China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
The China and Hong Kong bluechip investmentgrade universe presents compelling relativevalue entry points across the liquidity and duration spectrums, anchored by highquality A/A3 and higher ratings. Ultrashort tenors showcase acute pricing dislocations driven by maturity proximity, highlighted by the ICBCIL 2.25% due November 2026 offering an exceptional 45.8% YTW and the MTRC 2.5% maturing concurrently at a 39.2% YTW. Further out the curve, secular leaders and prime financial credits provide attractive longduration carry, exemplified by the Tencent 5.6% 2046 and AIA 5.4% 2054 trading at yields of approximately 6.5% to 6.6%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ICBCIL Finance Co Ltd. | …8488 | 2.25 | 45.817 | 99.75575 | 2026-11-02 | Inv Grade 3 | USD | 750MM | |
| 2 | MTR Corporation (C.I.) Limited | …4775 | 2.5 | 39.221 | 99.79375 | 2026-11-02 | AA+ | USD | 600MM | |
| 3 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 14.479 | 99.425 | 2026-11-17 | A- | USD | 800MM | |
| 4 | Xin Yue Co Ltd. | …2685 | 2.358 | 7.679 | 98.755 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 5 | Amipeace Ltd. | …5006 | 1.75 | 7.651 | 99.8511667 | 2026-11-09 | Inv Grade 3 | USD | 600MM | |
| 6 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.683 | 101.3685 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 7 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.593 | 84.8625 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 8 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.484 | 90.2561485 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 9 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.46 | 70.4225 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 10 | China Overseas Finance (Cayman) II Ltd. | …7881 | 6.375 | 6.455 | 99.1792778 | 2043-10-29 | A- | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.