<p>[香港] 亚洲的美元债券市场出现了发行热潮，企业和政府纷纷争相获得更便宜的融资，信用利差因对中东局势可能缓和的期望而收窄至历史低点。</p>
<p>香港政府正在推销一项美元基准发行，作为周四（5 月 7 日）更广泛的多币种销售的一部分，而汇丰控股则在两周以来最繁忙的时段内定价一项两部分的美元发行。这些销售紧随西太平洋银行前一天的 40 亿美元多期交易，突显出初级市场的强劲重启。</p>
<p>根据交易员的说法，该地区高等级债务的收益溢价收窄了至少一个基点，达到了历史最低水平。</p>
<p>信用反弹反映了区域风险资产的更广泛反弹，随着对潜在美伊协议的乐观情绪上升，亚太地区的一个关键股票基准在周四攀升至历史新高。这些涨幅突显了对该地区企业资产负债表的信心上升，并强化了对亚洲初级债务市场持续需求的预期。</p>
<p>“我们主要将其视为亚洲大部分地区经济和企业基本面韧性的反映，” 隆巴德·奥迪尔的首席投资官兼亚洲投资解决方案负责人约翰·伍兹表示。“许多发行人成功地以更低的利率进行了再融资，尽管地缘政治噪音存在，但盈利表现好于预期。”</p>
<p>根据彭博指数，亚洲信用利差在本季度收窄了约 13 个基点，表现优于全球大约 5 个基点的下降。情绪也因盈利表现强劲而得到提振，尤其是在日本，推动了以科技股为主的区域股票上涨。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a22101366b016355684914da6de3c6f6e43a1d6da29ce3dbf028cfddaa6918c1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a22101366b016355684914da6de3c6f6e43a1d6da29ce3dbf028cfddaa6918c1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>全球债券市场提供有吸引力的收益 - 但质量和选择性至关重要</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04ce9b1b92d8be02b42f2ac03027871a05e17ba5a5aeb7a839d1862ee42cc683/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04ce9b1b92d8be02b42f2ac03027871a05e17ba5a5aeb7a839d1862ee42cc683/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>四月亚洲债券销售激增，战争平息促使发行热潮</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ac499a78a01a2db2e3b07e1c5bd4aced6bd4c70da67eff939848c5dbfce0af7/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ac499a78a01a2db2e3b07e1c5bd4aced6bd4c70da67eff939848c5dbfce0af7/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>更长时间的高位：停滞的和平协议对亚洲投资者意味着什么</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>“亚洲经济的基本面相对强于预期，迄今为止的盈利结果也相当支持，” 摩根大通资产管理的全球市场策略师马塞拉·周在彭博电视采访中表示，并补充说，改善的资产负债表和韧性的现金流帮助提升了信心。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。在此注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

汇丰控股

汇丰

<p>亚洲的美元债券市场正在经历发行激增，因为公司和政府寻求更便宜的融资，随着中东紧张局势缓解，信用利差收窄至历史低点。香港政府和汇丰控股正在引领这一潮流，推出了大量发行。收益溢价的收紧反映了强劲的企业基本面和对潜在美伊协议的乐观情绪，本季度亚洲信用利差收窄了 13 个基点。分析师指出，强劲的盈利和改善的资产负债表正在增强对该地区经济前景的信心</p>

