Asia EM credit is mostly softer with govie/agency $ spreads up to +3bp wider. The underperformer being Malaysia, with our $ proxy (KNBZMK0 9/34) is +3bp on the day. Malaysia's Petronas reported overnight that it plans to cut 10% of its workforce (c. 5,000 people) as part of a large restructuring effort. The rational being falling oil prices and margins from older assets. In other news we have property sales data out of China, with both Greentown China and Sunac China reporting YoY growth for May. Finally, we had a look at Adani Ports spread movements and noted that we have almost fully retraced the spread widening that resulted on the back of the WSJ Iran article. No new issues or mandates today.
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ACGBs (YM +7.0 & XM +6.5) are stronger on a local data-light session.