July 21, 2017 / 8:40 AM / in 8 months

ASIA CREDIT CLOSE: Credit steady after a week of heavy supply

HONG KONG, July 21 (IFR) - Asian credit markets were steady on Friday at the end of another week of heavy primary supply that demonstrated the depth of market liquidity.

Trading in both investment-grade and high-yield names was less active than earlier in the week in line with lacklustre performance in regional equities markets today, traders said.

The iTraxx Asia IG index was flat at 84bp/85bp.

New issues were mixed. China Life Insurance’s new US$250m subordinated 10-year non-call 5 capital securities traded above par at 100.2 in cash price.

Property developer Oceanwide Holdings’ US$400m 2020s were quoted at 99.25/99.75 in cash price after being priced at par overnight.

Hong Kong electricity utility Castle Peak Power Finance’s 3.25% 2027s were bid at 99.55 in cash price.

Chinese developer Guangzhou R&F Properties’ 5.75% 2022s retreated to 98.938 in cash price after Moody’s said that the company’s proposed acquisition of hotel assets from Dalian Wanda Commercial Properties, if completed, would slow its pace of debt deleveraging.

Reporting by Ina Zhou; Editing by Vincent Baby

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