Short-term China and Korea IG Credits outperformed 中國、韓國的投資等級短券表現優於市場

Short-term China and Korea IG Credits outperformed

On Wednesday (9/27), the primary Asian bond market saw Mitsui & Co. introducing a senior-ranking US dollar-denominated bond. In the secondary market, demand for Southeast Asian sovereign bonds were decent, especially for 10-year and longer-dated papers. In the credit bond space, investors continued to buy China and Korea IG papers. Chinese SOEs saw significant buying interest for short-term papers, while the newly issued KOLAHO 2025s also outperformed. Overall, trading volume was relatively light, with credit spreads mostly flat or narrowing by 1-2 basis points.

Important news
Chinese President Xi Jinping recently emphasized the promotion of new industrialization, stating that China’s unique modernization is essential for the construction of a strong nation, with achieving new industrialization being a key mission. According to China’s state-owned investment institution, China Guoxin Holdings, they have disclosed plans to establish a China central state-owned enterprise strategic emerging industry development fund with a capital scale of approximately 100 billion renminbi (equivalent to around 13.7 billion US dollars). More than 20 central enterprises, local governments, and relevant social capital have expressed their intention to contribute to this fund, and it is expected to be established and operational by the end of this year.

Primary market
Mitsui & Co. issued a five-year US dollar-denominated fixed-rate senior-ranking bond
• Issuer ratings: Moody’s A3 (Stable) / S&P A (Stable)
• Issuance amount: 500 million US dollars
• Initial price guidance: CT5+120bp area
• Pricing: CT5 + 92bp
• Coupon: 5.509%

Secondary market
• KOLAHO 2025 bonds traded near 5.85%
• SINOPE 2025 bonds traded near 5.78%, and 2030 bonds traded around 5.19%
• CNOOC 2025 bonds traded near 5.76%, and 2029 bonds traded around 5.32%
• INDON 2033 bonds traded near 5.43%, and 2053 bonds traded around 5.89%
• PHILIP 2033 bonds traded near 5.41%, and 2048 bonds traded around 5.87%

中國、韓國的投資等級短券表現優於市場

週三(9/27)亞洲債市的初級市場有三井物產發行主順位美元計價債券。次級市場方面,東南亞主權債的需求良好,以10年期以上的長券漲幅較大。信用債方面,昨日交易量較為清淡,信用利差多持平或收窄1~2bps,以中國、韓國的投資等級短券表現較佳,中國國企標的短券有較為顯著買盤,而韓國土地住宅公社的2025年新券則因實質資金持續買入,表現亦優於市場。

重要新聞
中國國家主席習近平近日針對推進新型工業化指出,應以中國式現代化全面推進強國建設,實現新型工業化是關鍵任務。據中國國有投資機構中國國新控股透露,正在籌設規模千億元人民幣(約當137億美元)的中國央企戰略性新興產業發展基金。目前已有20多家中央企業、地方政府以及相關社會資本的出資意向支持,將在今年底前完成籌設和啟動營運。

初級市場
三井物產發行一筆美元計價五年期固定利率主順位債券
• 發行機構信評:Moody’s A3 (Stable) / S&P A (Stable)
• 發行量:5億美元
• 初始價格指引:CT5+120bp area
• 定價:CT5 + 92bp
• 票息:5.509%

次級市場
• 韓國土地住宅公社(KOLAHO)2025年券收益率約5.85%
• 中石化(SINOPE)2025年券收益率約5.78%,2030年券收益率約5.19%
• 中海油(CNOOC)2025年券收益率約5.76%,2029年券收益率約5.32%
• 印尼(INDON)2033年券收益率約5.43%,2053年券收益率約5.89%
• 菲律賓(PHILIP)2033年券收益率約5.41%,2048年券收益率約5.87%