China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
This screening of A/A3+ rated China and Hong Kong bluechip issuers highlights compelling shorttointermediate yield opportunities across defensive financial and industrial sectors. While several frontend names exhibit extreme distresslevel yields—such as ICBCIL at 45.8% and MTRC at 39.2% maturing in late 2026—they offer highbeta carry potential for risktolerant credit desks. Further down the curve, industrial credits like SF Holding (14.5% YTW) and GD Communications (7.7% YTW) provide attractive absolute yields on maturing 2026–2027 paper without stretching duration. For longduration mandates, highgrade insurers and tech bellwethers present stable riskadjusted entry points, featuring robust yields on longdated paper from AIA (6.6% YTW on the 2054s) and Tencent (6.5% YTW on the 2046s).
| # | 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.