HONG KONG, Sept 29 (IFR) - Asian credits were firmer on
Thursday, led by oil names as crude prices jumped after OPEC
members agreed to curb output for the first time since 2008.
"Oil producers such as Sinopec were seen 2bp-3bp tighter,
but the overall tone remained soft," said a Hong Kong-based
investment grade trader.
"This week has seen a heavy supply of deals and investors
are generally cautious towards the end of a quarter, denting
sentiment," he said.
The Asia ex-Japan iTraxx investment grade index was 1.7bp
tighter at 100.25bp/102.25bp.
Newly launched notes posted mixed performances. China
Construction Bank's 2019s were bid at 99.84, still below reoffer
price, while Fantasia's new 5NC3 notes were spotted at 100.99.
Hsin Chong's 8.50% 2019s tumbled to around 75, according to
Tradeweb, following the publication of a report by independent
research organisation Anonymous Analytics on Wednesday.
The group, which identifies itself as "a faction of
Anonymous", accuses Hsin Chong of misleading investors about the
viability of its biggest properties and of being a "dumping
ground for problematic non-revenue generating development
properties at the expense of minority shareholders".
In a statement in response, Hsin Chong disputed the
allegations and said the challenges faced by the property
development sector in China was commonly known to Hong Kong
It encouraged them to "continue to exercise their
independent judgment when dealing in the company's securities."
(Reporting by Ina Zhou; Editing by Vincent Baby)