Asia bond market was quite due to multiple markets closures
On Monday (10/9), the US bond market was closed for Columbus Day, and Japan, Taiwan, and South Korea also had holidays. The Hong Kong Stock Exchange canceled morning trading due to a typhoon. There was still no significant US dollar bond issued in the primary market, and secondary market trading was also light. Due to the Israel-Palestine conflict entering its third day, market risk sentiment tended to be cautious, with credit spreads for Asia IG bonds mostly unchanged or widening by 1-3bps. China returned to the market after the Golden Week holiday, and trading activity picked up in the afternoon session. Long tenor SOEs were favored by some buyers. Credit spreads for China IG bonds were mostly stable or slightly narrowing.
Important news
Following the successful extension of its 9 domestic bonds, China’s property developer Country Garden has appointed China International Capital Corporation (CICC) as the financial advisor to handle overseas debt restructuring matters, and may announce its overseas debt restructuring plan soon. Country Garden had previously expressed its intention to resolve the short-term liquidity pressures in an earnings conference. In September, the company made interest payments on two US dollar bonds within the 30-day grace period.
Secondary Market
• SINOPE 3.1 2051 bond traded near 6.1%
• CNOOC 3.3 2049 bond traded near 6.2%
因多個國家休市，亞洲債市交易量清淡
週一（10/9）美債市場因哥倫布日休市，日本、台灣、韓國週一亦逢假日休市，而香港交易所則因颱風取消上午交易，初級市場仍無重大美元計價債券發行，且次級市場交易清淡。受以巴衝突進入第三天影響，市場的風險情緒偏保守，亞洲投資等級標的信用利差多持平或走寬1-3bps。中國結束黃金週假期回歸市場，午盤過後交易活動轉暖，有國企的長券受買盤青睞，整體中國投資等級標的信用利差多持平或小幅收窄。
重要新聞
繼日前旗下有9檔境內債券已成功展期，並於境內債處理告一段落後，大陸房企碧桂園已委託中金公司作為財務顧問，處理境外債務重組事宜，並可能於近日公布其境外債務的重組計劃。碧桂園曾在業績公告中表態將積極化解階段性流動壓力。公司曾於9月在30日寬限期內支付2筆美元債券之票息。
次級市場
• 中石化（SINOPE）3.1 2051年券收益率約6.1%
• 中海油（CNOOC）3.3 2049年券收益率約6.2%