August 21, 2017 / 7:45 AM / a year ago

ASIA CREDIT CLOSE: Asian credits largely unchanged in subdued trade

SINGAPORE, Aug 21 (IFR) - Asian credits were broadly flat in thin trade on Monday.

“The market is subdued, but will look for directions when London and the U.S. markets open,” said one Singapore-based trader.

Asian equities were mixed with Japan and South Korean stocks down 0.4 pct and 0.08 pct, respectively. In contrast, the Hang Seng Index was 0.5 pct up, while Chinese shares were 0.57 pct higher.

Credit traders reckoned that fears of a North Korean response to the U.S.-South Korean military exercises had abated slightly as the only US dollar issue launched today in Asia was dual-trancher from South Korea firm Hyundai Capital.

In the high-yield segment, Cifi Holdings’ perpetual non-call five have gained to 99.9/100.2 since last week’s dip of a quarter point after pricing at par.

Greenland’s 4.85 pct 2020s were still holding up at 100.6/100.9 above reoffer at 99.862.

Elsewhere, Cheung Kong Infrastructure’s fixed-for-life perpetual non-call five continued to be under water with quotes at around 98.75, below reoffer at par.

Bankers said the weak performances reflected not only tight pricing, but also a decline in investor appetite for fixed-for-life perps in Asia.

Other fixed-for-life perps were also performing poorly. Cheung Kong Properties’ 4.6 pct perpetual non-call three remained weak at 98/98.375, while Road King’s 7 pct perpetual non-call three was indicated at 97.00/98.00.

Reporting by Kit Yin Boey; Editing by Dharsan Singh

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