KDB issued new US dollars bonds in a quiet session KDB發行新券;市場交易量不大但整體平穩

KDB issued new US dollars bonds in a quiet session 

On Monday (10/16), the primary Asia bond market had another major US dollar-denominated bond issuance, with four US dollar-denominated senior bonds of the Korea Development Bank. In the secondary market, the trading volume was light on Monday, but the overall sentiment remained resilient. The credit spreads of China and Singapore IG bonds were mostly flat or widened by 1-2bps, while the credit spreads of Korea and Hong Kong IG bonds were mostly flat or narrowed by 1-3bps. As state-owned institutions in various regions are relatively favored by buyers, the 2030 and 2033 bonds of the Hong Kong Airport Authority outperformed due to real money investors and private bank clients adding.

Important news
According to the latest World Economic Outlook (WEO) report by the International Monetary Fund (IMF), global GDP is expected to grow by 3% this year and 2.9% next year. As global economic growth will slow down, emerging Asia will grow relatively faster, with the fastest growth in order being India with 6.3% this year and next year, the Philippines with 5.3% this year and 5.9% next year, and Indonesia with 5.0% this year and next year. Compared with the previous forecast, the IMF lowered China’s economic growth for this year and next year to 5.0% and 4.2%, respectively.

Primary market
Korea Development Bank issued four USD-denominated senior unsecured bond
• Credit Rating:Moody’s Aa2 Stable / S&P AA Stable / Fitch AA- Stable
• 3 year floating rate:SOFR equivalent
• 3 year fixed rate:CT3 + 90bps area
• 5 year fixed rate:CT5 + 105bps area
• 10 year fixed rate:CT10 + 120bps area

Secondary market trading
• HKAA 4.875% 2030 bonds traded near 5.47%
• HKAA 4.875% 2033 bonds traded near 5.48%

KDB發行新券;市場交易量不大但整體平穩

週一(10/16)亞洲債市的初級市場再度有重大美元計價債券發行,其中韓國產業銀行4筆美元計價主順位債券。次級市場方面,週一的交易量雖不大,但整體市場情緒相對平穩。中國、新加坡投資等級標的信用利差大致持平或走寬1-2bps,韓國、香港投資等級標的信用利差多持平或收窄1-3bps.各區域的政府機構皆有標的受到買盤相對青睞,其中香港機場管理局的2030與2033年券因實質資金投資人與私人銀行客戶買入,表現相對較佳。

重要新聞
根據國際貨幣基金(IMF)最新的世界經濟展望(WEO)報告,預期全球GDP今、明兩年將增長3%、2.9%,全球經濟成長將放緩,而新興亞洲將增長相對較快,其中增長最快的依序為印度今、明兩年皆增長6.3%,菲律賓今、明兩年增長5.3%、5.9%,印尼今、明兩年皆增長5.0%。相較前次預測,國際貨幣基金則是下修中國今、明兩年的增長至5.0%、4.2%。

初級市場
韓國產業銀行發行4筆美元計價主順位債券
• 信評:Moody’s Aa2 Stable / S&P AA Stable / Fitch AA- Stable
• 三年期浮動利率:約SOFR equivalent
• 三年期固定利率:約CT3 + 90bps附近
• 五年期固定利率:約CT5 + 105bps附近
• 十年期固定利率:約CT10 + 120bps附近

次級市場交易
• 香港機場管理局(HKAA)4.875% 2030年券收益率約5.47%
• 香港機場管理局(HKAA)4.875% 2033年券收益率約5.48%