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ASIA CREDIT CLOSE: Credits flat, with new issues mixed
November 23, 2017 / 8:41 AM / 21 days ago

ASIA CREDIT CLOSE: Credits flat, with new issues mixed

HONG KONG, Nov 23 (IFR) - Asian credit markets were little changed on Thursday as new issues posted mixed performances.

Qingdao City Construction Investment’s new dual-tranche US dollar bonds were seen 10bp tighter and Binhai Investment’s new 2020s gained one-fifth of a point, according to traders.

Orient Securities’ new 2022s, meanwhile, were spotted 4bp-5bp wider.

Export-Import Bank of China’s new five-year US dollar notes were marginally above par and its new 10-year paper traded slightly under water, they said.

“Given the heavy supply from Chinese issuers, investors have been asking for higher premiums and becoming more selective on names,” said a syndicate banker.

The Asia ex-Japan iTraxx investment-grade CDS index tightened 1.6bp to 75bp/76bp.

Times Property’s new 5.25-year US dollar bonds were bid at 99.50 in cash price after being priced at 99.90 on Wednesday.

Powerlong Real Estate’s 5.950% 2020s fell slightly in cash price to 99.50. S&P on Tuesday upgraded the Chinese developer to B+ from B on expectations that the company would continue to deleverage over the next two years.

Reporting by Ina Zhou; Editing by Dharsan Singh

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