China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
China and Hong Kong bluechip issuers offer large benchmark lines and yields of roughly 6.5% to 6.7%, with credit quality concentrated in the A/A+ range. This combination gives fixedincome investors high yield without dropping into lowerrated credit. Tencent's longdated USD curve stands out on credit quality, with the 3.24% 2050s yielding 6.498% and the 3.29% 2060s yielding 6.491%. The A+ rating and multidecade tenor add duration while keeping spread compression risk contained. AIA's 5.4% 2054s at 6.7% and 3.2% 2040s at 6.565% offer Hong Kong insurance exposure with a meaningful curve pickup. Chinese financials such as CHIOLI's 6.375% 2043s, at 6.728%, add further relative value within the A tier.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SF Holding Investment 2021 Ltd. | …3011 | 2.375 | 53.81 | 99.425 | 2026-11-17 | A- | USD | 800MM | |
| 2 | China Overseas Finance (Cayman) II Ltd. | …7881 | 6.375 | 6.728 | 96.4544 | 2043-10-29 | A- | USD | 500MM | |
| 3 | AIA Group Ltd, Hong Kong | …AS26 | 5.4 | 6.7 | 83.675 | 2054-09-30 | 2054-03-30 | A | USD | 750MM |
| 4 | Prudential Funding Asia PLC | …0514 | 6.875 | 6.573 | 102.149 | 2036-11-03 | 2036-08-03 | A- | USD | 850MM |
| 5 | AIA Group Ltd, Hong Kong | …AK99 | 3.2 | 6.565 | 69.71 | 2040-09-16 | 2040-03-16 | A+ | USD | 1.75BN |
| 6 | Xin Yue Co Ltd. | …2685 | 2.358 | 6.542 | 99.16 | 2027-01-25 | Inv Grade 3 | USD | 500MM | |
| 7 | Tencent Holdings Ltd. | …AV64 | 3.24 | 6.498 | 60.9743929 | 2050-06-03 | 2049-12-03 | A+ | USD | 2BN |
| 8 | Tencent Holdings Ltd. | …BC74 | 3.84 | 6.497 | 67.6674231 | 2051-04-22 | 2050-10-22 | A+ | USD | 1.75BN |
| 9 | Tencent Holdings Ltd. | …BD57 | 3.94 | 6.495 | 65.0089323 | 2061-04-22 | 2060-10-22 | A+ | USD | 1BN |
| 10 | Tencent Holdings Ltd. | …AW48 | 3.29 | 6.491 | 56.4617076 | 2060-06-03 | 2059-12-03 | A+ | USD | 750MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.