SINGAPORE, July 3 (IFR) - The Asian credit market looked little changed today, but trading was active, with a constructive tone.
"People are bunched into the same old things, but they are looking to buy anything that has dipped below par," said an investment grade trader.
"Koreans are buying the Koreans, and Chinese investors are sticking to China. People are not over-reacting, but they are looking to buy."
The Asia ex-Japan iTraxx investment grade CDS index was flat at 86bp/87bp, ahead of a US public holiday tomorrow.
Reliance Industries' 2025 notes were at Treasuries plus 149bp and State Bank of India's 2024s at plus 136bp, each 1bp wider, as India's new general sales tax took effect, with some questioning whether it will add to inflation.
Global Logistic Properties' 2025 bonds were flat at Treasuries plus 248bp, after it said it was evaluating firm proposals for its business from short-listed bidders.
Indonesia's 2027 bonds tightened 2bp to Treasuries plus 148bp, or a yield of 3.8%, as it began European roadshows for a possible euro or US dollar sovereign issue.
In high yield, Road King Infrastructure's perpetual bonds callable in 2022 dropped nearly a point to a cash price of 101.9 today, after its toll-road subsidiary dropped immediate plans for a Hong Kong IPO of up to US$295m.
Kaisa Group's 2024 bonds were quoted unchanged at a cash price of 100.75 to yield 9.2%, while China Evergrande's jumbo 2025 tranche jumped three-quarters of a point to 98.25, yielding 9.1%.
Reporting by Daniel Stanton; Editing by Vincent Baby