SINGAPORE, Feb 16 (IFR) - Asian credits were well supported as regional markets rallied in the wake of overnight gains in U.S. equity markets.
"Demand is strong across all asset classes," said one DCM syndicate banker. "We see demand both from private bankers and funds, and the new issues have been very well absorbed into the market."
Recent issues benefited from the constructive mood. High-yield issuer Qinghai Provincial Investment saw its 2020s surging to 101.3/101.45 in the afternoon after pricing at par yesterday. The deal had pulled in US$2.5bn of orders.
Another high-yield issue from Road King Infrastructure has also performed strongly. The perpNC5, priced on Monday at par, was quoted at 102.625/103 today, slightly down after trading up 3 points earlier in the week.
In the high-grade space, Huawei's 2022s tightened to 125bp/123bp from reoffer spread of 132.5bp, while the 2027s narrowed to 154bp/152bp from reoffer of 162.5bp.
Reporting by Kit Yin Boey; Editing by Vincent Baby