Asia dollar-bond issuance increased this week.
As US Treasury yields fell sharply, market risk sentiment improved. Asia dollar-bond issuance increased significantly this week, including large issuers from China, Korea, Japan, and the multinational financial institution HSBC Holdings, which issued a $2 billion subordinated financial bond. Among them, BOC Aviation, which issued a $500 million senior bond with a five-year maturity last week, announced today that it will issue an additional $200 million.
The price performance of the new bonds issued in recent days is as follows:
· BOC Aviation (BOCAVI): The issue spread was 130bps, and it narrowed to about 122~123bps after issuance. However, as BOC Aviation announced today that it plans to issue an additional $200 million under the original terms, the credit spread widened by about 5bps, still 2bps narrower than the spread at issuance.
· Korea National Oil (KOROIL): The issue spread was about 80bps, and the current spread is about 82bps, 2bps wider than the issuance. Although the spread did not perform, the widening was in line with the overall 2-3bps widening of Korean investment grade bonds today.
· HSBC Holdings (HSBC): The issue spread was about 275bps, 11bps wider than another HSBC Holdings subordinated bond with a coupon of 6.547% and a maturity of 2034. The spread has been roughly flat since issuance.
本週亞洲美元債券的發行量上升
隨著美債收益率大幅走低，市場風險情緒轉佳，本週於亞洲時段美元債券的發行量顯著上升，包括有來自於中國、韓國、日本的大型發債機構，與跨國金融機構匯豐控股發行一筆共20億美元的次順位金融債。其中，於上週發行五年期主順位債券共5億美元的中銀航空租賃，於今日宣佈將再增發，規模約2億美元。
近日新券發行後之價格表現說明如下：
· 中銀航空租賃 (BOCAVI)：發行時的利差為130bps，發行後利差一度收窄至約122~123bps。惟於今日宣布計畫按原發行條件再增發約2億美元後，利差走寬約5bps，仍較發行時利差收窄約2bps。
· 韓國國家石油（KOROIL）：發行時利差約80bps，目前利差約82bps，發行後利差走寬約2bps，雖並未收窄，但走寬的幅度與今日整體韓國投資等級標的走寬約2-3bps的幅度相當。
· 匯豐控股（HSBC）：發行時利差約275bps，較匯豐控股另一檔票息為6.547%的2034年期次債舊券高出11bps，發行至今利差走勢大致持平。