LPR release. The LPR has been lowered twice, in June and August, this year.
Primary market
Australian Suncorp Group issued an AUD-denominated subordinated Bond - Issuer Credit Ratings: Moody’s A2 (Neg watch) / S&P A+ (Neg outlook) / Fitch A+ (Neg watch)
- Bond Credit Rating: S&P A-
- Maturity: 10.75 years, non-callable for the first 5.75 years
- Initial Pricing Guidance: 3m BBSW + 250 bps area
Secondary market
- MTRC 2026 bond traded near 91.7 with a yield of about 5.45%, and 2030 bond traded near 79.8 with a yield of about 5.14%
- KORGAS 2028 bond traded near 97.7 with a yield of about 5.42%, and 2031 bond traded near 79.1 with a yield of about 5.31%
美債收益率上彈，吸引實質資金買入亞洲投資等級債券
週三（9/20），亞洲債市的初級市場有澳洲Suncorp集團發行澳幣計價次順位債券。次級市場方面，前晚10年期美債收益率上彈至16年以來的新高，吸引實質資金買盤進場，買入亞洲地區的投資等級債券，其中香港投資等級債券的信用利差收窄約1~3bps，韓國投資等級債券的信用利差則是持平或收窄1~2bps。
重要新聞
- 中國人民銀行授權全國銀行間同業拆借中心公布，2023年9月20日貸款市場報價利率（LPR）1年期為3.45%，5年期以上為4.20%。以上LPR在下一次發布LPR之前有效。今年初以來，貸款市場報價利率（LPR）於6月、8月共下調2次。
初級市場
澳洲Suncorp集團發行一筆澳幣計價次順位債券 - 發行人信評：Moody’s A2 (Neg watch) / S&P A+ (Neg outlook) / Fitch A+ (Neg watch)
- 債券信評：S&P A-
- 天期：10.75年，前5.75年不可贖回
- 初始定價指引：3m BBSW + 250bps area
次級市場
- 港鐵（MTRC）2026年券價格約91.7、收益率約5.45%，2030年券價格約79.8、收益率約5.14%。
- 韓國天然氣（KORGAS）2028年券價格約97.7、收益率約5.42%，2031年券價格約79.1、收益率約5.31%。