SINGAPORE, March 23 (IFR) - Asian credit moved sideways in an active but mixed market today, as four new deals started bookbuilding.
Investors took different views of the two big deals priced last night.
China Zheshang Bank's new US dollar Additional Tier 1 bonds were softer today as the market struggled to digest the US$2.175bn size, while the Republic of Indonesia's combined US$3bn five and 10-year sukuk tranches were 30-50 cents higher after the offering closed multiple times subscribed.
The Asia ex-Japan iTraxx investment-grade index was flat at 83bp/85bp, but more than 10bp tighter since the start of the month.
In investment grade, Korea National Oil Corp's 2022s and 2027s were each 1bp wider today at Treasuries plus 97bp and 100bp, respectively. Indian bank ICICI's five-year notes gapped 3bp to Treasuries plus 137bp, while Korean bank CDS tightened.
In high yield, Guorui Properties' 2020s dropped an eighth of a point, to 100.125.
China Evergrande's recent three-year and five-year non-call three issues were up from reoffer, at cash prices of around 101 each.
Noble Group's 2022s were flat today, but have slipped to a cash price of 97.7, from an issue price of par two weeks ago.
Reporting by Daniel Stanton; Editing by Vincent Baby