ASIA CREDIT CLOSE: Credits mixed, supply pressure remains in HY
HONG KONG, Jan 22 (IFR) - Asian credit markets posted a mixed performance on Tuesday in both newly priced deals as well as in the investment grade and sovereign space.
The relentless supply pressure continued in the high yield markets with three more deals announced from Hengdeli, DBA Communications and Longfor. This was on top of three deals that priced yesterday, which were able to stay afloat in the deluge of supply.
Central China Real Estate's bonds were trading at 101.75, above reoffer price of par, while China SCE was at 107.875, which was a tad weaker than the reoffer price of 108. China Aoyuan were quoted at 106.5/106.75, slightly below reoffer of 106.668.
Hidili 15s stood out as they traded down 3-4 points after reporting weak 4Q operation data and profit warning.
The Asia IG index was flat to around 3bps wider in general. In sovereign cash, Philippines continued to trade weak and was another 0.25 pt lower while Indonesia was largely unchanged.
Traders said they were looking for relative value relationships to trade in the mixed market.
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