January 25, 2018 / 9:38 AM / 7 months ago

ASIA CREDIT CLOSE: Credit diverges, as short end favoured

SINGAPORE, Jan 25 (IFR) - Asian credit saw mixed trading, with the short end favoured in the face of rising Treasury yields and unpredictable US policy.

The Asia ex-Japan iTraxx investment-grade CDS index tightened 2bp to 63.6bp/64.4bp.

Korea Southern Power’s three-year bonds have rallied to a Treasury spread of 78bp, from 90bp at issue.

Geely Auto’s five-year bonds slipped to Treasuries plus 136bp, 6bp wider than issue.

The Philippines’ 10-year bonds were bid at a cash price of 97.8 to yield 62bp over Treasuries, having priced at par and a 37.8bp spread earlier this month.

In high yield, Medco Energi’s 2025 notes, issued in a massively oversubscribed trade this week, had gained around an eighth at a cash price of 99.3.

Reporting by Daniel Stanton; Editing by Vincent Baby

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