Asia EM credit has a weaker bias with govie/agency $ spreads up to 3bp wider, Indonesia being the outlier (+3bp). In contrast equities are in positive territory, with for instance the Indonesian JCI +1.6% on the day. In terms of newsflow, several results out overnight, notably Bharti Airtel and JD.com which both reported strong improvements in EBITDA. We also see a couple of new issues, with Pertamina Persero coming with the previously mandated deal, a new $5y. We estimated a FV yield of 5.1% versus IPT of 5.55% area.
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After the Tokyo lunch break, JGB futures are stronger, +22 compared to the settlement levels, sitting in near the middle of today’s range.