HONG KONG, Feb 24 (IFR) - Credit markets wrapped up another constructive week, with a handful of blue-chip issuers announcing mandates for deals likely to be launched next week.
Korean National Oil Corporation will market a US dollar and possibly a euro-denominated transaction next week, while Macquarie Bank will roadshow for an Additional Tier 1 note.
Secondary markets were more subdued, with the iTraxx Asia-ex Japan investment-grade index mostly unchanged by late afternoon, but was almost 7bp tighter for the week.
The largest constituent movements came from IDBI Bank, which was 8bp wider, and Hyundai Motor, which was almost 5bp tighter.
Korea Development Bank’s new 2022 bonds saw spreads move about 1bp tighter. Also, in the recent IG segment, China Jinmao’s 5-year bonds began the day about 3bp wider, but ended closer to 1bp wider.
High-yield names also seemed to lack conviction. Xinyuan Real Estate’s 2021s were about 1bp wider, though they were mostly unchanged at the end of the session. Pakuwon’s 7-year non-call 4 bonds were about 1bp wider.
Reporting by Spencer Anderson