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 currently presents compelling relative value, anchored by highquality sovereign, financial, and bluechip corporate issuers with large benchmark sizes. Shortdated paper in this cohort offers outsized, dislocationdriven yields, led by sovereign and statebacked names like CHINA 1.25% 2026 at 10.395% YTW alongside select financial sector issues yielding upwards of 8.5%. Longduration exposure across toptier megacap technology and insurance leaders—such as AIA, TENCNT, and BABA—delivers steady yields in the 6.45% to 6.48% range, appealing to institutional investors seeking quality duration.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Industrial and Commercial Bank of China Limited, Hong Kong Branch | …3350 | 1.625 | 12.123 | 99.6484286 | 2026-10-28 | Inv Grade 3 | USD | 1BN | |
| 2 | China (People's Republic Of) | …AE27 | 1.25 | 10.395 | 99.745 | 2026-10-26 | A+ | USD | 1.5BN | |
| 3 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 9.016 | 99.425 | 2026-11-17 | A- | USD | 800MM | |
| 4 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 8.515 | 99.71875 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 5 | Amipeace Ltd. | …5006 | 1.75 | 7.12 | 99.655 | 2026-11-09 | Inv Grade 3 | USD | 600MM | |
| 6 | AIA Group Ltd, Hong Kong | …AK17 | 3.2 | 6.484 | 70.1898783 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 7 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.484 | 90.2459925 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 8 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.482 | 70.2006875 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 9 | Alibaba Group Holding Ltd. | …AW29 | 4.4 | 6.458 | 72.5316905 | 2057-12-06 | 2057-06-06 | A+ | USD | 1BN |
| 10 | Alibaba Group Holding Ltd. | …BA99 | 3.25 | 6.457 | 55.9379501 | 2061-02-09 | 2060-08-09 | A+ | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.