Asia Credit Notes_ HK Property Credits Mostly Sound, But Tail Risk Concerns Linger

12 January 2025 | 2:43PM HKT Asia Credit Notes: HK Property Credits Mostly Sound, But Tail Risk Concerns Linger HK property IG credits have underperformed. HK property sector has been an underperformer in Asia IG over the past 12 months. Using the ICE-BAML Asia Dollar index, we note that spreads for HK A-rated Property credits used to trade in line with Asia A Corp, but began diverging in late 2023. Currently, spreads for HK A-rated Property sector are at 67bps, and are 10bps wider than Asia A Corp spreads ...