SINGAPORE, March 24 (IFR) - Asia's hot streak for high yield
continued, but mixed performances in secondary trading showed
investors differentiating between credits.
China Evergrande made a surprise return to the market today
with a quickly-priced US$1bn seven-year non-call four offering.
That was thought to have been prompted by pent-up demand
from under-allocated investors in its US$1.5bn trade this time
Evergrande's bonds priced last Friday were still trading
well, despite the new supply: the 2020s were seen at a cash
price of 101.25 and the 2022s at 101.5, both having been issued
China Zheshang Bank's new AT1 bonds were seen around
reoffer, while Emperor International's new five-year was a point
lower at 99.
Indonesian textile producer Sritex's new 2024s dropped an
eighth today, and were quoted at a cash price of 98.5, having
priced at 99.32.
The Asia ex-Japan iTraxx investment-grade index was 1bp
tighter today, at 82bp/83bp, but some aversion to longer tenors
could be seen.
Korea National Oil Corp's 2022s were flat at Treasuries plus
95bp today, having printed at plus 100bp, while its new 2027s
were at plus 99bp, flat today but 6bp wider than the reoffer
(Reporting by Daniel Stanton; Editing by Vincent Baby)