July 11, 2017 / 9:13 AM / 8 months ago

ASIA CREDIT CLOSE: New bonds steady amid healthy market sentiment

SINGAPORE, July 11 (IFR) - Asian credits were steady on Tuesday with healthy two-way flows amid firm market sentiment.

“This week’s markets are much improved from last week’s,” said one syndicate banker. “People are slightly more hesitant about full-on risks but there is definitely a healthy bidding tone in the market.”

Bonds that priced on Monday had mixed performances. A strong response to Nonghyup Bank’s five-year bonds sold on Monday at 105bp over Treasuries was confirmed in the secondary market. The 2022s tightened to 98bp/99bp in the afternoon.

MCC saw a less enthusiastic response in the secondary markets for its tap of the 2.95% May 2020s, which priced at 155bp on Monday.

The notes were quoted at 154bp/152bp this morning but returned to near reoffer levels at 155bp/153bp in the afternoon.

The high-yielding 363-day bond from Oceanwide Holdings was quoted at around 100.00/100.10, a touch above reoffer at par.

Jingrui, which on Monday announced the redemption of its 2019 notes in full at 106.80, saw its 2020s under water at 96.00/96.70. The 2020s were issued at 99.345 back in April.

Indonesia’s bonds were little moved by the country’s marketing of U.S. dollar bonds today in tenors of 10 and 30 years at 4.25% area and 5.125% area, respectively.

The outstanding 4.35% 2027s were heard at around 3.90% while the 2047s were at 4.75%. The sovereign later added a 7-year euro tranche indicated at mid-swaps plus 185bp area.

Reporting by Kit Yin Boey; Editing by Vincent Baby

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