Before holiday, trading was light with sentiment being cautious
On Friday (9/29), there were no major USD-denominated bond issuances in the primary market in Asia. In the secondary market, trading was relatively light before holiday, and market risk sentiment tended to be cautious. Credit spreads for Asia IG in general widened by 1-2 bps. Among them, Korea IG and China IG experienced some selling pressure before the Mid-Autumn Festival break, while longer-dated Southeast Asia sovereign bonds saw stronger buyer interest and performed relatively well.
Important news
• Shenzhen has relaxed the lower limit on mortgage interest rates starting from Friday, becoming the first of the four first-tier cities in China to take this measure. For first-time homebuyers, the mortgage rate was reduced by 40bps to 4.1%, and for second-home buyers, it was lowered by 30bps to 4.5%. It is expected that the reduction in mortgage rates for existing home buyers would help lower the loan burden and encourage consumer willingness to spend. Previously, first-tier cities implemented “property recognition, not loan recognition”, followed by relaxation of property purchase restrictions in Guangzhou, and now, Shenzhen has reduced mortgage rates, indicating a continued policies of supportive measures in first-tier cities for property sector.
Secondary market
• KOLAHO 2025 bonds traded near 5.73%
• SINOPE 2025 bonds traded near 5.74%, and 2030 bonds traded around 5.17%
• CNOOC 2025 bonds traded near 5.73%, and 2029 bonds traded around 5.28%
• INDON 2033 bonds traded near 5.51%, and 2053 bonds traded around 5.98%
• PHILIP 2033 bonds traded near 5.48%, and 2048 bonds traded around 5.95%
假期前夕，市場交易清淡而情緒偏保守
週五（9/29）亞洲債市的初級市場無重大美元計價債券發行。次級市場方面，在假期前夕整體交易較為清淡，且市場風險情緒偏保守，亞洲投資等級標的的信用利差多走寬約1~2bps，其中韓國、中國投資等級標的在中秋連假前出現小量賣壓，而東南亞地區主權債的長券則是獲得買盤青睞，表現相對較佳。
重要新聞
• 深圳自周五起放寬房貸利率下限，成為中國四個一線城市中第一個採取該舉措的城市。其中首套房調降 40bps至 4.1%，二套房調降 30 bps至 4.5%。預期存量房貸利率的調降，將有助於降低居民貸款負擔，提升消費意願。此前，一線城市施行 「認房不認貸」，到廣州放鬆限購，再到現在深圳降低房貸利率，在一線城市持續看到支持房市的措施。
次級市場
• 韓國土地住宅公社（KOLAHO）2025年券收益率約5.73%
• 中石化（SINOPE）2025年券收益率約5.74%，2030年券收益率約5.17%
• 中海油（CNOOC）2025年券收益率約5.73%，2029年券收益率約5.28%
• 印尼（INDON）2033年券收益率約5.51%，2053年券收益率約5.98%
• 菲律賓（PHILIP）2033年券收益率約5.48%，2048年券收益率約5.95%