SINGAPORE, Feb 20 (IFR) - Asian credits were broadly
unchanged in muted markets with a positive undertone as a result
of firmer regional equities.
The Nikkei ended trade today up a marginal 0.09%, while the
Hang Seng was rising 0.6%.
"The credit markets are pretty dead today with US Treasuries
shut for the US Presidents' Day holiday," said one
In investment grade, new issues from China were holding up
well. Huawei's 3.25% 2022s were seen at 129bp/126bp, against
reoffer spread of 132.5bp over US Treasuries, while its 4.0%
2027s were at 160bp/157bp, versus reoffer at 162.5bp.
ICBC's 2.875% 2022s were quoted at 107bp/105bp.
High-yield issuer Qinghai Provincial's 7.25% 2020s,
reoffered at par, were still performing strongly with quotes at
Mongolia bounced on positive news that the government had
signed a financing agreement with the International Monetary
Fund. The agreement is for a total external financing package of
Development Bank of Mongolia's March 2017 bonds, a proxy for
the sovereign, were trading up 2 points to 99.400 in early
Monday trading, according to Tradeweb.
Asian credit spreads were flat with the iTraxx Asia IG index
(Reporting by Kit Yin Boey; editing by Dharsan Singh)