October 15, 2015 / 8:08 AM / 2 years ago

ASIA CREDIT CLOSE: Strong gains for recent issues buoy market

SINGAPORE, Oct 15 (IFR) - The market tone was good today, with credits tightening 2bp-3bp, with new benchmark investment-grade and sovereign issues leading the way.

Fiji’s 2020s were close to reoffer at 99/100, but Pakistan’s recent 10-year bonds made huge gains since pricing at par three weeks ago, and were quoted at 105.4/105.9.

CDS for Indonesia and Malaysia were each 8bp tighter, at 211bp/217bp and 198bp/204bp, respectively. The broader iTraxx Asia ex-Japan IG index was 2bp tighter at 139.5/141.5.

China Development Bank’s 2020s tightened 7bp to Treasuries plus 97bp, more than 20bp inside the pricing earlier this month.

Jababeka International’s 2019s gained half a point to 93/94, while Noble Group’s 2016s fell half a point to 93.5/96.5. Chinese property bonds were largely flat, though China Aoyuan Property’s 2019 notes gained half a point to 104.1/105.0.

Reporting by Daniel Stanton; editing by Dharsan Singh

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