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 a compelling bifurcation, highlighted by shortdated statelinked names offering aggressive doubledigit yields, such as ICBCIL’s 2026 maturity at 14.596% and SF Holding’s 2026 paper at 12.664%. Moving out the curve, longduration senior benchmarks from premier regional heavyweights like Tencent, Alibaba, and AIA deliver attractive mid6% yields to maturity amid depressed cash prices. Specifically, ultralong exposure can be secured at significant discounts—exemplified by Alibaba’s 2061 maturity trading near 56 cents on the dollar with a 6.466% YTW and Tencent’s 2060 line yielding 6.457%—providing highconviction institutional buyers with lucrative carry and duration lockin among fundamentally sound credits.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 14.596 | 99.8266667 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 2 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 12.664 | 99.425 | 2026-11-17 | A- | USD | 800MM | |
| 3 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.506 | 70.07 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 4 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.5 | 90.088579 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 5 | Alibaba Group Holding Ltd. | …AV46 | 4.2 | 6.489 | 73.8875472 | 2047-12-06 | 2047-06-06 | A+ | USD | 1.75BN |
| 6 | AIA Group Ltd, Hong Kong | …AK17 | 3.2 | 6.473 | 70.3092464 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 7 | Alibaba Group Holding Ltd. | …BA99 | 3.25 | 6.466 | 55.8660184 | 2061-02-09 | 2060-08-09 | A+ | USD | 1BN |
| 8 | Alibaba Group Holding Ltd. | …AW29 | 4.4 | 6.46 | 72.5158077 | 2057-12-06 | 2057-06-06 | A+ | USD | 1BN |
| 9 | Tencent Holdings Ltd. | …BC91 | 3.84 | 6.46 | 67.99075 | 2051-04-22 | 2050-10-22 | A+ | USD | 1.75BN |
| 10 | Tencent Holdings Ltd. | …AW48 | 3.29 | 6.457 | 56.7492653 | 2060-06-03 | 2059-12-03 | A+ | USD | 750MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.