China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
China and Hong Kong bluechip investmentgrade issuers form a focused corner of Asian USD credit, combining large benchmark bonds from banks, insurers, telecoms and technology leaders. Most names carry Arange ratings, which anchors credit quality while offering yields that look attractive for the rating band. Yields are compelling across the curve: China Construction Bank's 2029 notes pay 6.349%, Tencent's 2046 bonds yield 6.347%, and AIA's 2054 issue offers 6.502%. This mix of tenors lets investors tailor duration while keeping income high. Relative value is strongest at the longer end, where Tencent's 2061 bond at 6.351% and AIA's 2040 bond at 6.339% yield close to shorterdated paper despite the extra duration. Pricing, liquidity and maturity differences across the list still warrant close comparison before positioning.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 16.057 | 99.693 | 2026-11-17 | A- | USD | 800MM | |
| 2 | Xin Yue Co Ltd. | …2685 | 2.358 | 7.147 | 98.99 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 3 | China Overseas Finance (Cayman) II Ltd. | …7881 | 6.375 | 6.536 | 98.3592778 | 2043-10-29 | A- | USD | 500MM | |
| 4 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.502 | 85.8925 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 5 | Tencent Holdings Ltd. | …BH88 | 6.75 | 6.389 | 103.9801561 | 2046-10-21 | 2046-04-21 | A+ | USD | 500MM |
| 6 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.385 | 103.5135 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 7 | Tencent Holdings Ltd. | …BD57 | 3.94 | 6.351 | 66.4368512 | 2061-04-22 | 2060-10-22 | A+ | USD | 1BN |
| 8 | China Construction Bank Corporation, Hong Kong Branch | …1208 | 6.275 | 6.349 | 99.82125 | 2029-06-15 | Inv Grade 3 | USD | 500MM | |
| 9 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.347 | 91.6807546 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 10 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.339 | 71.3425 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.