China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
China and Hong Kong bluechip issuers rated A to A+ offer a rare mix of benchmark liquidity and mid6% yields, with the strongest credits pricing close to their longerdated peers. AIA's 5.4% 2054 bond yields 6.536%, the highest in this group, while CHIOLI's 6.375% 2043 yields 6.516% at A quality, giving investors longduration exposure to the region's financial sector. Tencent's 2050 notes yield 6.387% and Alibaba's 2057 bonds yield 6.403%, both at A+ ratings, and trade at deep discounts (61.93 and 73.13). Prudential's 6.875% 2036 bond, at 6.477%, offers a shorterdated A alternative with a similar yield.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 43.523 | 99.425 | 2026-11-17 | A- | USD | 800MM | |
| 2 | Xin Yue Co Ltd. | …2685 | 2.358 | 8.544 | 98.755 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 3 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.536 | 85.5010378 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 4 | China Overseas Finance (Cayman) II Ltd. | …7881 | 6.375 | 6.516 | 98.5671344 | 2043-10-29 | A- | USD | 500MM | |
| 5 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.477 | 102.8425 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 6 | Alibaba Group Holding Ltd. | …AW29 | 4.4 | 6.403 | 73.1272211 | 2057-12-06 | 2057-06-06 | A+ | USD | 1BN |
| 7 | Tencent Holdings Ltd. | …BF06 | 5.6 | 6.4 | 91.1307895 | 2046-06-16 | 2045-12-16 | A+ | USD | 700MM |
| 8 | Alibaba Group Holding Ltd. | …AV46 | 4.2 | 6.397 | 74.769 | 2047-12-06 | 2047-06-06 | A+ | USD | 1.75BN |
| 9 | Tencent Holdings Ltd. | …AV64 | 3.24 | 6.387 | 61.93325 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
| 10 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.387 | 70.9962668 | 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.