Asia high-grade bonds outperformed amid rising U.S. Treasury yields.
The primary Asia bond market saw an issuance size recovery to nearly $3 billion by Friday (10/20), following a week where it had been below $1 billion. Nevertheless, with the 10-year Treasury yield reaching around 5% on Thursday, primary U.S. dollar deals decelerated. In terms of credit spreads, compared to global IG bond spreads widening by about 8bps over the week, credit spreads for Asia IG bonds remained roughly unchanged, showing a more resilient performance compared to the previous week. In the secondary market, after the issuance of new bonds by ICBC and MUFG, prices initially declined in response to the surge in U.S. Treasury yields but saw some recovery on Friday.
Primary market
Jinan Hi-Tech Holding Group Co., Ltd. issued an USD denominated senior unsecured bond
• Issuer：Jinan Hi-Tech International (Cayman) Investment Development Co., Ltd.
• Guarantor：Jinan Hi-Tech Holding Group Co., Ltd.
• Rating：Fitch BBB Stable
• Tenor：3 years, fixed coupon
• Initial Price Guidance：7.7% area
Secondary market trading
• ICBCAS 5.375% 2026 bonds traded near 5.45%
• MUFG 8.2％ PERP bonds traded near 8.01%
美債收益率走高，亞洲高評級債券表現優於市場
截至週五（10/20），亞洲債市初級市場一週發債量顯著回升，至接近30億美元，前一週則是仍低於10億美元；惟隨10年期美債收益率於週四再度創高至5％附近，發債量回落。信用利差方面，相較於全球投資等級債券信用利差一週走寬約8bps．亞洲投資等級債券信用利差較前一週大致持平，表現相對穩健。次級市場方面，ICBCAS與MUFG新券發行之後，價格一度隨美債創高而走低，在週五有所回升。
初級市場新券發行
濟高控股發行美元計價主順位債券
• 發行人：濟高國際（開曼）投資發展有限公司
• 保證人：濟高控股
• 信評：Fitch BBB Stable
• 天期：三年期，固定利率
• 初始定價指引：7.7%附近
次級市場交易
• 中國工商銀行（ICBCAS）5.375% 2026年券收益率約5.45%
• 三菱UFJ金融集團（MUFG） 8.2% 永續債券收益率約8.01%