The 10-year Treasury yield surged to 4.95%, while credit spreads of Asia IG tighten.
The 10-year Treasury yield rose more than 10bps to 4.95% overnight, once again approaching the 16-year high of over 5% reached on Monday. During Asian hours on Thursday (10/26), the 10-year Treasury yield fluctuated narrowly within about 5bps around 4.95%, and the credit spreads of Asia IG bonds continued to narrow, performing better than other credit markets. Among them, Indonesia’s most liquid 2033 US dollar sovereign bond, which was more affected by the rise in Treasury yields and fell in price, performed relatively lagging behind.
Primary market new issue
Fujian Zhanglong Group issued an USD denominated senior unsecured bond.
- Rating：Fitch BBB- Stable
- Tenor：3 years, fixed coupon
- Initial Price Guidance：6.9% area
Secondary market trading - INDON 2033 bonds traded near 5.86%, 2053 bonds traded near 6.38%
- PHILIP 2033 bonds traded near 5.83%, 2048 bonds traded near 6.38%
美債利率上彈至4.95%附近，但亞洲投資等級債券的信用利差收窄
前一晚10年期美債收益率上彈超過10bps至4.95%，再度接近本週一達到的5%以上16年高點。週四（10/26）亞洲時間10年期美債利率則多在4.95%附近約5bps內窄幅波動，亞洲地區投資等級債券的信用利差持續收窄，整體表現優於其他信用市場。印尼流動性最佳的2033年期美元公債，較易受美債利率走高影響而跌價，表現相對落後。
初級市場新券
福建漳龍集團有限公司發行一筆美元計價主順位債券 - 信評：Fitch BBB- Stable
- 天期：三年期，固定利率
- 初始定價指引：6.9%附近
次級市場交易 - 印尼（INDON） 2033年券收益率約5.86%%，2053年券收益率約6.38%
- 菲律賓（PHILIP）2033年券收益率約5.83%，2048年券收益率約6.38%