Another Korean institution issued ESG bond
Following the issuance by LG Energy and the Industrial Bank of Korea last week, the primary Asia bond market saw another ESG bond denominated in US dollars by the Korea Land and Housing Corporation on Monday (9/25). In the secondary market, Southeast Asian sovereign bonds experienced early gains due to the drop in US bond yields from their highs on Friday. However, prices retreated later the day as US bond yields picked up. In the credit bond sector, demand for short-term IG papers were stronger. Overall, trading is relatively light on Monday, and spreads were roughly unchanged.
Important news
• The Philippine Department of Finance is planning to issue USD-denominated bonds to retail investors on Tuesday (9/26), with the size around $1 billion, subject to market conditions.
• According to 21st Century Business Herald, China may restart the issuance of special refinancing bonds later this year. Regulator has preliminarily approved a pilot program for the resolution of hidden local government debt risks, with a quota exceeding one trillion of renminbi and a preference for higher-risk provinces, to mitigate debt risks.
Primary market
Korea Land and Housing Corporation Group issued a USD-denominated senior social bond
• Issuer Rating: Moody’s Aa2 (Stable) / S&P AA (Stable) / Fitch AA- (Stable)
• 2 year fixed-rate bond：CT2 + 105bps area
Secondary market
• INDON 2033 bonds traded near 5.38%, and 2053 bonds traded around 5.84%
• PHILIP 2033 bonds traded near 5.38%, and 2048 bonds traded around 5.81%
• BABA 2024 bonds traded near 5.91%
• TENCNT 2024 bonds traded near 5.93%
韓國機構再度發行美元計價ESG債券
繼上週的LG能源與韓國產業銀行之後，週一（9/25）亞洲債市的初級市場再有韓國土地住宅公社發行美元計價的ESG債券。次級市場方面，東南亞主權債受上週五美債收益率自高點回落影響，早盤價格開高，惟午盤過後隨美債收益率走高，漲幅亦收斂。信用債方面，投資人對短端的投資等級標的需求較佳。週一整體交易量較為清淡，利差變化不大。
重要新聞
• 菲律賓財政部預計於週二（9/26）向零售投資人發行美元計價公債，金額約10億美元，實際發行量將視市況而定。
• 據21世紀經濟報導指出，中國可能在下半年重啟特殊再融資債券之發行，監管部門已初步批覆地方隱性債務風險化解試點方案，額度將超萬億，並向較高風險省份傾斜，以緩解債務風險。
初級市場
韓國土地住宅公社集團發行一筆美元計價主順位社會債券
• 發行機構信評：Moody’s Aa2 (Stable) / S&P AA (Stable) / Fitch AA- (Stable)
• 2年期固定利率：CT2 + 105bps area
次級市場
• 印尼（INDON）2033年券收益率約5.38%，2053年券收益率約5.84%
• 菲律賓（PHILIP）2033年券收益率約5.38%，2048年券收益率約5.81%
• 阿里巴巴（BABA）2024年券收益率約5.91%
• 騰訊（TENCNT）2024年券收益率約5.93%