SINGAPORE, Jan 9 (IFR) - Asian credit was a little quieter
today, as Japan took a holiday and the market braced for an
expected rush of supply ahead of Lunar New Year at the end of
The Asia ex-Japan iTraxx investment-grade index was 1bp
wider at 114bp/116bp.
All eyes are on potential new sovereign issues, as the
Republic of Korea meets investors this week.
Among Korean quasi-sovereign issuers, Korea Development Bank
had September 2022s flat today at Treasuries plus 93bp and
Export-Import Bank of Korea's April 2022s were unchanged at
The Philippines' January 2021s were 2bp wider, but still
extremely tight, at Treasuries plus 14bp. Indonesia's January
2022s gained a third of a point to 101.1, yielding 3.5%, after
it asked banks to pitch for underwriter roles on a new sukuk.
High-yield Asian sovereigns were mixed. Mongolia's December
2022s gained half a point to 88.1, yielding 7.7%, Vietnam's
January 2020s were flat at 109.2 to yield 3.5%, and Sri Lanka's
January 2022s were half a point lower, at 101.0, yielding 5.5%.
A high-yield trader said activity had slowed since last
week. China Aoyuan Property's 2020s were flat at a cash price of
100.7 to yield 6.1% and Vanke Real Estate's 2019s were also
unchanged at 101.0 to yield 3.6%.
(Reporting by Daniel Stanton; Editing by Vincent Baby)