The primary market slowed down, while new issues were more actively traded in the secondary market.
After reaching a new high of 4.9% overnight, the 10-year Treasury yield continued to rise during the Asian session on Thursday (10/19), reaching around 4.95%. This caused sentiment in the Asia bond market to weaken. In the primary market, the newly announced US dollar bond by Indonesia’s Medco Energi Internasional was set to be priced shortly. In the secondary market, the credit spreads of Asia IG bonds widened mostly by about 2-4bps. Korea IG bonds performed relatively well, with the new issues of KEBHNB 2028 and KDB 2028 outperforming due to stronger interests from real money investors and private banking clients. However, the newly issued ICBCAS bonds underperformed, with credit spreads widening by about 5-8bps, primarily due to their large size and higher pricing.
Primary market
Medco Energi Internasional Tbk issued USD denominated senior bond
- Issuer：Medco Maple Tree Pte. Ltd., the wholly-owned indirect subsidiary
- Guarantor：Medco Energi Internasional Tbk
- Guarantor Rating：Moody’s: B1 Stable / S&P: B+ Stable / Fitch: B+ Positive
- Tenor：5.5NC2
- Initial Price Guidance：9.5% area
Secondary market trading - KEBHNB 5.75% 2028 bonds traded near 5.85%
- KDB 5.375% 2028 bonds traded near 5.65%
- ICBCAS 5.375% 2026 bonds traded near 5.43%
初級市場降溫，而次級市場以近期的新券交易較為活絡
前一晚再度創下2007年以來的新高後，美債收益率於週四（10/19）亞洲時段自4.90%繼續走高至約4.95%附近，亞洲債市的風險情緒轉差。初級市場僅有日前已宣布將發行美元新券的印尼Medco能源國際公司即將定價。次級市場方面．亞洲投資等級標的信用利差多走寬約2-4bps，以韓國投資等級標的表現相對較佳，其中又以近期韓亞銀行、韓國產業銀行所發行的2028年期新券因有實質資金投資人與私人銀行客戶買盤，表現較佳。中國工商銀行發行之新券則因規模龐大且定價較貴，信用利差走寬約5-8bps，表現較差。
初級市場新券發行
Medco能源國際公司發行一筆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
- 初始定價指引：9.5%附近
次級市場交易 - 韓亞銀行（KEBHNB）5.75% 2028年券收益率約5.85%
- 韓國產業銀行（KDB）5.375% 2028年券收益率約5.65%
- 中國工商銀行（ICBCAS）5.375% 2026年券收益率約5.43%