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ASIA CREDIT CLOSE: CGNPC tightens in aftermarket
December 5, 2017 / 9:10 AM / 10 days ago

ASIA CREDIT CLOSE: CGNPC tightens in aftermarket

HONG KONG, Dec 5 (IFR) - China General Nuclear Power’s US dollar bonds gained after final pricing was viewed as offering a relatively high premium.

The US$350m five-year notes were 8bp tighter from final pricing of Treasuries plus 107.5bp, while the US$550m 10-year notes were 5bp tighter from a final T+140bp, according to a Singapore-based trader.

Supply pressures in the Chinese US dollar domain have prompted issuers such as CGNPC to offer high concessions to encourage demand.

“There’s been a bit of fatigue in that space and it’s not easy getting investors to work with us,” said a DCM banker.

The Republic of Indonesia’s new US$4bn jumbo also saw heavy two-way demand, but the notes were wrapped around reoffer.

A banker on the deal said the notes, particularly the 30-year tenor, were expected to trade more actively later in the day after 65% of that tranche was allocated to US investors.

Alibaba’s bonds were under selling pressure, returning recent gains since pricing last week. The 2047s and 2057s were a third of a point lower at 102.5/103.3 and 103.7/104.7, according to Thomson Reuters data.

Reporting by Frances Yoon; Editing by Vincent Baby

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