China / HK Blue-Chip IG

A-/A3+ China and Hong Kong issuers with large benchmark issues.

This curated universe of A/A3+ rated China and Hong Kong bluechip issuers highlights compelling shortduration anomalies alongside deepdiscount longduration positioning. While sovereign and policybank instruments like the CHINA 1.25% '26 offer outsized nominal yields reaching 31.73% against a shifting macro backdrop, toptier financial names like ICBCIL 2.25% '26 provide attractive yields near 12.35%. Industrial and quasisovereign credits present robust relative value across the curve, led by SFHOLD 2.375% '26 trading at a 10.95% yield and Hong Kong's MTRC 2.5% '26 offering a stable 7.49% return. These liquid benchmark issues combine strong fundamental credit profiles with elevated yields that significantly outpace historical averages for highgrade regional paper. For institutional accounts seeking duration extension, discounted longend tech and insurance assets—such as TENCNT 5.6% '46 at 90.59 cents and AIA 3.2% '40 near 70.10—deliver attractive yields around 6.45% to 6.50%. This segment captures high conviction A+ credit exposure with substantial price appreciation potential as global yield curves normalize.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.