8月25日市场回顾

今早市场表现疲软，尤其是高等级美元债。Itrx Asia指数变宽1bp，中国高等级信用债利差变宽1-3bps，中国高收益信用债价格下跌0.125个点。东方资产新发行的5年期美元债已经跌破发行价，随着东方资产的下跌，整个资产管理类美元债券似乎都受到了影响，利差普遍变宽3-5bps，此前的涨势不再。中国的高收益房地产发行人鑫苑置业发行了3亿美元、3年期美元债，发行利率8.125%，相比发行价，这笔高收益美元债今天上涨了1个点。此外，巴克莱银行新发行的AT1最近两天交易活跃，价格已经上涨至100.65/85（发行价100）。 CHINA CREDIT: weaker morning session specially for IG names. Itrx Asia 1bp wider, China IG 1-3 bps wider and China HY -0.125 pts. Asset managers were under pressure as the new Orieas seems to have ended the squeeze within the sector. Spreads across the sector are 3-5bps wider, with the new Orieas 21s slipping below reoffer. Xinyuan, HY property developer, issued $300mm of 3yr at 8.125%. The bonds are up 1pt vs re-offer. We also saw decent two way flow of the new BARC AT1s traded up to 100.65/85.