HONG KONG, April 15 (IFR) - Asian credits were mixed today
ahead of the Easter holidays with relatively short-dated bonds
apparently in vogue while the long tenors were in soft tone.
Newly priced KT Corp saw a slight tightening of the 3-year
bond from 100bp over US Treasuries at launch. However, the
5-year paper widened around 3bp from 110bp over US Treasuries at
Indian bonds recovered some ground after selloffs in the
past few sessions. State Bank of India 2019s were well bid at
around 224bp over Treasuries, and its 2024s hovered at around
240bp-245bp over, compared with yesterday's 250bp over.
Bank of East Asia's new bonds were seeing some profit taking
and stabilized at 205 over 2-year Treasuries. The paper was
priced at 165bp over 3-year Treasuries, or 209.5bp over the
Pakistan started to find support in the market after washing
out and the 5-year seemed to have buyers at 97.00/97.50.
As not much interest to trade Indonesian bonds was noted
today, they were in narrow range, with the sovereign's 2044s
quoted at 110.314/110.625 this afternoon from 110.495/110.880
yesterday. The Philippines' 2027s tightened slightly to
109.14/110.177 from 109.544 mid-price yesterday.
China's CDS was quoted at around 89bp today.
Sentiment in the high-yield sector remained cautious ahead
of expected large supply later this year.
The Asia ex-Japan IG iTraxx Index was quoted at 122.82bp at
around 4pm, Hong Kong time, about 1.5bp-2bp tighter than