Asia Pacific Credit Update: Asia IG Energy Monthly: Sector OAS +4bp MoM in Jun’26 to 55bp

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Asia Pacific Credit Update: Asia IG Energy Monthly: Sector OAS +4bp MoM in Jun’26 to 55bp

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Asia Pacific Credit Update

Asia IG Energy Monthly: Sector OAS +4bp

MoM in Jun’26 to 55bp

Industry Overview

Asia IG Energy in-line with Asia IG corp and US IG Energy 01 July 2026

According to ICE Index, OAS of Asia IG Energy was 4bp wider in Jun’26, largely in-line Global Emerging Markets | Corporate

with Asia IG Utility (+5bp), Asia IG Tech (+4bp) and Asia IG Corp (+5bp), also in-line with Credit

US IG Energy peers (+5bp) (Exhibit 2). Sector is trading at 55bp OAS as of 30th Jun Asia

(Exhibit 8). The sector is now quoted 5bp tighter/4bp wider/18bp tighter than Asia IG

Corp/Asia Tech/Asia IG Utility, compared with 4bp tighter/4bp wider/17bp tighter at end Table of Contents

of May’26 (Exhibit 9). Compared with US peers, Asian IG Energy was 26bp tighter, vs. Key charts 2

25bp tighter at end of last month and 1Y average was 33bp tighter (Exhibit 11). By total

Spread curve performance 3

return, Asia IG Energy had a monthly return of +0.1% in Jun’26. Hang Seng Energy/ Nifty

Historical performance vs Tech/Utility/US 3

Energy / Thailand Energy & Utilities index had a -17.8%/-2.7%/-0.7% monthly return.

Top 10 and bottom 10 performers 3

Sector bond new issue & maturity; news highlights Maturity schedule for Asia Energy IG issuers 3

During Jun’26, there was USD700mn bond issuance from KORGAS, while there was no Full list of our recommendations in Asia IG Energy 3

maturity during the month. The next maturity is USD500mn from KORGAS on July 2nd.

Moody's revised the outlook on Thai Oil's Baa3 rating to stable from negative, citing

lower execution risk for its Clean Fuel Project. Separately, Moody’s affirmed PTTGC's Xiang Gao, CFA

Research Analyst