SINGAPORE, Feb 9 (IFR) - Chinese property credits
outperformed in the Asian secondary market, gaining a quarter to
half a point today.
The strong performance helped lift China Singyes Solar's
newly priced 7.95% 2019s by 1.0-1.5 points from reoffer price at
"Some profit-taking is seeping in, but the tone is very
constructive - the whole property segment is supported by
reports that an analyst on the equity side had upgraded the
entire sector," said one high-yield trader.
The positive sentiment is timely for Future Land's ongoing
marketing of US$350m 3-year bonds at price guidance of 5.625%.
The yield curve of the Republic of Indonesia received a
boost from Moody's upgrade of its outlook on the sovereign to
Cash prices rose half a point to 1 point, but came off a
touch in the afternoon. The RoI's 5.25% 2047s, priced in early
December at a reoffer at 99.246, was quoted at 107.2/107.8.
However, the feel-good sentiment did not rub off on Pakuwon
Jati's 2024s, which priced yesterday at par with a yield of 5%.
The bonds, perceived to have been priced too tightly, were
quoted at slightly below par.
Asian credit spreads were flat with the iTraxx Asia
investment-grade index at 107bp/109bp.
Indonesia's outlook upgrade helped tightened its 5-year CDS
by 7bp in the morning to 135bp/139bp, but gave up some gains
mid-afternoon to 137bp/141bp.
(Reporting by Kit Yin Boey; editing by Dharsan Singh)