China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
The China and Hong Kong A/A3+ investmentgrade universe presents compelling tactical entry points across both the frontend and ultralong duration buckets, anchored by highquality sovereign and bluechip corporate issuers. Frontend liquidity offers standout carry, led by the sovereign CHINA 1.25% maturing October 2026 at a 9.56% YTW, alongside highgrade industrial and financial paper like SFHOLD and ICBCIL hovering in the 6.85% to 6.88% YTW range. Longduration portfolios can lock in attractive yields via discounted tech and insurance heavyweights, such as the TENCNT 5.6% 2046 and BABA 4.4% 2057 offering yields near 6.50% while trading at deep cashprice discounts.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | China (People's Republic Of) | …AE27 | 1.25 | 9.564 | 99.745 | 2026-10-26 | A+ | USD | 1.5BN | |
| 2 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 6.875 | 99.5965 | 2026-11-17 | A- | USD | 800MM | |
| 3 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 6.854 | 99.78 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 4 | Industrial and Commercial Bank of China Limited, Hong Kong Branch | …3350 | 1.625 | 6.562 | 99.8203438 | 2026-10-28 | Inv Grade 3 | USD | 1BN | |
| 5 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.509 | 89.9912832 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 6 | AIA Group Ltd, Hong Kong | …AK17 | 3.2 | 6.486 | 70.1701749 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 7 | Alibaba Group Holding Ltd. | …AW29 | 4.4 | 6.478 | 72.3170834 | 2057-12-06 | 2057-06-06 | A+ | USD | 1BN |
| 8 | Alibaba Group Holding Ltd. | …BA99 | 3.25 | 6.477 | 55.7625626 | 2061-02-09 | 2060-08-09 | A+ | USD | 1BN |
| 9 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.476 | 70.2441177 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 10 | Tencent Holdings Ltd. | …AV64 | 3.24 | 6.448 | 61.3468616 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.