BRIEF-Guangdong Shirongzhaoye unit to sell 51 pct stake in pharma industry JV for 15.1 mln yuan
* Says its unit will sell entire 51 percent stake in a pharma industry JV for 15.1 million yuan, dropping out of the cooperation project
HONG KONG, March 10 (IFR) - Asia credit markets recovered some of the ground lost yesterday, but investors remained cautious ahead of the US jobs report later today.
"The market was resilient and new issues recovered today after being hit hard yesterday," said a Hong Kong-based investment-grade trader.
"Risk-off sentiment persisted ahead of an expected US Fed rate hike next week. Although selling pressure eased significantly from yesterday, few investors came forward to place bids," said another trader.
The iTraxx Asia IG index was seen 4bp wider in the morning, but rebounded to be 1.65bp tighter at the time of writing.
Lenovo's new 2022s traded down 1bp, while its perpetual non-call five notes hit a low of 99.375 in cash price (versus reoffer price of 99.806) this morning, but recovered in the afternoon on interests from private banks, traders noted.
In the high-yield sector, Kangde Xin's new 2020s were bid at 101 in cash price after being priced at par yesterday, traders said.
The news that South Korea's Constitutional Court removed President Park Geun-hye from office did not move Korean sovereign US$ bonds.
Korea's 2027s, issued in January at US Treasuries plus 55bp, were quoted at 52bp over Treasuries, according to Tradeweb.
(Reporting by Ina Zhou; editing by Dharsan Singh)
* Says it plans to set up a joint venture (JV) Mobility Finance Cambodia Plc. with SBI holdings Inc, in August, in Cambodia
* Says it will issue 11th series and 12th series unsecured corporate bonds worth 10 billion yen respectively, with subscription date on May 24 and payment date on May 31