Asia dollar-bond issuance increased this week, and new issues outperformed 亞洲地區美元券本週發債量上升,新券表現優於大盤

Asia dollar-bond issuance increased this week, and new issues outperformed.

Asian dollar-bond issuance increased this week as Fed Chair Jerome Powell hinted that the Fed might conclude its most aggressive tightening cycle in forty years. Three deals combined raised $1.07 billion as of Friday (11/3). Meanwhile, credit spreads for Asia investment-grade bonds narrowed by approximately 3bps compared to the previous week. In the secondary market, the new issues this week from BOC Aviation Ltd and Korea Investment & Securities Co., Ltd. both outperformed the market.

Primary market
BOC Aviation Ltd issued an USD denominated senior unsecured bond.
• Issuer:BOC Aviation (USA) Corp.
• Guarantor:BOC Aviation Ltd.
• Rating:S&P A- / Fitch A-
• Tenor:5 years, fixed coupon
• Initial Price Guidance:T+155bps area
• Issued Spread and Yield:T+130bps, 5.934%

Korea Investment & Securities Co., Ltd issued an USD denominated senior unsecured bond.
• Rating:Moody’s Baa2 / S&P BBB
• Tenor:3 years, fixed coupon
• Initial Price Guidance:T+260bps area
• Issued Spread and Yield:T+235bps, 7.25%

Secondary market trading
• BOC Aviation (BOCAVI) 5.75% 2028 bonds traded near 5.73%, and the spread narrowed by about 8bps since issuance.
• Korea Inv & Sec (DFHOLD) 6.875% 2026 bonds traded near 6.72%, and the spread narrowed by about 27bps since issuance.

亞洲地區美元券本週發債量上升,新券表現優於大盤

在聯準會主席鮑爾(Jerome Powell)暗示聯準會可能結束了四十年來最激烈的升息週期後,本週亞洲地區美元債券的發行量上升;截至週五(11/3),三筆交易共募資約10.7億美元。信用利差方面,亞洲投資等級債券的信用利差較前一週走窄約3bps。次級市場方面,本週中銀航空租賃、韓國投資證券株式會社之新券表現皆優於大盤。

初級市場新券發行
中銀航空租賃發行美元計價主順位債券
• 發行人:中銀航空租賃(美國)
• 保證人:中銀航空租賃
• 信評:S&P A- / Fitch A
• 天期:五年期,固定利率
• 初始定價指引:T+155bps附近
• 最終定價:T+130bps,5.934%

韓國投資證券株式會社發行美元計價主順位債券
• 信評:Moody’s Baa2 / S&P BBB
• 天期:三年期,固定利率
• 初始定價指引:T+260bps附近
• 最終定價:T+235bps,7.25%

次級市場交易
• 中銀航空租賃(BOCAVI)5.75% 2028年券收益率約5.73%,利差較發行時收窄約8bps
• 韓國投資證券株式會社(DFHOLD)6.875% 2026年券收益率約6.72%,利差較發行時收窄約27bps