HONG KONG, Oct 3 (IFR) - Asia's primary market took a
breather on Monday with China off this week for the National Day
Despite the lull in new issues, as well as lower trading
volumes, credits were bid fairly well with many names moving
The iTraxx Asia ex-Japan investment grade was 3bp tighter at
"It was a pretty stable day with most benchmark names
tighter," said a Singapore-based investment grade trader. "The
positive session on Friday in the US helped.
I think it would also be good to see a bit less supply this
week so the market can digest all of the new issues we've had."
Sinopec's 2026s were being bid about 3bp tighter to yield
2.98%, while long-dated sovereign bonds from the Philippines and
Indonesia were mostly unchanged.
CK Hutchison's new US dollar bonds were mostly unchanged,
trading around their offer prices.
High-yield names also fared reasonably well. Fantasia
Holdings' US$400m five non-call three bonds were about 3bp
tighter to yield 7.2%.
Recent Additional Tier 1 issues had a mixed session. Citic's
AT1 fell a quarter of a point in the morning session but
recovered somewhat by the afternoon and was being bid at 99.183,
according to Tradeweb.
China Cinda Asset Management's AT1 was spotted up about a
quarter of a point to 98.75.
(Reporting by Spencer Anderson; Editing by Vincent Baby)