• Asian equities are mixed today as investors await Nvidia's earnings for fresh direction, with the chipmaker's outlook expected to influence global sentiment. Japanese stocks fluctuated amid concerns over the Russia-Ukraine war and its potential impact on energy prices, while South Korea's KOSPI edged higher, led by gains in tech and financial shares. In China, the CSI300 is trading 0.25% lower, while the HSI trades 0.15% lower. Australia's ASX200 retreated from record highs, weighed down by geopolitical jitters, with tech stocks leading losses.
  • It has been another day with the main focus on the Aussie primary market with Scentre Group pricing a 5yr at +112bps and a 10yr at +150bps, Barclays priced an A$ 10.5NC5.5 T2, dual tranche at +200bps, while SMBC Sydney priced an A$ 5y FRN at +85bps. It has been a busy few session for Aussie primary, however the secondary market continues to tick along, Tier 2 remains well bid, while there is decent two-way in corporates.
  • Primary has also picked up in the Asia USD market with CBA, Adani & Vedanta all looking to price bonds today. This follows just the single deal on Tuesday, when Alibaba priced their first USD bond in almost four years. Asia IG spreads have risen since hitting multi year highs last week, and now trade 3bps off those levels, while high yield spread are little changed today.
  • Aus iTraxx CDS is -0.5bps at 66bps & Asia Ex-JP iTraxx is unchanged at 73.5bps

CREDIT UPDATE: Asia IG Spreads Rise Off Lows, Primary Picking Up

Last updated at:Nov-20 06:05By: Sam Hunter
  • Asian equities are mixed today as investors await Nvidia's earnings for fresh direction, with the chipmaker's outlook expected to influence global sentiment. Japanese stocks fluctuated amid concerns over the Russia-Ukraine war and its potential impact on energy prices, while South Korea's KOSPI edged higher, led by gains in tech and financial shares. In China, the CSI300 is trading 0.25% lower, while the HSI trades 0.15% lower. Australia's ASX200 retreated from record highs, weighed down by geopolitical jitters, with tech stocks leading losses.
  • It has been another day with the main focus on the Aussie primary market with Scentre Group pricing a 5yr at +112bps and a 10yr at +150bps, Barclays priced an A$ 10.5NC5.5 T2, dual tranche at +200bps, while SMBC Sydney priced an A$ 5y FRN at +85bps. It has been a busy few session for Aussie primary, however the secondary market continues to tick along, Tier 2 remains well bid, while there is decent two-way in corporates.
  • Primary has also picked up in the Asia USD market with CBA, Adani & Vedanta all looking to price bonds today. This follows just the single deal on Tuesday, when Alibaba priced their first USD bond in almost four years. Asia IG spreads have risen since hitting multi year highs last week, and now trade 3bps off those levels, while high yield spread are little changed today.
  • Aus iTraxx CDS is -0.5bps at 66bps & Asia Ex-JP iTraxx is unchanged at 73.5bps

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