China / HK Blue-Chip IG
A-/A3+ China and Hong Kong issuers with large benchmark issues.
This theme brings together singleArange China and Hong Kong bluechip issuers with large benchmark USD bonds. It pairs indexfriendly liquidity with credit quality well above the broader Asian highyield universe, and yields across the cohort cluster around 6.5% to 6.7%. Tencent's longdated USD curve stands out. The 3.29% 2060 yields 6.49% and the 3.94% 2061 yields 6.50%, giving A+ credit with significant duration. These bonds anchor the communications sector in the screen and offer a clear relativevalue reference for longerdated China tech exposure. Within financials, AIA's 5.4% 2054 at a 6.70% yield and 3.2% 2040 at 6.57% provide Hong Kong insurance exposure. Prudential's 6.875% 2036 at 6.57% offers a shorterdated alternative in the same sector, so investors can tune duration within a single credit theme.
| # | 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.