SINGAPORE, Oct 5 (IFR) - Asian credits were relatively
unchanged in quiet markets with major Chinese players still out
for the week-long National Day holidays.
The market tone was still fairly firm, though there were
less trades relative to yesterday's busy sessions.
"I thought the rate volatility might bring out more activity
and the back-up in rates would see more buyers," said one
trader. "The bids have been very selective, though there has
been no sell-off."
Asian credit spreads were about 1bp tighter with the iTraxx
Asia investment-grade index at 100bp/102bp.
High-grade cash bonds in the region were generally flat, but
Korea Housing Finance Corp's 2021s, which priced yesterday at
85bp over US Treasuries, saw a solid bounce to 80bp/79bp.
Other recently priced bonds were not performing as strongly
today. The China Citic perps were quoted at cash prices of
99.5/100.00, unchanged from yesterday. The 4.25% notes were
priced at par last week.
Hutchison's new notes of five and 10 years were unchanged
The 2021s were seen at 88bp/86bp, tight to reoffer spread of
90bp, while the 2026s were at 128bp/125bp against reoffer of
(Reporting by Kit Yin Boey; editing by Dharsan Singh)