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Bond Market Insights - Tues, 31 Jan 2023

Australia: Buyers of Aussie bank T2 paper, spreads 1-3bps tighter. Bank of New Zealand issued BZLNZ 4.846 02/07/28 US$850mm senior yesterday at T5+118, it has performed reasonably well, tightening about 3 bps.

Asia saw a strong start for China SOE’s with spreads 1-3bps tighter, buyers across the curve. Perps were unchanged on 2-way flow. China property stocks were down, but credit continued to perform, China HY property as much as 3 points better before fading a point, led by the likes of Country Garden and Sino Ocean Land on real money buying and a street squeeze. Distressed were mixed with Evergrande and Times China under pressure.

After a weak open South-East Asia financials retraced from 3bps wider to 2-5bps tighter. AT1’s from down ¼pt to up ½pt in good size interest. The buying continues today, concentrated mostly in the long end.

Despite yesterday’s news that Abu Dhabi's IHC would subscribe to 16% of Adani Enterprises FPO Adani Group’s slide continued today. Adani Total Gas was limit down at 10%, Adani Green Energy was down over 7% early on.

IHC was founded in 1998 in a move to diversify and develop non-oil activities in UAE. It has had previous dealings with the Adani Group, investing into Adani Green Energy, Adani Transmission and Adani Enterprises.


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