<p>[香港] 亞洲的美元債券市場出現了發行熱潮，企業和政府紛紛爭相獲得更便宜的融資，信用利差因對中東局勢可能緩和的期望而收窄至歷史低點。</p>
<p>香港政府正在推銷一項美元基準發行，作為週四（5 月 7 日）更廣泛的多幣種銷售的一部分，而滙豐控股則在兩週以來最繁忙的時段內定價一項兩部分的美元發行。這些銷售緊隨西太平洋銀行前一天的 40 億美元多期交易，突顯出初級市場的強勁重啓。</p>
<p>根據交易員的説法，該地區高等級債務的收益溢價收窄了至少一個基點，達到了歷史最低水平。</p>
<p>信用反彈反映了區域風險資產的更廣泛反彈，隨着對潛在美伊協議的樂觀情緒上升，亞太地區的一個關鍵股票基準在週四攀升至歷史新高。這些漲幅突顯了對該地區企業資產負債表的信心上升，並強化了對亞洲初級債務市場持續需求的預期。</p>
<p>“我們主要將其視為亞洲大部分地區經濟和企業基本面韌性的反映，” 隆巴德·奧迪爾的首席投資官兼亞洲投資解決方案負責人約翰·伍茲表示。“許多發行人成功地以更低的利率進行了再融資，儘管地緣政治噪音存在，但盈利表現好於預期。”</p>
<p>根據彭博指數，亞洲信用利差在本季度收窄了約 13 個基點，表現優於全球大約 5 個基點的下降。情緒也因盈利表現強勁而得到提振，尤其是在日本，推動了以科技股為主的區域股票上漲。</p>
<p>另見</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>全球債券市場提供有吸引力的收益 - 但質量和選擇性至關重要</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>四月亞洲債券銷售激增，戰爭平息促使發行熱潮</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>更長時間的高位：停滯的和平協議對亞洲投資者意味着什麼</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>“亞洲經濟的基本面相對強於預期，迄今為止的盈利結果也相當支持，” 摩根大通資產管理的全球市場策略師馬塞拉·周在彭博電視採訪中表示，並補充説，改善的資產負債表和韌性的現金流幫助提升了信心。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

匯豐控股

滙豐

<p>亞洲的美元債券市場正在經歷發行激增，因為公司和政府尋求更便宜的融資，隨着中東緊張局勢緩解，信用利差收窄至歷史低點。香港政府和滙豐控股正在引領這一潮流，推出了大量發行。收益溢價的收緊反映了強勁的企業基本面和對潛在美伊協議的樂觀情緒，本季度亞洲信用利差收窄了 13 個基點。分析師指出，強勁的盈利和改善的資產負債表正在增強對該地區經濟前景的信心</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] 亞洲的美元債券市場出現了發行熱潮，企業和政府紛紛爭相獲得更便宜的融資，信用利差因對中東局勢可能緩和的期望而收窄至歷史低點。</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>香港政府正在推銷一項美元基準發行，作為週四（5 月 7 日）更廣泛的多幣種銷售的一部分，而滙豐控股則在兩週以來最繁忙的時段內定價一項兩部分的美元發行。這些銷售緊隨西太平洋銀行前一天的 40 億美元多期交易，突顯出初級市場的強勁重啓。</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>根據交易員的説法，該地區高等級債務的收益溢價收窄了至少一個基點，達到了歷史最低水平。</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>信用反彈反映了區域風險資產的更廣泛反彈，隨着對潛在美伊協議的樂觀情緒上升，亞太地區的一個關鍵股票基準在週四攀升至歷史新高。這些漲幅突顯了對該地區企業資產負債表的信心上升，並強化了對亞洲初級債務市場持續需求的預期。</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>“我們主要將其視為亞洲大部分地區經濟和企業基本面韌性的反映，” 隆巴德·奧迪爾的首席投資官兼亞洲投資解決方案負責人約翰·伍茲表示。“許多發行人成功地以更低的利率進行了再融資，儘管地緣政治噪音存在，但盈利表現好於預期。”</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>根據彭博指數，亞洲信用利差在本季度收窄了約 13 個基點，表現優於全球大約 5 個基點的下降。情緒也因盈利表現強勁而得到提振，尤其是在日本，推動了以科技股為主的區域股票上漲。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>全球債券市場提供有吸引力的收益 - 但質量和選擇性至關重要</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>四月亞洲債券銷售激增，戰爭平息促使發行熱潮</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>更長時間的高位：停滯的和平協議對亞洲投資者意味着什麼</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>“亞洲經濟的基本面相對強於預期，迄今為止的盈利結果也相當支持，” 摩根大通資產管理的全球市場策略師馬塞拉·周在彭博電視採訪中表示，並補充説，改善的資產負債表和韌性的現金流幫助提升了信心。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。在此註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

Asian bond issuers rush to market as Iran hopes tighten spreads

- 亞洲美元債券市場發行活躍，企業和政府爭相獲得更便宜的融資。  
- 信用利差收緊至歷史低點，反映出市場對中東局勢緩和的樂觀預期。  
- 許多發行人以更低利率成功再融資，亞太地區企業財務狀況顯示出韌性。

Businesstimes News

匯豐控股有限公司

西太平洋銀行

摩根大通

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

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

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

由於伊朗的希望推動利差收緊，亞洲債券發行人紛紛湧向市場