Medco issues new benchmark USD bond; China Central Hujin increased its holdings in big four banks
Compared to the previous days when the US Treasury yields displayed higher volatility, the 10-year US Treasury remained relatively stable below 4.6% during the Asian session on Thursday (10/12), and the overall Asian bond market also performed relatively well. In the primary market, we observed the issuance of new USD-denominated bonds by Indonesia’s Medco Energi Internasional Tbk and Euro-denominated bonds by Bank of China Luxembourg branch. In the secondary market, the credit spreads of Asia IG bonds narrowed by about 3-5bps. Long-term sovereign bonds in Southeast Asia outperformed, with credit spreads tightening by about 5-7bps, while credit spreads of Korea and Japan IG bonds narrowed by about 2-4bps. Credit spreads of China IG bonds mostly remained stable or narrowed by 2bps.
Important news
On the evening of the 11th, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank separately announced that they had received notifications from their shareholder, Central Huijin Investment Ltd. (referred to as “Huijin Ltd.”), stating that Huijin Ltd. had increased its A-shares traded in Shanghai on October 11, 2023, and plans to continue increasing its holdings of four major banks in the secondary market over the next six months. Huijin Ltd.’s increased holdings in banks stocks is considered an important signal for stabilizing the financial market and investor confidence.
Primary market
Medco Energi Internasional Tbk mandated to issue a USD-denominated senior bond
• Issuer：wholly-owned indirect subsidiary Medco Maple Tree Pte. Ltd.
• Guarantor：Medco Energi Internasional Tbk
• Guarantor Rating：Moody’s: B1 Stable / S&P: B+ Stable / Fitch: B+ Positive
• Tenor：5.5NC2
Bank of China Luxembourg branch issued a Euro-denominated senior unsecured green transition bond
• Issuer Ratings：Moody’s: A1 Stable / S&P: A Stable / Fitch: A Stable
• Tenor：3 years
• Initial Pricing Guidance: Fixed coupon, midswap + 80bps area
Secondary market
• INDON 2033 bonds traded near 5.45%, and 2053 bonds traded around 6.02%
• PHILIP 2033 bonds traded near 5.43%, and 2048 bonds traded around 5.98%
Medco發行美元新券；中國中央匯金增持四大行
相較於日前美債收益率有較大幅度波動，週四（10/12）亞洲時段10年期美債於4.6%以下保持相對平穩，整體亞洲債市亦表現相對穩健，且初級市場再度看到有印尼的Medco能源國際公司發行美元計價新券，以及中國銀行盧森堡銀行發行歐元計價新券。次級市場方面，亞洲投資等級標的信用利差走窄約3-5bps，其中以長天期東南亞地區的公債表現相對強勢，信用利差收窄約5-7bps，而韓國、日本投資等級標的信用利差收窄約2-4bps，中國投資等級標的信用利差多持平或收窄2bps。
重要新聞
11日晚間，工商銀行、農業銀行、中國銀行、建設銀行分別發布公告稱，接到其股東中央匯金投資有限責任公司（簡稱“匯金公司”）通知，匯金公司於2023年10月11日於上海證券交易所交易系統增持其A股股份，並計畫在未來6個月內持續在次級市場增持四大行股份。匯金公司增持銀行股被認為是穩定金融市場與投資者信心的重要信號。
初級市場
Medco能源國際公司發行美元計價主順位債券
• 發行人：全資子公司Medco Maple Tree Pte. Ltd.
• 保證人：Medco能源國際公司
• 保證人信評：Moody’s: B1 Stable / S&P: B+ Stable / Fitch: B+ Positive
• 天期：5.5年期，前2年不可贖回
中國銀行盧森堡分行發行一筆歐元計價主順位綠色轉型債券
• 發行人信評：Moody’s: A1 Stable / S&P: A Stable / Fitch: A Stable
• 天期：3年期
• 初始定價指引：固定利率，Midswap + 80bps area
次級市場
• 印尼（INDON）2033年券收益率約5.45%，2053年券收益率約6.02%
• 菲律賓（PHILIP）2033年券收益率約5.43%，2048年券收益率約5.98%