China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
China and Hong Kong A/A3+ issuers with large benchmark USD lines offer a yield pickup over comparable Asian investmentgrade credit while keeping high credit quality and liquidity. Tencent's longdated USD curve is a standout: the A+ 6.75% 2046 yields 6.43%, while the 3.84% 2051 and 3.24% 2050 lines both yield about 6.35%, with the 2050s trading near 62. Insurers provide the clearest relative value. AIA's Arated 5.4% 2054 yields 6.49% at 86.02, China Chiok... CHIOLI's A 6.375% 2043 yields 6.51%, and Prudential's A 6.875% 2036 yields 6.38%, offering attractive compensation for tenor and sector exposure.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Amipeace Ltd. | …5006 | 1.75 | 17.463 | 99.868 | 2026-11-09 | Inv Grade 3 | USD | 600MM | |
| 2 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 12.583 | 99.685 | 2026-11-17 | A- | USD | 800MM | |
| 3 | Xin Yue Co Ltd. | …2685 | 2.358 | 7.147 | 98.955 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 4 | China Overseas Finance (Cayman) II Ltd. | …7881 | 6.375 | 6.506 | 98.6643637 | 2043-10-29 | A- | USD | 500MM | |
| 5 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.49 | 86.0207905 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 6 | Tencent Holdings Ltd. | …BH88 | 6.75 | 6.432 | 103.5013258 | 2046-10-21 | 2046-04-21 | A+ | USD | 500MM |
| 7 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.381 | 103.5480625 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 8 | Tencent Holdings Ltd. | …BC91 | 3.84 | 6.348 | 69.0566743 | 2051-04-22 | 2050-10-22 | A+ | USD | 1.75BN |
| 9 | Tencent Holdings Ltd. | …AV81 | 3.24 | 6.348 | 62.2599394 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
| 10 | Tencent Holdings Ltd. | …AV64 | 3.24 | 6.344 | 62.2962791 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.