APAC Credit Roundup: APAC Cross Regional Credit Weekly, China Economy, Piramal Finance

JULI spreads widened 3bp w/w to 96bp amid higher rates and equity volatility last week. HG yields fell 12bp w/w to 6.15%. HG fund inflows stalled to just US$1.9bn this week (-82% w/w), well below the four-week average of US$5.5bn, driven by Mutual Funds flipping to outflows of US$4.8bn, of which US$2.1bn was an idiosyncratic outflow from a single foreign fund. US$20bn of gross issuance was priced last week against reinvestment income estimated at US$36bn this week. Hyperscalers widened 12bp w/w to 148bp, their widest level since July 2026, while the BBB-A non-financial spread differential widened 3bp to 37bp, suggesting investors are demanding greater compensation for lower-rated issuers rather than reducing HG exposure. China's activity data picked up in September on stronger industrial production and retail sales while investment continued to lag;