SINGAPORE, Dec 13 (IFR) - Low year-end liquidity, ahead of
tonight's start of the Federal Reserve's policy meeting, meant
there were no sharp moves in Asian credits.
Bad news for individual credits did not move prices, as
investors held firm ahead of a probable rate hike in the US.
Even last Friday's vote to proceed with the impeachment of
Korean President Park Geun-Hye had little adverse impact on
The Republic of Korea's 5-year CDS actually tightened 6bp
over the past week, and was seen at 40bp today. Hyundai Motor's
5-year CDS moved in 5bp to 92bp in the past week and that of
Korea Development Bank tightened 4bp to 45bp.
The Asia ex-Japan iTraxx investment-grade CDS index was 1bp
tighter today at 119bp/121bp.
S&P cut its rating of Wanda Commercial Properties HK's
senior notes to BB from BB+, citing rising leverage at its
parent company. The downgrade failed to move its bonds, with the
2024s flat at a cash price of 107.7 to yield 5.9%.
Olam International's perpetual bonds callable in 2021 were a
quarter of a point higher today at 96.6 to yield 6.2%, even
after environmental group Mighty accused the company of clearing
forest land in Gabon to plant palm oil trees.
Olam said most of the land it had cleared in Gabon was
The Single B segment was in focus, as Shandong Ruyi
Technology marketed 3-year bonds, with expected ratings of B3/B-
(Moody's/S&P), at 8.375% area.
Another B3 rated Chinese offshore issue, a December 2018
note from Hydoo International, was quoted at a yield of 12%.
(Reporting by Daniel Stanton; editing by Dharsan Singh)