HONG KONG, Feb 7 (IFR) - Asian credit continued its steady
run of form, with bonds across the spectrum moving tighter and a
continuing busy flow of primary market issues.
The iTraxx Asia ex-Japan investment-grade index was spotted
2bp tighter at 107.583/109.417. The index has tightened about
25bp since the US election in early November.
Constituent CDS out of Hong Kong were as much as 5bp-7bp
tighter, while some Singaporean names were 3bp-4bp tighter.
New notes from Shanghai Pudong Development Bank's Hong Kong
branch were as much as 10bp tighter early in the session before
ending the day closer to 5bp tighter. China Development Bank's
recently printed 2022 bonds saw spreads tighten about 2bp.
Long-dated sovereign bonds fared well earlier in the day.
Both the Indonesia 2047s and Philippines 2042s were up half a
point before settling only about a 10th of a point higher in the
Hong Kong insurer FWD's Ba1/BB+ (Moody's/Fitch) rated
perpetual non-call 5-year bonds were unchanged at 103.88. The
notes were launched at par just over two weeks ago.
Also in the high-yield segment, yields on Yanlord Land's
5-year non-call 3 bonds moved 4bp tighter.
(Reporting by Spencer Anderson; editing by Dharsan Singh)