March 3, 2017 / 8:51 AM / 7 months ago

ASIA CREDIT CLOSE: Credit markets active; Mongolia in focus

HONG KONG, March 3 (IFR) - Asia credit markets were active on Friday as Mongolia’s new notes rallied in secondary trading.

Mongolia’s new 7-year bonds were at cash price of 107.5. The issue price for the new-money bonds (the $124m bonds that were not part of the DBM exchange) was 106.016.

New issues from Chinese financials and property developers also attracted investor attention.

“Market sentiment remained robust today with focus mostly on new issuers,” said a Hong Kong-based trader. He noted that China Cinda’s new 2020s tightened more than 20bp.

China Re’s new 2022s were bid at reoffer price, while China Everbright Bank’s new 2020s were slightly weaker, bid at 99.676 in cash price, according to Tradeweb.

Beijing Properties’ new 2020s were spotted around reoffer price, while China South City’s new 2020s were firmer, bid at a cash price of 99.7 (versus reoffer price of 98.986), according to traders.

The Asia ex-Japan iTraxx investment-grade index widened 1.3bp to 94bp/95bp. ICICI new 5.5-year notes were 2bp wider at Treasuries plus 137bp.

Reporting by Ina Zhou; editing by Dharsan Singh

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