November 26, 2012 / 9:36 AM / 5 years ago

ASIA CREDIT CLOSE: Asian credits tighten, China property bid up

HONG KONG, Nov 26 (IFR) - Asian credits were bid tighter on Monday and the appetite for risk saw buying in China property high-yield names.

Gemdale 17s were at 103/104, a strong rebound from the falls to around 97.75 as risk aversion hit high yield credits more than others. The Gendale bonds were priced at par two weeks back. Longfor 2019s were at 102/103.

“The market is holding up today and China property bonds are being quoted up, showing that risk is back on,” said a Hong Kong-based trader.

In the industrial bonds space, Hidili’s 2015s had dropped 6.5 points to 72-74 this morning after a mining accident in Guizhou, but later recovered to 76-77 after concerns eased about its operations being affected, traders said.

ICICI Bank announced a USD250m Reg S tap of its 2018 bonds earlier today. The outstanding bonds were at T+336-331bp but were quoted at T+330-320bp when the new trade was announced this morning at a guidance of T+350bps area. The outstanding notes saw a good two-way flow as some investors sought to switch from old bonds to new ones that were being offered at a wider spread.

The Asia iTraxx IG Series 18 index was about 3bp tighter at 113bp/115bp.

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