Asia EM credit is mostly better this morning with govie/agency $ spreads 1-4bp tighter. India is outperforming, with our $ proxy, the Export Import Bank India 4bp tighter. Indeed, for now, Asia is shrugging off rising risks in the middle-east, where Israel may be preparing to strike Iran. In terms of newsflow, the morning has been relatively quiet, but we are seeing new issues. There is a new Seazen $ 3NCNP2, with an IPT of 13.25%, we estimated fair value at 12.85%. There is also a new Tai Fung $perp (up to $280m), a Bank of Communications 3y $ FRN and a Guangdong Hengjian $ 3y in the market.
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The Japanese Ministry Of Finance (MoF) sells ¥604.8bn 30-Year JGBs:
*JAPAN 30Y GOVT BOND AUCTION MAY HAVE 91.10 LOWEST PRICE:POLL – BLOOMBERG
The Japanese Ministry of Finance (MoF) will today sell Y800bn of 30-Year JGBs. The MoF last sold 30-year debt on 8 April 2025.