China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
This screening highlights liquid benchmark issues from A/A3+ rated China and Hong Kong bluechip issuers, offering a compelling crosssection of highgrade relative value across shortdated maturities and ultralong duration profiles. Shortend opportunities present idiosyncratic anomalies driven by specific maturity profiles, led by the ICBCAS 1.625% 2026 trading at an eyecatching 31.007% YTW alongside solid industrial carry from names like SFHOLD at an 8.578% YTW. Longduration portfolios can lock in attractive riskadjusted spreads via toptier regional credits, highlighted by megacap technology and insurance exposures such as the TENCNT 5.6% 2046 and AIA 3.2% 2040 bonds both hovering near a 6.5% YTW.
| # | 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 | 31.007 | 99.8356667 | 2026-10-28 | Inv Grade 3 | USD | 1BN | |
| 2 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 11.588 | 99.8425714 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 3 | MTR Corporation (C.I.) Limited | …4775 | 2.5 | 9.648 | 99.879125 | 2026-11-02 | AA+ | USD | 600MM | |
| 4 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 8.578 | 99.63475 | 2026-11-17 | A- | USD | 800MM | |
| 5 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.505 | 70.075 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 6 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.502 | 90.0673878 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 7 | AIA Group Ltd, Hong Kong | …AK17 | 3.2 | 6.467 | 70.3541685 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 8 | Tencent Holdings Ltd. | …AV64 | 3.24 | 6.464 | 61.2352036 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
| 9 | Tencent Holdings Ltd. | …AV81 | 3.24 | 6.464 | 61.2352036 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
| 10 | Tencent Holdings Ltd. | …BD57 | 3.94 | 6.462 | 65.3230155 | 2061-04-22 | 2060-10-22 | A+ | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.