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Daily Brief · 6 June 2026

Hong Kong's peg holds — but the cost is starting to show.

Six HKMA interventions in eight sessions, US$8.4bn drawn from the Aggregate Balance, and a property book still marked at 2021 levels. The desk has been buying the dollar out of habit. The habit is getting expensive.

Editors' pick · Research

The Asia credit map, refreshed for the new rate regime.

Where the curves moved, who priced primary this quarter, and which investment-grade names are starting to behave like high-yield. Six charts and one table that matters.

Credit Macro
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  1. Macro · Hong Kong 6 Jun 2026

    Why HKMA's defence of 7.85 matters now.

    Six interventions in eight sessions, US$8.4bn drawn — and a property book still marked at 2021 levels. The mechanism that keeps the peg alive is the same one quietly draining it.

    Macro Credit
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  2. Equities · China 5 Jun 2026

    Tencent guides Q1 ad revenue at HK$24.1bn, 6% below consensus.

    Dividend held flat for the third consecutive year. The desk reads buyback signal, not softness signal — the question is whether the street reads it the same way.

    Equities Earnings
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  3. Credit · Developers 3 Jun 2026

    New World Development's USD curve reprices another 47 bp.

    Senior unsecured 2027s now trade at 8.92%. Hardest-hit name in HK property credit this month. Desk note on what the CDS desk is implying about the covenants.

    Credit Hong Kong
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Research
"The desk that waits for consensus has already missed the trade."
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Research & notes
Working memos
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Research Note

The Asia credit map, refreshed.

Where the curves moved, who priced primary, and which IG names are starting to behave like HY. Six charts, one table.

Open the credit map →
Desk Note

Reading the BOJ between meetings.

Three rate-path tells from May data — none of them in the press conference. The desk's working read on the July decision.

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Invited Memo

Singapore family-office allocation, mid-cycle.

Cash at 11%, IG credit 32%, public equity 28%. A working allocation from a Singapore single-family office. Not a recommendation.

Read the memo →