December 15, 2017 / 8:11 AM / a month ago

ASIA CREDIT CLOSE: Credit quiet, new issues mixed

HONG KONG, Dec 15 (IFR) - Asian credit markets were quiet on Friday after a crowded week for Chinese issuers.

“I think it is unlikely that new deals will hit the market next week. Investors have closed theirs books and are off on holiday,” said a Hong Kong-based syndicate banker.

However, the pipeline of China issues remain strong for early next year as the National Development and Reform Commission has registered 53 planned offshore bond issues since November 10.

The iTraxx Asia ex-Japan IG index was 1.6bp tighter at 69.50bp/70.50bp.

New issues posted mixed performances. China Fortune Land Development’s new US$500m bonds traded up at a cash price of 100.25/100.45 after being priced at par yesterday.

Shandong Hi-Speed Group’s new 2020s traded below par, quoted at 99.65/99.95 in cash price.

China Orient Asset Management’s new multi-tranche offering was mixed in secondary trading. The three-year floater tranche was seen 1bp wider, the 10-year fixed-rate tranche 2bp-3bp tighter and the perpetual non-call five gained 0.3 point.

HNA Group’s US$300m 8.875% 2018s were little changed after the company said today that it had repurchased some of its bonds and planned to buy back more in the future. The 2018s were quoted at a cash price of 97.125/99.375, according to Tradeweb.

Sunac China Holdings’ 6.875% 2020s and 7.95% 2022s were slightly wider, being bid at cash prices of 98.512 and 100.254 respectively.

The developer said today it would sell HK$7.82bn (US$1bn) of new shares to its major shareholder, the second share placement in five months after it vowed to slash its debt ratio.

Reporting by Ina Zhou; Editing by Vincent Baby

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