April 6, 2017 / 9:05 AM / 5 months ago

ASIA CREDIT CLOSE: Sinopec skids in stable secondary market

SINGAPORE, April 6 (IFR) - Asian credits were broadly unchanged in stable markets despite dampened sentiment from overnight losses on Wall Street.

The iTraxx Asia IG index was indicated at 95bp/96bp, flat to yesterday.

"The markets seem strangely quiet even though other traders are around," said one high-yield trader. "I don't know if it is a hangover from the Hong Kong holiday on Tuesday, or if everyone is preparing for the Rugby Sevens this weekend."

The main event was a widening of Sinopec's jumbo four-tranche issue. The new 2020s, 2022s, 2027s and 2047s were out by around 5bp in the afternoon, although the notes had recouped some losses after trading 7bp-10bp wider this morning.

"That seems to be a combination of the overnight soft markets and the tight pricing that the Sinopec bonds arrived at," said one high-grade trader.

"But they seem to be settling and there is active two-way flow in the notes."

Two-way flows were also seen in the high-yield area where credits were unchanged to slightly firmer.

JSW Steel's 5.25% 2022s were quoted at a touch below reoffer price at par, while Jingrui's 2020s were seen around the reoffer price of 99.345.

Indika's 2022s, priced at 99.688, were still under water but holding steady at 99.338/99.592.

Reporting by Kit Yin Boey; Editing by Vincent Baby

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