Weekly Asia dollar-bond sales jumped, with the new issue from Korea Housing Finance Corporation outperforming.
Dollar-bond issuance by Asian issuers increased this week. A combined 12 deals raised $4.85 billion as of Friday (11/10), the most in two months and surging from last week’s $1.07 billion. At the same time, credit spreads for Asia investment-grade bonds narrowed by about 6bps during the week.
Among the new issues, the three-year fixed rate bond from Korea Housing Finance Corporation outperformed the market, while the three-year fixed rate bond from Korea National Oil Corporation underperformed after issuance. Both are state-owned entities in Korea with AA credit ratings. Korea National Oil Corporation had a better pricing for its new bond, but also a larger size of debt outstanding, which led to its weaker performance.
Primary market new issues
Korea Housing Finance Corporation issued an USD denominated senior unsecured bond on Wednesday (11/8).
- Rating：Moody’s Aa2 / S&P AA / Fitch AA-
- Tenor：3 years, fixed coupon
- Initial Price Guidance：CT3 + 105bps area
- Issued Spread and Yield：CT + 79bps, 5.497%
Korea National Oil Corporation issued an USD denominated senior unsecured bond on Monday (11/6). - Rating：Moody’s Aa2 / S&P AA / Fitch AA-
- Tenor：3 years, fixed coupon
- Initial Price Guidance：CT3 + 115bps area
- Issued Spread and Yield：CT3 + 80bps, 5.5%
Secondary market trading - Korea Housing Finance (KHFC) 5.375% 2026 bond currently trades near 5.45%, with a spread tightening of about 20bps since issuance.
- Korea National Oil (KOROIL) 5.25％ 2026 bonds currently trade near 5.65%, with a spread flat since issuance.
本週亞洲債市的美元新券發債量激增，韓國住宅金融公司新券表現優於大盤
本週亞洲發行人的美元債券發行量增加；截至週五（11/10），共有12筆交易募資約48.5億美元，較上週的10.7億美元激增至近兩個月以來的最大量。與此同時，亞洲投資級債券的信用利差在本週收窄了約6bps。
在新發行的債券中，韓國住宅金融公司的三年期固定利率新券表現最佳，而韓國國家石油公司的三年期固定利率債券發行後的表現則是落後市場；兩者皆為信評AA等級的韓國國有機構，韓國國家石油公司因新券訂價較佳，而流通在外的發債量相對較大，故表現落後。
本週初級市場新券發行
韓國住宅金融公司於週三（11/8）發行美元計價主順位債券
- 信評：Moody’s Aa2 / S&P AA / Fitch AA-
- 天期：三年期，固定利率
- 初始定價指引：CT3 + 105bps附近
- 最終定價：T+79bps，5.497％
韓國國家石油公司於週一（11/6）發行美元計價主順位債券 - 信評：Moody’s Aa2 / S&P AA / Fitch AA-
- 天期：三年期，固定利率
- 初始定價指引：CT3 + 115bps附近
- 最終定價：T+80bps，5.5％
次級市場交易 - 韓國住宅金融公司（KHFC）5.375% 2028年券目前收益率約5.45%，利差較發行時收窄約20bps
- 韓國國家石油公司（KOROIL）5.25% 2026年券目前收益率約5.65%，利差較發行時大致持平