Reuters logo
ASIA CREDIT CLOSE: Credits firmer on feel-good sentiment
March 16, 2017 / 10:53 AM / in 8 months

ASIA CREDIT CLOSE: Credits firmer on feel-good sentiment

SINGAPORE, March 16 (IFR) - Asian credits were firmer today as financial markets in the region cheered indications that the US Federal Reserve would adopt a more gradual pace of monetary tightening for this year.

Equities rallied as the Hang Seng Index added 1.77%, while the Shanghai Composite rose 0.86%.

Asian credit spreads narrowed 4bp from yesterday as the iTraxx Asia investment-grade index tightened to 89bp.

“The credit market was stronger this morning and spreads pulled back a little, but the sentiment remained firm,” said one high-grade trader.

New issues, which had traded out in the past few days, recouped some losses. CIMB’s newly printed 2022s were heard to be at 119bp/117bp over US Treasuries, having come in from the wides of 120bp a day after the notes were priced at 115bp a week ago.

BoCom Financial Leasing’s 2020s and 2022s tightened to 137bp/134bp and 144bp/141bp after being priced on Tuesday at 140bp and 150bp, respectively.

Lenovo’s 5.275% perpNC5 were steady at 100.375/100.75, still above reoffer at par, but its senior fixed rate 2022s were wider at 185bp/182.5bp.

Trafigura 6.875% perpNC5 were quoted at 99.875/100.125.

Reporting by Kit Yin Boey; editing by Dharsan Singh

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below