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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 last week.
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 at par.
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 spread.
Reporting by Daniel Stanton; Editing by Vincent Baby