China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
This theme screens A/A3+ rated China and Hong Kong issuers with large benchmark USD bonds across financials, communications and industrials. It targets liquid investmentgrade credit that still offers a meaningful yield premium over lowerrisk alternatives. Tencent's longdated curve stands out, with the 2050 yielding 6.498% and the 2060 yielding 6.491% to worst, both at A+ rated credit quality. AIA's 2054 offers a higher 6.704% yieldtoworst, with the bond trading at a deep discount of 83.64. Financialsector exposure is attractive across the curve. Prudential's 2036 yields 6.573% at A and CHIOLI's 2043 yields 6.728%, while AIA's 2040 at 6.571% (A+) shows that longdated Hong Kong insurance paper can deliver yield without sacrificing credit quality.
| # | 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 | 6.704 | 83.64 | 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 | 6.571 | 69.67 | 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.