December 1, 2017 / 8:14 AM / a year ago

ASIA CREDIT CLOSE- Alibaba's long end outperforms

HONG KONG, Dec 1 (IFR) - Alibaba’s bonds of 20, 30 and 40 years continued to find buyers in secondary trade, versus the notes of 5.5 and 10 years, which were less popular due to tight pricing.

The US$1bn 4.4% 2057s extended yesterday’s gains and were trading at 146bp/142bp, while the US$1.75bn 2047s were also tighter at 128bp/124bp, according to Tradeweb. The US$1bn 20-year notes were cited at 107bp/104bp.

The 10-year paper was 1bp wider from reoffer, while the US$700m 5.5-year notes were trading around par, according to Tradeweb.

Those two maturities priced with negative new-issue concessions against their secondary curve, according to bankers on the deal.

Chinese high-yield property was under selling pressure. Times Property Holdings’ US$300m 5.25-year notes, the latest PRC real-estate transaction in international bond markets, dropped more than three-quarters of a point lower since pricing last week.

Xinyuan Real Estate’s US$200m November 2020s were also trading around a cash price of 98.9/99.3 to yield 9.3%/9.2%, wider than the 9.125% yield at the time of pricing on November 15.

Pakistan’s US$1.5bn 10-year conventional notes and US$1bn sukuk 2022s were trading near reoffer at a cash price of 100.1/100.2 and 100.2/100.3, respectively, while Union Bank of Philippines had widened to 128bp/123bp, according to Tradeweb.

The iTraxx Asian investment-grade index widened from the tightest level since mid-September, and was cited 1bp wider at 72.6bp/73.4bp, according to Thomson Reuters data.

Among the weaker performers on the regional CDS index were Reliance Industries and State Bank of India, which were trading 2bp wider.

Reporting by Frances Yoon; Editing by Dharsan Singh

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