SINGAPORE, June 26 (IFR) - Asian credits were generally flat
in the absence of a new catalyst to drive the markets. Sentiment
was a little softer, despite a promising start following an
overnight rebound on Wall Street.
Equities were slightly higher in the region with Hong Kong
stocks rallying 1.45%. The gains were less in Korean and
Japanese stocks, which closed 0.6% and 0.27% higher,
The iTraxx Asia IG index was unchanged at 99bp/101bp.
Cash markets were subdued, with little trade flowing. "There
were private bankers adding Greenland, but not much trade in
other things," said one trader.
Greenland priced two tranches of 2019 and 2024 bonds to
yield 285bp and 341.2bp over US Treasuries, respectively. In a
muted market, the two issues softened marginally. The 2019s
widened to 290bp, while the 2024s were flat at 341bp.
Surprisingly, high-yield Indonesian Pakuwon Jati continued
to see bidding interest in the secondary after pricing 5-year
bonds at par yesterday. The new 2019s priced at a cash price of
"The secondary market in Asia has seen a bit of volatility
this week on some profit-taking and noises from the global
markets, but one thing is clear through all that, and that is
people are still keen to buy into Asian bonds," said one debt
Other new issues were holding up. Kogas 2026s were indicated
at 88bp/83bp, while Krung Thai Bank's Tier 2 callable in 2019
held on to gains at 332bp/335bp. Hongqiao 2017s were quoted at