ASIA CREDIT CLOSE: Singapore Asian credit trading listless in New Year holiday mode
SINGAPORE, Feb 13 (IFR) - Unsurprisingly Asian credit markets traded out of Singapore were deeply illiquid in the morning session, with Hong Kong out on Wednesday and China out for the entire week and many Singapore brokers taking the week off.
A Singapore trader made a wide 110/115bp bid/offer on the iTraxx IG index, in reflection of the market's illiquidity.
Still, the emergence of $4.65bn of issuance in the US market on Tuesday, moreover with Arrow Electronics and National Fuel Gas managing to price at heavy negative new issue concessions, will have hearted the Asia DCM community as they look for a revival of the January issuance jamboree when the Lunar New Year celebrations come to a close.
The US market is expected to print $15bn this week, which if it happens, will create a positive tailwind for primary Asian credit.
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