September 27, 2017 / 9:07 AM / a year ago

ASIA CREDIT CLOSE: Korean credits settle after N.Korea rhetoric

HONG KONG, Sept 27 (IFR) - Korean credits settled in secondaries a day after a further escalation of tensions between the United States and North Korea.

KNOC’s US$285m 3.0% 2022s were 3bp tighter at 131bp/119bp, while Hyundai Motor’s 2.75% 2020s were also 5bp tighter at 120bp/115bp, according to Tradeweb.

North Korea’s foreign minister said on Monday President Donald Trump had declared war on the country and that Pyongyang reserved the right to take countermeasures, including shooting down US bombers.

Samsung Electronics’ CDS was 3bp tighter, while Kexim’s and KDB’s CDS were unchanged to 1bp wider, according to Thomson Reuters data.

The iTraxx Asia ex-Japan investment-grade CDS index was cited at 82bp/83bp.

Demand for Indian CDS supported Bank of India and Reliance Industries’ five-year credit protection costs, with swaps coming in 5bp and 3bp respectively.

Country Garden’s 5.625% 2026s were a quarter point higher at 105.45/105.8, although the short end of the curve was unchanged to a touch weaker, according to a Hong Kong-based trader.

The Chinese real estate developer’s curve is trading at cash prices of 103.59-105.55, according to Thomson Reuters data.

Reporting by Frances Yoon; Editing by Vincent Baby

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