February 22, 2017 / 8:28 AM / 9 months ago

ASIA CREDIT CLOSE: Credits feel benefit of US rally

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below