Asian bond yields moved lower with the decline in US Treasury yields 亞洲債市的收益率隨美債收益率走低

Asian bond yields moved lower with the decline in US Treasury yields

As the US Treasury yield fell from 16-year high overnight, Asia bond markets were relatively stable in the early trading on Wednesday, October 11th. However, in the afternoon, as the Israel-Palestine conflict escalated, risk aversion drove down the yields of US, UK, and German government bonds. Given the rapid decline in US Treasury yields, Asian bond yields also moved lower, with credit spreads widening slightly. Overall, credit spreads of Asia IG bonds varied mostly within a range of +/-1-3bps. The credit spreads of China SOE bonds narrowed by 1-2bps, while the credit spreads of Singapore and Japan IG bonds narrowed by 1-3bps, outperforming the overall Asia IG bonds.

Important news
Over the past many years, China has primarily increased its debt on the balance sheets of local governments and state-owned enterprises to provide funding for infrastructure. According to a report by Bloomberg News, the Beijing government is preparing to make a rare mid-year adjustment to its fiscal budget and is considering issuing at least 1 trillion Chinese yuan in government bonds for use in infrastructure spending, aiming at achieving 5% economic growth target for the year.

Primary market
Bank of China Frankfurt branch issued an offshore CNY-denominated senior unsecured bond
• Issuer Credit Ratings: Moody’s: A1 Stable / S&P: A Stable / Fitch: A Stable
• Maturity: 2 years
• Initial Pricing Guidance: 3.55% area

Secondary market
• SINOPE 3.1 2051 bond traded near 5.79%
• CNOOC 3.3 2049 bond traded near 5.99%

亞洲債市的收益率隨美債收益率走低

由於前一晚美債收益率脫離16年來高位,週三(10/11)亞洲債市早盤整體表現平穩,午盤過後,隨著以巴衝突升級,避險情緒驅動美國、英國、德國公債收益率走低。由於美債收益率快速走低,亞洲債市的收益率多隨之走低,而信用利差有所走寬。整體而言,亞洲投資等級標的信用利差多變化多在+/-1-3bps之間,以中國的國有企業信用利差多收窄1-2bps,而新加坡、日本投資等級標的信用利差多收窄1-3bps,表現優於整體亞洲投資等級債券。

重要新聞
過去多年以來,中國主要在地方政府及國有企業的資產負債表上增加債務,為基礎建設提供資金。據彭博新聞報導指出,北京政府即將罕見地於年中調整財政預算,並評估增發至少規模人民幣1兆元的公債,將用於水利項目等基礎設施支出,推出新一輪財政刺激措施,以實現全年經濟成長5%左右的目標。

初級市場
中國銀行法蘭克福分行發行一筆離岸人民幣計價主順位債券
• 發行人信評:Moody’s: A1 Stable / S&P: A Stable / Fitch: A Stable
• 天期:2年期
• 初始定價指引:3.55% area

次級市場
• 中石油(SINOPE)3.1 2051年券收益率約5.79%
• 中海油(CNOOC)3.3 2049年券收益率約5.99%