APAC Cross Regional Credit Weekly: Spreads widened amid heavy supply

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APAC Cross Regional Credit Weekly: Spreads widened amid heavy supply

J P M O R G A N Asia Pacific Credit Research

23 June 2026

APAC Cross Regional Credit

Weekly

Spreads widened amid heavy supply

• JULI spreads widened by 2bp and closed at 87bp over the week. The index Asia Pacific Credit Research

AC yield was down 1bp w/w to 5.48%. JULI index widened for 3 days in a row last Matthew Hughart

week amid relatively heavy supply, the first time we’ve seen this since March (852) 2800-6518

11-13th. matthew.hughart@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

• HG fund flows rose to $9.4bn of inflows (+11% w/w), though they remain Emma Xing

modestly below the 4-week average of $10bn. The increase was driven by (852) 2800-8727

ETFs, where inflows rose to $8.8bn (+26% w/w), while Mutual Fund inflows emma.xing@jpmorgan.com

declined to $653mn (-57% w/w). J.P. Morgan Securities (Asia Pacific) Limited

• $48bn of gross issuance priced last week against $42bn of reinvestment Soo Chong Lim

income (maturities and coupons). Looking ahead, our US team estimates that (852) 2800-7387

soochong.lim@jpmorgan.com

reinvestment income will fall to $15bn this week, which is 44% below the June J.P. Morgan Securities (Asia Pacific) Limited

weekly average and 50% below the 2026 weekly average. North America Credit Research

• Our US HG team views the hawkish FOMC meeting as slightly worsening Nathaniel Rosenbaum, CFA

the environment for spreads. A key positive is that Warsh’s strong emphasis (1-212) 834-2370

on price stability reduces the near-term risk of sharply lower yields. However, nathaniel.rosenbaum@jpmorgan.com

with forward guidance withdrawn, incoming data should drive markets more, J.P. Morgan Securities LLC

likely leading to a more persistent rise in rate/equity volatility.