HONG KONG, June 2 (IFR) - Asia credit markets were slightly
firmer on Friday with Chinese property developers back in
"We saw lots of bids today towards Chinese developers,
including names like KWG and Evergrande. It seems investors have
put aside for now worries over regulatory tightening," said a
Hong Kong-based credit trader.
He noted that overall Chinese property names rallied 25
cents. KWG's 6% 2022s were bid at 101.87 in cash price after
closing at 101.62 yesterday.
The trader also observed that the recent liquidity crunch in
offshore renminbi in Hong Kong continued to prompt sell-offs on
Dim Sum bonds, although the CNH liquidity eased up today.
The CNH Hong Kong Interbank Offered Rate benchmark (CNH
Hibor), which the city's Treasury Markets Association set, fell
to 8.67550% for overnight contracts on Friday from the previous
fix of 42.81500%, which was the highest since January 6.
The iTraxx Asia investment-grade index was 0.13bp tighter at
87/88. The Export-Import Bank of China's new dual-currency issue
was spotted 1bp tighter on both the US dollar and euro tranches.
The Republic of Maldives' new 2022s were bid at 101 in cash
price after being priced at par on Wednesday. Dr Peng Telecom &
Media Group's new 2020s traded above water, bid at 101.25.
(Reporting by Ina Zhou; editing by Dharsan Singh)