HONG KONG, April 8 (IFR) - Asian credits were slightly
firmer across the board today, in anticipation of a busy session
before the Easter holiday.
Asian sovereign bonds remained the talk of the markets as
Sri Lanka came in with a USD500m offering yesterday, with
Pakistan set to price its dual-tranche issue later today.
The new Sri Lanka 2019s strengthened to 100.50 from par at
launch last night.
Among others, Indonesian bonds were well bid with the
sovereign's 2044s rising to 110.06/110.27 this afternoon from
109.5/110 yesterday. Philippines 2027s did not do too badly at
109.657 mid-price today, from 109.375 yesterday.
China's CDS tightened 2bp to 90bp as sentiment improved
today, with the Hang Seng Index gaining over 200 points, or
Some bottom fishing in PRC property bonds was noted. Country
Garden's 2021s were little changed at 93.5/94.5, but its 2018s
rose to 109.01/109.81 from 108.88 yesterday. Wanda 2018s were
also a tad firmer at 97.99/98.37 today from 97.87 yesterday.
The Asia ex-Japan IG iTraxx Index was quoted at 122.5bp at
around 4pm, Hong Kong time, about 2bp tighter than Monday.