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ASIA CREDIT CLOSE: Light trading due to regional holiday
July 29, 2014 / 9:27 AM / 3 years ago

ASIA CREDIT CLOSE: Light trading due to regional holiday

SINGAPORE, July 29 (IFR) - Secondary activities were thin today as markets in Malaysia, Indonesia, Philippines and India were all closed for public holidays.

The quiet trading was also a result of investors being cautious before a slew of data later this week from the US, including the release of its GDP numbers tomorrow, FOMC results on Thursday and non-farm payrolls on Friday.

The sentiment was a tad weaker in the investment-grade segment with the Asia ex-Japan iTraxx widening 2bp from Friday to 103bp-104bp.

Chexim’s newly printed 2019s and 2024s both weakened slightly to spreads of 94bp/92bp and 116bp/115bp, respectively.

Pertamina’s 2044s were marked up 25 cents as investors were drawn to the paper’s wider spread relative to Indonesian sovereign bonds. The 2044s were quoted at 104.75/105.25.

In the high-yield segment, Chinese developer KWG Property Holding attracted the most interest after it announced a new 5-year non-call 3 offering this morning. Prices on its existing 2019s and 2020s rebounded, after dropping in the morning, indicated at 102.5/103.5 and 100.5/101.5, respectively.

News that China had again given the green light for property developers to issue onshore bonds for the first time in five years failed to give the offshore market a boost. Most of property bonds remained unchanged.

Tata Steel’s newly issued two-tranche paper saw prices decline about 25 cents despite Moody’s saying it was reviewing the steelmaker for an upgrade.

Global Cloud Xchange’s bonds sold last week were flat at 102.5/103, despite news that China’s Citic Telecom planned to buy the under-sea cable operator.

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