SINGAPORE, April 20 (IFR) - Sentiment in Asian markets
improved today, providing a fillip to stocks and stemming a
widening in regional credits.
The Hang Seng index rose 0.8% and the Shanghai Composite
edged 0.06% higher. Asian credit spreads were flat, with the
iTraxx Asia IG index at 103bp/104bp.
But the improved sentiment did not translate into gains for
"New issues are stagnant today, but at least they have
stopped widening," said one trader.
Korea Resources' new 2022s were stuck in a range of
131bp/128bp over Treasuries, slightly out from reoffer of 130bp
but tighter than the 134bp seen at one point yesterday.
Cagamas's 2022s were at 119bp/116bp, marginally tightening
from 120bp seen this morning, but still above reoffer spread of
News that Jakarta's incumbent governor Basuki Tjahaja
Purnama had lost his bid for re-election had minimal impact on
the Indonesian sovereign's cash bonds, although the rupiah fell
0.26% on the news.
Instead, the Republic of Indonesia's 10-year bonds rose
three-eighths of a point while longer-dated bonds were
The RoI 3.7% 2027s were seen at bids of 104.36 while the
2047s were at 108.06.
(Reporting by Kit Yin Boey; Editing by Vincent Baby)