Asia IG Energy Monthly: Sector OAS +3bp MoM in July‘26 to 58bp

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Asia Pacific Credit Update

Asia IG Energy Monthly: Sector OAS +3bp

MoM in July’26 to 58bp

Industry Overview

Asia IG Energy in-line with Asia IG but U/P US IG Energy

According to ICE Index, OAS of Asia IG Energy was 3bp wider in July’26, largely in-line

with Asia IG Tech (+3bp) and Asia IG Corp (+2bp), outperforming Asia IG Utility (+6bp),

but underperforming US IG Energy peers (+1bp) (Exhibit 2). Sector is trading at 58bp

OAS as of 31st July (Exhibit 8). The sector is now quoted 4bp tighter/4bp wider/21bp

tighter than Asia IG Corp/Asia Tech/Asia IG Utility, compared with 5bp tighter/4bp

wider/18bp tighter at end of Jun’26 (Exhibit 9). Compared with US peers, Asian IG

Energy was 24bp tighter, vs. 26bp tighter at end of last month and 1Y average was 32bp

tighter (Exhibit 11). By total return, Asia IG Energy had a monthly return of -2.1% in

July’26. Hang Seng Energy/ Nifty Energy / Thailand Energy & Utilities index had a 14.5%/-2.4%/+10.7% monthly return.

Sector bond new issue & maturity; news highlights

During July’26, primary market was muted. There were USD1.95bn bonds maturity during

July'26 (USD1.35bn from KORGAS and USD600mn from ONGC) and the next maturity is

USD600mn from SINOPE on Sep 29th. Pertamina continues to buy back bonds in the

secondary market. PTTGC repurchased USD47.5mn of its 4.3% 2051 notes with

remaining outstanding amount at USD227.4mn. PTTGC reportedly plans to issue 7-year

and 10-year onshore THB bonds in Sep. PTTEPT reported 2Q26 EBITDA up 23% QoQ to

USD2.1bn. Santos, Woodside, and Karoon Energy 2Q26 update.

Brent +23.6% MoM to $90.1; JKM +33.6% MoM to $21.5

In July’26, Brent and JKM recorded +23.6%/ +33.6% MoM to $90.1/bbl and

$21.5/MMBtu as of July 31st (Exhibit 3) following the re-escalation in Middle East. Our

commodity team continues to see Brent facing a binary outcome: reset again above

$100/bbl if tensions continues, or fall below $70/bbl if Hormuz reopens. (see report:

Global Energy Weekly: The crude reality of oil markets)

Best & worst performing credits

Top performers in July’26 are mainly China and Korea SoEs, while underperformers are

mainly Pertamina bonds. (Exhibit 1, 14-15).

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