HONG KONG, Feb 22 (IFR) - Asian credit markets rallied substantially today, spurred on by another strong day on US markets.
The iTraxx Asia ex-Japan investment grade was over 6bp tighter in the earlier part of the day, but eased off slightly and by the afternoon was closer to 4bp tighter at 94.00/95.833.
The sharpest movements among the index's constituents came from Hyundai Motor, which was 11bp tighter, and India's IDBI Bank, which was 10bp tighter.
Recent investment-grade issues were bid slightly higher in secondary. Korea Development Bank's three new tranches were about 1bp-2bp tighter, while Hong Kong's 10-year sukuk came in by about 3bp.
Spreads on Citic's recent 2022 and 2027 bonds each came in about 2bp.
High-yield names were also tighter. Road King's fixed-for-life perpetual rose about a tenth of a point, while yields on Future Land Development's 2020 bonds were 3bp tighter.
Reporting by Spencer Anderson; Editing by Vincent Baby