USD bond issuance remained low for the third-straight week in Asia
Since late September, US Treasury yields have fluctuated at relative high levels, and the issuance in primary Asia bond market remained below $1billion for the third consecutive week as of Friday (10/13), the first such run since March this year. In the secondary market, the risk of the Middle East rose before the weekend, and the flying-to-quality buying pushed the US Treasury yields lower in the Asian session. The credit spreads of Asia IG bonds were mostly flat or widened by 1-3bps, while Japan IG bonds were relatively favored by buyers.
Important news
On Friday, the People’s Bank of China announced that China’s Total Social Financing increased by 4.12 trillion yuan in September, far higher than the expected 3.7 trillion yuan and the previous 3.12 trillion yuan. The growth in total credit in September mainly reflected the increase in local government issuance of infrastructure bonds, as well as the central bank’s lowering of the deposit reserve ratio and encouraging banks to increase lending.
Primary market
Zhejiang Kunpeng (BVI) Company Limited issued USD-denominated senior unsecured bond
• Credit Enhancement：A keepwell and liquidity support deed and a deed of equity interest purchase undertaking by Hangzhou Shangcheng State-Owned Capital Operation Group Co., Ltd.
• Rating：Moody’s Baa3 Stable
• Tenor：1 year
• Initial Price Guidance：7.3% area
Secondary market trading
• MIZUHO 4.018 2028 bonds traded near 5.94%
• NOMURA 6.07 2028 bonds traded near 6.42%
亞洲債市初級市場發債量連續三週保持低位
自九月下旬以來，美債收益率在相對高位波動，截至週五（10/13）亞洲債市初級市場的發債量連續第三週低於10億美元，為今年3月以來首見。次級市場方面，週末前中東風險升溫．避險買盤推動美債收益率於亞洲時段走低，投資等級標的信用利差多持平或走寬1-3bps，以日本投資等級標的相對較受買盤青睞。
重要新聞
周五中國人民銀行表示，中國9 月份社會融資規模增加4.12 兆元人民幣，遠高於預期的 3.7 兆元，與前期的3.12兆元。9月信貸總量的增長，主要反應地方政府增加發行基建債券，以及央行下調存款準備金率、鼓勵銀行增加放貸。
初級市場
浙江鯤鵬（BVI）有限公司發行美元計價主順位債券
• 增信措施：杭州上城區國有資本運營集團有限公司提供維好協議與流動性支持，以及股權回購協議
• 信評：Moody’s Baa3 Stable
• 天期：一年期
• 初始價格指引：約7.30%
次級市場交易
• 瑞穗金融集團（MIZUHO）4.108 2028年券收益率約5.94%
• 野村控股（NOMURA）6.07 2028年券收益率約6.42%