HONG KONG, June 16 (IFR) - Asian credit markets were
marginally wider today as new issues had lacklustre
Traders said credit spreads were in general 1bp-2bp wider in
the investment-grade segment, partly driven by profit taking.
"Recent better-than-expected US economic data and further
Fed rate hikes down the road have prompted some to take profits
now," said a Hong Kong-based credit trader.
The Asia ex-Japan iTraxx investment-grade index was little
changed at 83bp/84bp.
Chinese oilfield equipment and services provider Hilong
Holding's new 2020s were quoted at 98.5/98.9 after being
reoffered at 99.390.
Hainan Airlines' US$300m 364-day notes, priced at par on
Thursday, were bid at 99.87 in cash price.
Greenland Holding Group's US$500m 363-day notes were spotted
around reoffer price.
Property developer Fantasia's 5.5% 2018 notes were bid at
100 in cash price after hitting 100.15 on Tuesday.
Oil and gas producer MIE Holdings' 7.5% 2019s were bid at
54.62 in cash price, down about 1.5 points since last Friday.
Fitch and S&P have cut MIE's issuer rating after the company
announced a cash tender offer for its senior unsecured notes due
2018 and 2019. The offer is seen as distressed exchange by the
two rating agencies.
(Reporting by Ina Zhou; Editing by Vincent Baby)