China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
This screen highlights liquid benchmark issues from highgrade China and Hong Kong issuers, capturing a compelling pocket of relative value where defensive credit profiles meet elevated absolute yields. While toptier names like MTRC (AA+) and ICBCIL (A3+/A) show anomalous, shortdated pricing dislocations pushing yields above 22%, core bluechips offer attractive midtolongterm carry. Longduration technology and insurance leaders—exemplified by Tencent's 2046 maturity yielding 6.51% and Alibaba's ultralong 2061 paper offering a 6.47% YTW—provide institutional portfolios with solid entry points for duration extension in solid A/A3rated credits.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MTR Corporation (C.I.) Limited | …4775 | 2.5 | 27.093 | 99.79275 | 2026-11-02 | AA+ | USD | 600MM | |
| 2 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 22.241 | 99.8316667 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 3 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 9.288 | 99.651 | 2026-11-17 | A- | USD | 800MM | |
| 4 | Xin Yue Co Ltd. | …2685 | 2.358 | 7.082 | 98.88 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 5 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.709 | 101.182 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 6 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.552 | 69.745 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 7 | AIA Group Ltd, Hong Kong | …AK17 | 3.2 | 6.523 | 69.9552857 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 8 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.511 | 89.9766743 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 9 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.492 | 85.9967022 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 10 | Alibaba Group Holding Ltd. | …BA99 | 3.25 | 6.474 | 55.8016234 | 2061-02-09 | 2060-08-09 | A+ | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.