Asia high grade credits outperformed amid Fed’s hawkish tone
On Thursday (9/21), the primary Asian bond market has the Industrial Bank of Korea introducing an US dollar-denominated social bond. In the secondary market, with the Fed’s hawkish pause overnight, the sovereign bonds and quasi-sovereign bonds were under greater selling pressure. However, the high-grade credits outperformed, and the credit spreads were mostly flat or slightly narrowed. As the 2-year Treasury yield rose to a new high in 17 years, the buying was stronger for front end papers.
Important news
• The Guangzhou Municipal Government in China recently announced the relaxation of housing purchase restrictions in multiple districts to optimize the stable and healthy development of the real estate market. Prior to this, cities such as Nanjing, Wuhan, and Jinan had already eased their purchase restrictions. Now, Guangzhou also loosened its policies, indicating that purchase relaxation starts to extend into first-tier major cities.
Primary market
Industrial Bank of Korea issued an US dollar-denominated social bond
• Issuer Rating: Moody’s Aa2 (Stable) / S&P AA- (Stable) / Fitch AA- (Stable)
• 5 year fixed-rate bond:CT5 + 115bps area
Secondary market
• BABA 2024 bond traded near 97.3 with a yield of about 5.99%, and TENCNT 2024 bond traded near 98.5 with a yield of about 6.05%
• INDON 2053 bond traded near 97.9 with a yield of about 5.80%, and PHILIP 2048 bond traded near 96.6 with a yield of about 5.76%
亞洲高評級信用債在聯準會鷹派語氣下表現優於市場
週四(9/21),亞洲債市的初級市場有韓國產業銀行發行美元計價社會債券。次級市場方面,受前一晚聯準會鷹派暫停升息影響,亞洲地區的主權債與機構債賣壓較大,但高評級的信用債則表現相對較佳,信用利差多持平或小幅收窄。由於前一晚2年期美債收益率升至17年來新高,彈幅較大,投資人以買入短端的高評級信用債為主。
重要新聞
• 中國廣州市政府於近日公告,放寬了多區之住房限購政策,以優化房地產市場平穩健康發展。此前南京、武漢、濟南等城市已放寬限購政策,如今廣州也開始鬆綁,意味著限購政策開始進入一線大城。
初級市場
韓國產業銀行發行一筆美元計價社會債券
• 發行機構信評:Moody’s Aa2 (Stable) / S&P AA- (Stable) / Fitch AA- (Stable)
• 5年期固定利率:CT5 + 115bps area
次級市場
• 阿里巴巴(BABA)2024年券價格約97.3、收益率約5.99%,騰訊(TENCNT)2024年券價格約98.5、收益率約6.05%。
• 印尼(INDON)2053年券價格約97.9、收益率約5.80%,菲律賓(PHILIP)2048年券價格約96.6、收益率約5.76%。