In today’s briefing:
- Asian Bond Monitor: Chinese Bonds Are Back
- Lucror Analytics – Morning Views Asia
Asian Bond Monitor: Chinese Bonds Are Back
- Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.
- China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on the hunt for a better yield.
- We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors, Vedanta Resources
- UST yields declined yesterday, led by the long end, on potential haven demand amid concerns over a looming US government shutdown. The UST curve bull-flattened, with the yield on the 2Y UST dropping 2 bps to 3.62%, while the yield on the 10Y UST fell 4 bps to 4.14%.
- Equities climbed for the second day, with the S&P 500 and Nasdaq up 0.3% and 0.5%, respectively.
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