SINGAPORE, Jan 3 (IFR) - Asian credits made a quietly
positive start to the year, although volumes were down with
Japan still on holiday.
The Asia ex-Japan iTraxx investment-grade index tightened
1bp to 119bp/121bp.
Yingde Gases Investment's offshore bonds rebounded after it
repaid a HK$820m (US$106m) bank loan due today, having arranged
a new facility.
The new HK$820m bank loan is secured against onshore pledged
deposits and the company has said the interest rate was about
twice that on the old facility.
CreditSights wrote that the new loan, with a 1-year term,
was from Shanghai Pudong Development Bank.
Lucror Analytics wrote that "that the main concern is the
debt service of the USD notes and the maturity cliff of the
US$421m (Rmb2.9bn) notes outstanding in April 2018".
Yingde's 8.125% 2018s were bid at 89.25 today, up 10 points
from the last trade on Thursday, and its 7.25% 2020s also gained
10 points to 85 bid.
Fitch upgraded China Aoyuan Property to BB- from B+, citing
an improvement in contracted sales and quick turnover. Its 2019s
were flat at 105.9, yielding 7.9%.
Kaisa Group's 2021 bonds were down around 4 points from last
week, at 92 bid, after the company announced there would be a
further delay in publishing its 2014 and 2015 annual results.
China Minsheng Banking's unrated AT1 dollar bonds were seen
at 99 bid, down from the issue price of par.
(Reporting by Daniel Stanton; editing by Dharsan Singh)