<p>[HONG KONG] Asia’s US dollar bond market has seen a burst of issuance as companies and governments rushed to secure cheaper funding, with credit spreads tightening to record lows on hopes tensions in the Middle East may ease.</p>
<div class="lb-trans"><p>[香港] 亚洲的美元债券市场出现了发行热潮，企业和政府纷纷争相获得更便宜的融资，信用利差因对中东局势可能缓和的期望而收窄至历史低点。</p>
</div><p>Hong Kong’s government is marketing a US dollar benchmark offering as part of a broader multi-currency sale on Thursday (May 7), while HSBC Holdings is pricing a two-part US dollar offering in the busiest session in more than two weeks. The sales follow Westpac Banking’s US$4 billion multi-tranche deal a day earlier, highlighting a strong reopening of primary markets.</p>
<div class="lb-trans"><p>香港政府正在推销一项美元基准发行，作为周四（5 月 7 日）更广泛的多币种销售的一部分，而汇丰控股则在两周以来最繁忙的时段内定价一项两部分的美元发行。这些销售紧随西太平洋银行前一天的 40 亿美元多期交易，突显出初级市场的强劲重启。</p>
</div><p>Yield premiums on the region’s high-grade debt tightened by at least one basis point to an all-time low, according to traders.</p>
<div class="lb-trans"><p>根据交易员的说法，该地区高等级债务的收益溢价收窄了至少一个基点，达到了历史最低水平。</p>
</div><p>The credit rally mirrors a broader rebound in regional risk assets as optimism grows over a potential US-Iran deal, with a key Asia-Pacific equity benchmark climbing to a record on Thursday. The gains highlight a rising confidence in the region’s corporate balance sheets and reinforces expectations for sustained demand in Asia’s primary debt market.</p>
<div class="lb-trans"><p>信用反弹反映了区域风险资产的更广泛反弹，随着对潜在美伊协议的乐观情绪上升，亚太地区的一个关键股票基准在周四攀升至历史新高。这些涨幅突显了对该地区企业资产负债表的信心上升，并强化了对亚洲初级债务市场持续需求的预期。</p>
</div><p>“We see this primarily as a reflection of resilient economic and corporate fundamentals across much of Asia,” said John Woods, chief investment officer and head of investment solutions for Asia at Lombard Odier. “Many issuers have refinanced successfully at lower rates, and earnings have held up better than feared amid the geopolitical noise.”</p>
<div class="lb-trans"><p>“我们主要将其视为亚洲大部分地区经济和企业基本面韧性的反映，” 隆巴德·奥迪尔的首席投资官兼亚洲投资解决方案负责人约翰·伍兹表示。“许多发行人成功地以更低的利率进行了再融资，尽管地缘政治噪音存在，但盈利表现好于预期。”</p>
</div><p>Asian credit spreads have tightened about 13 basis points this quarter, outperforming a roughly five basis-point decline globally, according to Bloomberg indexes. Sentiment has also been buoyed by stronger earnings, particularly in Japan, fuelling the gain in regional equities led by technology shares.</p>
<div class="lb-trans"><p>根据彭博指数，亚洲信用利差在本季度收窄了约 13 个基点，表现优于全球大约 5 个基点的下降。情绪也因盈利表现强劲而得到提振，尤其是在日本，推动了以科技股为主的区域股票上涨。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a22101366b016355684914da6de3c6f6e43a1d6da29ce3dbf028cfddaa6918c1/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/a22101366b016355684914da6de3c6f6e43a1d6da29ce3dbf028cfddaa6918c1?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Global bond markets offer attractive income – but quality and selectivity are crucial</h3>
<div class="lb-trans"><h3>全球债券市场提供有吸引力的收益 - 但质量和选择性至关重要</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04ce9b1b92d8be02b42f2ac03027871a05e17ba5a5aeb7a839d1862ee42cc683/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/04ce9b1b92d8be02b42f2ac03027871a05e17ba5a5aeb7a839d1862ee42cc683?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Asia bond sales jump in April as war lull spurs rush in issuance</h3>
<div class="lb-trans"><h3>四月亚洲债券销售激增，战争平息促使发行热潮</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2ac499a78a01a2db2e3b07e1c5bd4aced6bd4c70da67eff939848c5dbfce0af7/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2ac499a78a01a2db2e3b07e1c5bd4aced6bd4c70da67eff939848c5dbfce0af7?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Higher for longer: what a stalled peace deal means for Asian investors</h3>
<div class="lb-trans"><h3>更长时间的高位：停滞的和平协议对亚洲投资者意味着什么</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>“Asian economies’ fundamentals have been comparatively stronger than expected, and earnings results so far have been quite supportive,” Marcella Chow, a global market strategist at JPMorgan Asset Management, said in a Bloomberg TV interview, adding that improved balance sheets and resilient cash flows have helped lift confidence. BLOOMBERG</p>
<div class="lb-trans"><p>“亚洲经济的基本面相对强于预期，迄今为止的盈利结果也相当支持，” 摩根大通资产管理的全球市场策略师马塞拉·周在彭博电视采访中表示，并补充说，改善的资产负债表和韧性的现金流帮助提升了信心。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。在此注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

Asian bond issuers rush to market as Iran hopes tighten spreads

- 亚洲美元债券市场发行活跃，企业和政府争相获得更便宜的融资。  
- 信用利差收紧至历史低点，反映出市场对中东局势缓和的乐观预期。  
- 许多发行人以更低利率成功再融资，亚太地区企业财务状况显示出韧性。

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汇丰控股有限公司

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HSBC 5xShortSG241213

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

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JPMorgan Chase & Co.

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JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

由于伊朗的希望推动利差收紧，亚洲债券发行人纷纷涌向市场