The primary market was active with large financial institutions issuing new bonds 初級市場活絡,大型金融機構發行新券

The primary market was active with large financial institutions issuing new bonds.

The Asia bond market showed resilience once again on Wednesday (10/18), amid the sharp rose in US Treasury yields across the curve overnight, and Asian equity markets were mostly weak. The primary market was active, with large financial institutions such as Industrial and Commercial Bank of China and Mitsubishi UFJ Financial Group issuing new bonds; the secondary market saw investors buying the dips. The 10-year Treasury yield moved within 4.8%~4.85% during the Asian session, while credit spreads were mostly flat or +/-3bps. The new bond issued by Korea’s Hana Bank the previous day narrowed by another 5bps from the spread at issuance.

Primary market
Industrial and Commercial Bank of China issued “One-Belt-One-Road” themed green bonds in three different currencies, acting through its branches in Asia, the Middle East, and Europe.
Singapore Branch
• Rating:Moody’s A1 / S&P A / Fitch A
• Currency:USD
• 3 year floating rate:Compounded SOFR + 105bps area
Hong Kong Branch
• Rating:Moody’s A1 / S&P A / Fitch A
• Currency:USD
• 3 year fixed rate:T + 90bps area
Dubai Branch
• Rating:Moody’s A1 / S&P A / Fitch A
• Currency:CNH
• 2 year fixed rate:3.55% area
Luxembourg Branch
• Rating:Moody’s A1 / S&P A / Fitch A
• Currency:EUR
• 3 year fixed rate:MS+80bps area

Mitsubishi UFJ Financial Group issued the first ever US dollar denominated AT1 bonds from a Japanese bank.
• Rating:Moody’s Baa3 / S&P BB+ / Fitch BB+
• Currency:USD
• Structure:Perpetual, non-call 5.25 years
• Initial Price Guidance:8.75 – 8.875% area

Secondary market trading
• KEBHNB 5.75% 2028 bonds traded near 5.80%
• KEBHNB 3.25% 2027 bonds traded near 5.62%
• KEBHNB 1.25% 2026 bonds traded near 5.74%

初級市場活絡,大型金融機構發行新券

儘管前一晚美債收益率全線大彈,而亞洲股市普遍下跌,週三(10/18)亞洲債市再度展現韌性,初級市場活躍,有大型金融機構中國工商銀行和日本三菱UFJ金融集團發行新券;次級市場則是看到有低接買盤,隨著利率彈升至歷史高點伺機加碼。亞洲時段十年期美債收益率多在4.8%~4.85%附近波動,信用利差則多持平或+/-3bps。韓亞銀行前一日發行之新券較發行時的利差再收窄約5bps。

初級市場新券發行
中國工商銀行透過在亞洲、中東和歐洲的分行發行以美元等三種貨幣計價的「一帶一路」主題綠色債券
新加坡分行
• 信評:Moody’s A1
• 幣別:美元
• 三年期浮動利率:約Compounded SOFR + 105bps附近
香港分行
• 信評:Moody’s A1
• 幣別:美元
• 三年期固定利率:約T + 90bps附近
杜拜分行
• 信評:Moody’s A1
• 幣別:人民幣
• 二年期固定利率:約3.55%附近
盧森堡分行
• 信評:Moody’s A1
• 幣別:歐元
• 三年期固定利率:約MS+80bps附近

三菱UFJ金融集團發行日本銀行的首支AT1美元債券
• 信評:Moody’s Baa3 / S&P BB+ / Fitch BB+
• 幣別:美元
• 結構:無到期日,前5.25年不可贖回
• 初始定價指引:約8.75 – 8.875% 附近

次級市場交易
• 韓亞銀行(KEBHNB)5.75% 2028年券收益率約5.80%
• 韓亞銀行(KEBHNB)3.25% 2027年券收益率約5.62%
• 韓亞銀行(KEBHNB)1.25% 2026年券收益率約5.74%