Sentiment in Asia bond market improved as Treasury yields retreated
Compared to the previous day when the 10-year US Treasury yield rose to near 4.9% during the Asian session, causing risk aversion sentiment deepened in the Asian bond markets, risk appetite improved on Thursday (10/5) as the US Treasury yields retreated from their highest levels in 16 years, though there were still no major issuances of US dollar bonds in the market. Trading volumes remained subdued, with client flows skewed to buying. Pension funds, insurance funds, and private banking clients were mostly buyers, while ETF clients, representing passive investors, were predominantly sellers. Credit spreads stabilized, with spreads for Asia IG bonds mostly flat or narrowing by about 1-3 bps.
Company Activities
According to an announcement submitted to the Hong Kong Stock Exchange, AAC Technologies Holdings Inc. (AACTEC) repurchased two of its outstanding US dollar bonds from September 28th to October 4th:
• 2026 bond: repurchased a total principal amount of USD 9.35 million, representing about 3.12% of the original principal amount issued.
• 2031 bond: repurchased a total principal amount of USD 22.95 million, representing around 6.56% of the original principal amount issued.
The repurchased 2026 and 2031 bonds were subsequently canceled in accordance with the terms and conditions of these bonds. As of now, the cumulative repurchased and canceled amounts are as follows:
• 2026 bond: cumulative repurchased and canceled total principal amount of approximately USD 68.75 million, representing approximately 22.92% of the original principal amount of the bond issuance. The outstanding principal amount is about USD 231 million.
• 2031 bond: cumulative repurchased and canceled total principal amount of approximately USD 57.88 million, representing approximately 16.54% of the original principal amount of the bond issuance. The outstanding principal amount is about USD 292 million.
AACTEC is a globally recognized manufacturer of electro-acoustic components, capable of designing and manufacturing speakers, receivers, microphones, and hands-free headsets. The company’s products and services are widely used in mobile devices and consumer handheld devices.
Secondary Market
• AACTEC 2026 senior unsecured bond price at approximately 84.8, yielding around 9.21%.
• AACTEC 2031 senior unsecured bond price at approximately 69.4, yielding around 9.46%.
隨美債收益率自高點回落，亞洲債市的風險情緒改善
相較於前一日十年期美債收益率於亞洲時段升至接近4.9%附近，使得亞洲債市風險趨避情緒一度升溫，週四（10/5）亞洲債市開盤後，隨著美債收益率自16年來的高點回落，初級市場雖仍無重大美元計價債券發行，但整體市場的風險胃納已顯著改善。次級市場方面，交易量仍偏清淡，客戶的交易買多於賣，其中退休基金、保險資金與私人銀行客戶多為買方，而代表被動型投資人的ETF客戶則仍以賣出為主。信用利差持穩，亞洲投資等級標的之利差多持平或走窄約1~3bps。
公司活動
依據一份提交予港交所的公告，瑞聲科技自9月28日至10月4日，已於公開市場回購其流通在外的兩筆美元計價債券：
• 2026年券：回購總本金額為935萬美元，佔該券發行的原始總本金額約3.12%
• 2031年券：回購總本金額為2,295萬美元，佔該券發行的原始總本金額約6.56%
回購2026債券及2031債券隨後根據該等債券的條款及條件註銷。截至目前，累計回購並已註銷之金額如下：
• 2026年券：累積回購並註銷之總本金額約6,875萬美元，佔該券發行的原始總本金額約22.92%。存續本金額為2.31億美元。
• 2031年券：累積回購並註銷之總本金額約5,788萬美元，佔該券發行的原始總本金額約16.54%。存續本金額為2.92億美元。
瑞聲科技為全球知名的電聲元器件製造商之一，能設計並製造揚聲器、受話器、麥克風、免提耳機等，公司的產品及服務廣泛運應於行動裝置及消費性手提設備。
次級市場
• 瑞聲科技（AACTEC）2026年主順位債券價格約84.8元，收益率約9.21%
• 瑞聲科技（AACTEC）2031年主順位債券價格約69.4元，收益率約9.46%