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HONG KONG, May 11 (IFR) - Asian credits were stable on Thursday in the absence of major events. New issues were active with three issuers marketing new US dollar notes.
Investment-grade credits in general were flat but oil names traded slightly tighter on the bounce in oil prices, according to a trader.
The iTraxx Asia investment-grade index was largely unchanged at 87.8bp/88.8bp.
CK Hutchison Holdings' new perpetual non-call five notes traded down a bit after its sister company Cheung Kong Property Holdings released initial guidance at around 5% area for an offering of US dollar senior perpetual non-call three notes, according to the trader.
The Hong Kong conglomerate's 4.00% perpetuals were bid at 100.75 in late afternoon, versus 100.865 in early morning.
Woori Bank's new AT1s also traded slightly weak and were bid at 99.90, from as tight as 100.50 yesterday.
In high yield, the sell-off of Noble Group's bonds continued after its profit warning. The commodities trader's 2022s were bid at a cash price of 87.63.
Reporting by Carol Chan; Editing by Vincent Baby