The Philippines Issued dollar-denominated Sovereign Bonds to Retail Investors
On Thursday (9/28), the primary market in Asia saw the issuance of dollar-denominated sovereign bonds by the Philippines to onshore retail investors, with minimum initial investment of USD200, and additional investments in multiples of USD100. It was expected to raise at least $200 million but ended up raising $611 million, highlighting robust investor demand despite rising US bond yields to multi-year highs. In the secondary market, trading activity was subdued on the eve of the holiday. While US bond yields remained elevated, market sentiment leaned toward caution, with credit spreads mostly holding steady or widening by around 3 bps. Demand for short-term bonds of China IG and Korea IG was better.
Important news
• According to an announcement submitted to the Hong Kong Stock Exchange on Wednesday evening, China Huarong International Holdings Limited has continued to repurchased some of its overseas issued bonds in the open market. The company would continue to monitor market conditions for further buybacks. This marks the third announcements in the past three weeks, indicating the company’s ongoing efforts to buy back its bonds issued offshore. China Huarong International Holdings Limited is the overseas wholly-owned subsidiary and major offshore operating arm of China Huarong Asset Management Co., Ltd.
Primary market
The Philippine government issued a 5.5 year fixed-rate US dollar-denominated sovereign bond
• Issuer ratings: Moody’s Baa2 (Stable) / S&P BBB (Stable)
• Issuance amount: $611 million
• Coupon: 5.75%
Secondary market
• KOLAHO 2025 bonds traded near 5.87%
• SINOPE 2025 bonds traded near 5.76%, and 2030 bonds traded around 5.21%
• CNOOC 2025 bonds traded near 5.74%, and 2029 bonds traded around 5.30%
• INDON 2033 bonds traded near 5.55%, and 2053 bonds traded around 6.03%
• PHILIP 2033 bonds traded near 5.55%, and 2048 bonds traded around 6.02%
菲律賓向零售投資人發行美元計價主權債
週四（9/28）亞洲債市的初級市場有菲律賓向境內零售投資人發售主順位美元計價主權債券，單筆最小投資金額為200美元，之後以100美元遞增，原訂發售至少2億美元，實際發行6.11億，顯示在美債收益率走高至十數年以來新高的情況下，投資人需求仍佳。次級市場方面，假期前夕整體交易較為清淡，受美債收益率在高位影響，市場風險情緒偏保守，信用利差多持平或走寬約3bps，仍以中國、韓國的投資等級短券表現相對較佳。
重要新聞
• 據一份於週三晚間提交予香港交易所的公告，中國華融國際控股有限公司持續在公開市場上買回部分於境外發行之債券，為過去三週的第三份公告顯示公司進一步買回所發行之債券。中國華融國際控股有限公司為中國華融資產管理股份有限公司的海外全資子公司與境外運營的主要分支機構。
初級市場
菲律賓政府發行一筆美元計價5.5年期固定利率主順位債券
• 發行機構信評：Moody’s Baa2 (Stable) / S&P BBB (Stable)
• 發行量：6.11億美元
• 票息：5.75%
次級市場
• 韓國土地住宅公社（KOLAHO）2025年券收益率約5.87%
• 中石化（SINOPE）2025年券收益率約5.76%，2030年券收益率約5.21%
• 中海油（CNOOC）2025年券收益率約5.74%，2029年券收益率約5.30%
• 印尼（INDON）2033年券收益率約5.55%，2053年券收益率約6.03%
• 菲律賓（PHILIP）2033年券收益率約5.55%，2048年券收益率約6.02%