ASIA CREDIT CLOSE: Soft tone in quiet trading
SINGAPORE, Nov 4 (IFR) - Trading in Asian credit markets was quiet on Monday, with Japan and India out for public holidays. Illiquidity was the order of the day.
The iTraxx Asia IG index was 5bp wider versus Friday's close, at 136bp/139bp, although few significant positions were established, according to a Hong Kong-based syndicate head. Asian primary markets reflected the general malaise, with one announced issue, South Korea's Hana Bank's 3-year floating-rate note.
Investment-grade names were unchanged to 5bp wider on the day, with high-yield bonds shedding between an eighth to a quarter point. China property bond prices were largely unchanged.
The two secondary standouts today were the new bonds from Vingroup and Anton Oilfields, which each added an eighth to their solid performance at the end of last week.
Vingroup was closing at 101 and Anton Oilfields at 101.125 bid today. Private banks were adding to their positions in Anton bonds, the syndicate head said.
Meanwhile, the market's stomach for high beta new issues seems less than strong. The recently issued Chalco perpetual has slipped to 99.25 bid, having priced at par two weeks ago, while China Citic Bank's Basel III-compliant Reg S bond was back to a par bid after trading as high as 100.625 on Friday, a day after pricing.
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