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ASIA CREDIT CLOSE: Credit eases ahead of new sovereign supply
January 9, 2017 / 9:33 AM / 10 months ago

ASIA CREDIT CLOSE: Credit eases ahead of new sovereign supply

SINGAPORE, Jan 9 (IFR) - Asian credit was a little quieter today, as Japan took a holiday and the market braced for an expected rush of supply ahead of Lunar New Year at the end of the month.

The Asia ex-Japan iTraxx investment-grade index was 1bp wider at 114bp/116bp.

All eyes are on potential new sovereign issues, as the Republic of Korea meets investors this week.

Among Korean quasi-sovereign issuers, Korea Development Bank had September 2022s flat today at Treasuries plus 93bp and Export-Import Bank of Korea’s April 2022s were unchanged at T+91bp.

The Philippines’ January 2021s were 2bp wider, but still extremely tight, at Treasuries plus 14bp. Indonesia’s January 2022s gained a third of a point to 101.1, yielding 3.5%, after it asked banks to pitch for underwriter roles on a new sukuk.

High-yield Asian sovereigns were mixed. Mongolia’s December 2022s gained half a point to 88.1, yielding 7.7%, Vietnam’s January 2020s were flat at 109.2 to yield 3.5%, and Sri Lanka’s January 2022s were half a point lower, at 101.0, yielding 5.5%.

A high-yield trader said activity had slowed since last week. China Aoyuan Property’s 2020s were flat at a cash price of 100.7 to yield 6.1% and Vanke Real Estate’s 2019s were also unchanged at 101.0 to yield 3.6%.

Reporting by Daniel Stanton; Editing by Vincent Baby

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