SINGAPORE, May 18 (IFR) - There was a sea of red across the region as equities fell amid weak sentiment attributable to rising overnight political uncertainties in the United States.
Japan led the tumbling share prices as the Nikkei lost 1.32%. The Hang Seng was down 0.6% and Chinese stocks were 0.4% lower.
Asian credit spreads were flat with the iTraxx Asia investment-grade index hovering around 92bp/94bp.
New issues were underperforming, pulled down slightly on the generally soft markets. Sinochem’s 2022s, priced yesterday at a reoffer spread of 130bp over US Treasuries, were indicated around par at a range of 133bp/128bp.
BOC Aviation’s 2022s wobbled at 134bp/132bp, widening after being priced yesterday at reoffer spread of 130bp.
Perpetual bonds that three Hong Kong issuers recently sold put in mixed performances.
Sun Hung Kai Properties’ 4.45% perpNC3 were indicated at 99.7/100, a touch lower than reoffer at par, while Cheung Kong Property’s 4.6% fixed-for-life perpNC3 were at 99.79/100.03, just below reoffer at par.
Against such pallid performances, CK Hutchison’s 4% perpNC5 were rallying well. The perps, priced last week at par, were quoted at 100.445/100.631.
Reporting by Kit Yin Boey; editing by Dharsan Singh