China and Hong Kong governments launched policies that are favorable for market sentiment.
On Wednesday (10/25), the Chinese Ministry of Finance officially announced that it will issue additional government bonds in Q4 to support the stimulus fiscal measures, and the Hong Kong government announced that it will cut the purchase taxes for home buyers, both of which are positive for market sentiment. Credit spreads of Asia IG bonds narrowed by about 1-2bps. Among them, GLP China Holdings’ 2024 bonds and the perpetual bonds issued by Chinese SOE (with short-term calls) were more favored by investors.
Important news
· The Chinese Ministry of Finance officially announced on Wednesday (10/24) that it will issue 1 trillion yuan of government bonds in Q4, with funds used to enhance infrastructure and stimulate economic growth, maintaining China’s GDP growth target of 5% this year unchanged.
· To support the housing market, the Hong Kong government announced that the purchase taxes for home buyers will be halved to 7.5%, including the taxes levied on non-permanent residents buying houses and residents buying extra houses, effective immediately.
Secondary market trading
· GLP China Holding: GLPCHI 4.974% 2024bonds traded near 57.61%
· China State Construction International: CHSCOI 4% PERP bonds traded near 6.38%
· Aluminum Corp of China: CHALUM 4.1% PERP bonds traded near 5.88%
· Metallurgical Corp of China: CHMETL 2.95% PERP bonds traded near 5.60%
中國與香港政府推出利好市場情緒的政策
週三(10/25)中國財政部正式宣布了將於第四季增發公債以支應的刺激性財政措施;此外,香港政府宣布將購屋者的印花稅減半,皆利好市場情緒。亞洲投資等級債券的信用利差收窄約1-2bps,普洛斯中國控股的2024年短券與中國國企所發行之永續債(具短期可贖回權)皆於次級市場較受投資人青睞。
重大新聞
· 中國財政部於週三(10/24)正式宣布將於第四季發行1兆人民幣的國債,資金用於增強基礎建設,以刺激經濟增長,維持中國今年 GDP 5% 的成長目標不變。
· 為幫助房市,香港政府宣布購屋者的印花稅減半至7.5%,包括非永久居民買房以及居民額外買房時所徵收的稅款,即日起生效。
次級市場交易
· 普洛斯中國控股(GLPCHI) 4.974% 2024年券收益率約57.61%
· 中國建築國際(CHSCOI)4% 永續債收益率約6.38%
· 中國鋁業集團(CHALUM) 4.1% 永續債收益率約5.88%
· 中國冶金科工集團(CHMETL) 2.95% 永續債收益率約5.60%