SINGAPORE, Feb 6 (IFR) - Asia's primary markets resumed full
operations today after the Lunar New Year holidays, but
secondary trading was tighter even with the promise of heavy
"There is not much of a supply so far," said a credit
trader. "Markets are still feeling constructive. Sovereigns are
still grinding tighter, but, apart from that, people are still
waiting for more news and greater clarity on what is coming."
Indonesia's bonds of 5 and 10 years were flat after the
sovereign reported underwhelming growth figures, but its 2047
bonds jumped nearly a point to a cash price of 104.8 to yield
4.93% on reduced inflation expectations.
GDP grew an annual rate of 4.94% in Q4, down from an annual
5.01% in the preceding quarter.
The Philippines' recently issued 2042s tightened 6bp to
3.79%, while Korea's 2027s opened wider before tightening 4bp to
US Treasuries plus 50bp, according to Tradeweb.
Bank of China's July 2021s were seen at Treasuries plus
157bp, as Shanghai Pudong Development Bank marketed the first
offshore offering from a Chinese commercial bank year to date.
In high yield, Vedanta Resources' 2022s edged up a quarter
of a point to 100.1, yielding 6.14%, as two other high-yield
issuers came to market.
(Reporting by Daniel Stanton; editing by Dharsan Singh)