APAC Cross Regional Credit Weekly: Spreads tightened with yields moving higher

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APAC Cross Regional Credit Weekly: Spreads tightened with yields moving higher

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

07 July 2026

APAC Cross Regional Credit

Weekly

Spreads tightened with yields moving higher

• JULI spreads tightened by 2bp w/w to 88bp. The index yield moved higher Asia Pacific Credit Research

AC by 8bp to 5.53% over the week. Matthew Hughart

• HG fund inflows in the week ended Wednesday July 1 rose sharply to (852)matthew.hughart@jpmorgan.com2800-6518

$12.7bn (+82% w/w), well above the four-week average of $9.4bn. The J.P. Morgan Securities (Asia Pacific) Limited

pickup was broad-based across vehicles, with ETF inflows increasing 52% w/

Emma Xing

w to $9.1bn and mutual fund inflows more than tripling to $3.6bn. (852) 2800-8727

• Last week, $18bn of gross issuance priced against $19bn of reinvestment emma.xing@jpmorgan.com

income (maturities and coupons). Looking ahead, our US team estimates that J.P. Morgan Securities (Asia Pacific) Limited

reinvestment income will fall to $17bn this week. This is 49% below the July Soo Chong Lim

weekly average and 42% below the 2026 weekly average. (852) 2800-7387

soochong.lim@jpmorgan.com

• HG bond issuance set a June record at $202bn, up 113% versus the past J.P. Morgan Securities (Asia Pacific) Limited

four-year June average of $95bn. Maturities in June were an estimated North America Credit Research

$86bn, which led to net issuance of $116bn, up 13x y/y. After accounting for Nathaniel Rosenbaum, CFA

$30bn of coupon income, “net net” issuance was $86bn. Looking ahead, (1-212) 834-2370

average gross issuance for July over the past four years has been $98bn, and the nathaniel.rosenbaum@jpmorgan.com

current record is $125bn in July 2024. Maturities are $89bn and coupons $42bn J.P. Morgan Securities LLC

in July.