HONG KONG, May 22 (IFR) - Asia credit markets were firmer on
Monday with real-money accounts seen snapping up high-quality
Regional equity market also rallied with the MSCI's broadest
index of Asia-Pacific shares outside Japan rising 0.9% today on
the back of gains in Australia and Hong Kong stocks.
"Market sentiment was fairly good today with strong flows
from Asian real-money accounts," said a Hong Kong-based
investment-grade credit trader. "Highly rated credits, including
some utility names, were in favour."
The iTraxx Asia IG Index was 0.12bp tighter at 89bp/90bp.
CCB Life Insurance's 4.50% 2022s were bid at 101.70, while
China Southern Power Grid's 3.50% 2027s were bid at 99.378.
China Evergrande's 9.50% 2021s traded up half point at
110.75 in cash price. Last week, S&P upgraded its long-term
corporate credit rating on China Evergrande to B from B-, citing
the issuer's improved liquidity and strong sales.
State-owned Indonesian electricity company Perusahaan
Listrik Negara's 5.25% 2047s rose to 100.05 in cash price from
Friday's close of 99.89 on news of S&P's promotion to IG its
rating of the Republic of Indonesia, according to Tradeweb.
Last Friday, S&P raised Indonesia's long-term sovereign
credit rating to BBB-, with a stable outlook, from BB+, becoming
the last of the three major agencies to do so. Moody's rates
Indonesia Baa3 and Fitch rates it BBB-.
(Reporting by Ina Zhou; editing by Dharsan Singh)