HONG KONG, March 10 (IFR) - Asia credit markets recovered
some of the ground lost yesterday, but investors remained
cautious ahead of the US jobs report later today.
"The market was resilient and new issues recovered today
after being hit hard yesterday," said a Hong Kong-based
"Risk-off sentiment persisted ahead of an expected US Fed
rate hike next week. Although selling pressure eased
significantly from yesterday, few investors came forward to
place bids," said another trader.
The iTraxx Asia IG index was seen 4bp wider in the morning,
but rebounded to be 1.65bp tighter at the time of writing.
Lenovo's new 2022s traded down 1bp, while its perpetual
non-call five notes hit a low of 99.375 in cash price (versus
reoffer price of 99.806) this morning, but recovered in the
afternoon on interests from private banks, traders noted.
In the high-yield sector, Kangde Xin's new 2020s were bid at
101 in cash price after being priced at par yesterday, traders
The news that South Korea's Constitutional Court removed
President Park Geun-hye from office did not move Korean
sovereign US$ bonds.
Korea's 2027s, issued in January at US Treasuries plus 55bp,
were quoted at 52bp over Treasuries, according to Tradeweb.
(Reporting by Ina Zhou; editing by Dharsan Singh)