November 29, 2017 / 8:06 AM / 10 months ago

ASIA CREDIT CLOSE: Credit mixed; Alibaba in focus

HONG KONG, Nov 29 (IFR) - Asian credit markets were mixed on Wednesday with attention focused on Alibaba Group Holding’s first offering of US dollar notes in three years.

The Chinese e-commerce conglomerate is marketing the SEC-registered notes in maturities of 5.5, 10, 20, 30 and 40 years.

“All eyes were on Alibaba today, as it is a quality name favored by many investors,” said a Hong Kong-based investment-grade trader.

Alibaba’s 2.50% 2019s were bid 3bp-4bp wider and its 4.50% 2034s widened by 1.5bp, according to Tradeweb.

The Asia ex-Japan iTraxx investment grade CDS index was 1.6bp tighter at 72bp/72.7bp. Chinese property developers were actively traded. China Vanke’s 3.975% 2027s were slightly wider, being bid at 99.70 in cash price.

New issues from Chinese local government financing vehicles outperformed, traders noted, as they tended to be more generous on pricing.

Inner Mongolia High-Grade Highway Construction and Development’s new 2020s were seen 7bp tighter, having been priced at Treasuries plus 265bp.

Reporting by Ina Zhou; Editing by Vincent Baby

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