APAC Credit Roundup: APAC Cross Regional Credit Weekly, China Tech, Vanke, Muthoot Finance, UPL, Indika

研报英文原文证据摘录

APAC Credit Roundup: APAC Cross Regional Credit Weekly, China Tech, Vanke, Muthoot Finance, UPL, Indika

should still be supportive for spreads, but the benefit is less certain natalie.leung@jpmorgan.com

given the market is pricing in two hikes through mid-2027 and geopolitical J.P. Morgan Securities (Asia Pacific) Limited

uncertainty around Iran. Our US team sees that, if yield buyers step in, the 10s30s EM, Economic and Policy Research

spread curve could flatten. In terms of the hyperscalers, our US HG team maintains Mahmoud Harb

the more bullish stance and expects somewhat of a reprieve from the onslaught of Tech (65) 6882-1640

supply that has weighed on the market in July. Given the market focus on hyperscalers, mahmoud.harb@jpmorgan.com

our US HG team has introduced a weekly monitor of IG hyperscalers & datacenters JPMorgan Chase Bank, N.A., Singapore Branch

(see report) and the data can be accessed via DataQuery link. For more details, please Emerging Markets Strategy

see APAC Cross Regional Credit Weekly. (Matt/Emma) Fariha R Ahmmed AC

(44-20) 7134-8537

China Tech - Impact from the spread widening of US fariha.ahmmed@jpmorgan.com

hyperscalers? J.P. Morgan Securities plc

J.P. Morgan US Credit Strategy team published reports on data centers/hyperscalers

recently (link,link). They believe the hyperscaler cohort’s 42bps widening YTD (vs For key risks and catalysts not already

JULI: 4bps) is driven by heavy US Tech supply and partly by the recent AI equity

described in this report, please refer to the

sell-off. Nevertheless, they believe the market can absorb the hyperscaler supply, as

most recent Emerging Markets Corporate

they estimate that the hyperscalers can collectively issue $1.7tn of additional USD HG

Coverage Report.