SINGAPORE, Feb 3 (IFR) - The People's Bank of China
tightened policy slightly on the first day back from holidays,
raising rates 10bp on open market operations to send equities
China Development Bank's recent 2027 issue tightened 1bp to
Treasuries plus 104bp, as investors shifted to safe havens.
Across the broader region, the Asia ex-Japan iTraxx
investment-grade index tightened 2bp to 110bp/112bp.
The Republic of Korea's 2027 bonds were flat at a Treasury
spread of 51bp after the presidential Blue House blocked
prosecutors from searching the offices of Park Geun-Hye, in
relation to a corruption investigation. Korean 5-year CDS was
Some Indian oil credits were better bid, after Finance
Minister Arun Jaitley outlined plans to create a national
champion through mergers of some state-owned oil and energy
companies, though he did not give the names he had in mind.
Bharat Petroleum's recent 2027s tightened 2bp to Treasuries
plus 189bp, while ONGC Videsh Vankorneft's 2022s were 1bp
narrower at Treasuries plus 159bp and Oil India's 2024s were
flat at 190bp.
State Bank of India's Additional Tier 1 notes were flat at a
cash price of 100.5, after the Reserve Bank of India made it
easier for Indian banks to make their AT1 coupon payments with
the use of their statutory reserves.
(Reporting by Daniel Stanton; editing by Dharsan Singh)