APAC Credit Roundup: Weekly Review — Week ended October 23

Asia credit spreads widened to new year-to-date highs, with the JACI spread peaking at 111bp and closing the week at 110bp, 12bp wider w/w and nearly 20bp wider in October; the market returned -0.1% as a 0.4% Treasury return failed to offset the -0.5% spread drag. Although the index yield remains attractive at 6.1% and regional credit fundamentals are strong, recouping October's widening may require more stability in rates, OAT-Bund spreads, hyperscalers and energy prices. China 3Q26 GDP beat expectations and J.P. Morgan raised its 2026 growth forecast to 4.6%, while several Asian economies face further tightening on energy and currency pressures. China IG rose 0.33%, while China HY Property and Industrials corrected;