EM ASIA CREDIT: New Issue Statistics - Book Multiples - September
In the table below we summarise the new issue book multiples for September where we have the information. The list isn't exhaustive, but show more of a wider spread of jurisdictions, including issuers from Thailand and the Philippines.
Year-to-date the average multiple is 5.3x, with a range of 1.2x to 14.4x. The new FWD Group 10Y achieved the highest multiple for 2025 this month (14.4x), with other outliers including The Kookmin 30s (14.3x) and Korea Tobacco '28s (12.7x) in earlier months.
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AUSTRALIA DATA: Economy Recovers In Q2 From Soft Q1 Outcome
Q2 GDP rose 0.6% q/q to be up 1.8% y/y, stronger than both consensus and the RBA were expecting, as the economy rebounded from the weather-affected Q1. Growth was driven by household and government consumption. See ABS press release here.
MNI: AUSTRALIA Q2 GDP +0.6% Q/Q
- MNI: AUSTRALIA Q2 GDP +0.6% Q/Q
- MNI: AUSTRALIA Q2 GDP +1.8% Y/Y
CHINA: Central Bank Withdraws CNY150.8bn via OMO
- The PBOC issued CNY229.1bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY379.9bn.
- Net liquidity withdraws CNY150.8bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.41%, from prior close of 1.43%.
- The China overnight interbank repo rate is at 1.30%, from the prior close of 1.29%.
- The China 7-day interbank repo rate is at 1.45%, from the prior close of 1.36%.
