August 18, 2017 / 9:38 AM / a year ago

ASIA CREDIT CLOSE: Korea CDS continues rebound

HONG KONG, Aug 18 (IFR) - Korean CDS spreads continued to tighten. Hyundai Motor’s 5-year CDS came in 10bp, while default protection costs for Posco and Kepco also tightened about 5bp.

Overall, Asian investment-grade CDS was 1bp-2bp wider from 82bp/84bp yesterday.

The bonds of and Lenovo were under pressure, after their weaker-than-expected earnings. Lenovo’s bonds were 8bp wider, said a Singapore-based trader, while the curve was little changed.

Vedanta Resources’ recently priced US$1bn 7NC4s were half a point lower. The weaker performance weighed on the overall India high-yield segment, which was a quarter of a point lower.

Reporting by Frances Yoon; Editing by Dharsan Singh

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