SINGAPORE, April 3 (IFR) - High-yield issuance shows no sign
of slowing in Asia, with Indika Energy testing the market with a
Triple C rating dollar offering today.
Most high-yield names held up in secondary trading today,
but some sold off heavily.
"Most high-yield credits are unchanged, but some industrial
names are lower," said a credit trader. MIE Holdings bonds were
around 2.5 points lower, as concerns mounted about its ability
to refinance its 2018 and 2019 bonds.
China Hongqiao Group's 2017s and 2018s dropped around 4
points after it said there would be a delay in filing its
full-year 2016 results, due to an investigation into issues
raised by its auditor, and to address claims made by
Hongqiao also said it planned to sue Emerson Analytics,
which published a research report critical of the company.
The Asia ex-Japan iTraxx investment-grade index was half a
basis point tighter at 93bp/95bp.
The cost of 5-year CDS for South Korea was flat, despite
comments by President Trump over the weekend that the US would
"solve" North Korea by itself if China would not apply pressure.
In high grade, CK Hutchison's 2027 bonds were seen flat at
Treasuries plus 115bp, while its 2022s were 1bp tighter at
Treasuries plus 94bp.
(Reporting by Daniel Stanton; Editing by Vincent Baby)