February 2, 2018 / 9:34 AM / 6 months ago

ASIA CREDIT CLOSE: Cinda bonds gain in subdued regional trade

SINGAPORE, Feb 2 (IFR) - Asian credits were flat in thin muted trade flows ahead of the release of US non-farm payrolls figures later tonight.

“The market is quite subdued mainly because of the volatility in the US Treasury yields,” said one trader. Overnight long-term UST yields had surged with the 10-year and 30-year levels rising 6bp and 7bp, respectively.

The muted trade was reflected in Asian credit spreads as the iTraxx Asia ex-Japan investment-grade index, at 64bp/65bp, was largely unchanged from yesterday’s close.

Yesterday’s US$2.5bn jumbo offering of bonds from Chinese asset manager Cinda were faring reasonably well, given the soft markets.

The 3.875% 2023s were tightening to 137bp from reoffer spreads of 140bp over UST, while the 4.625% 2028s were about 1bp tighter. There were no quotes for the 5% 2048s.

Poly Real Estate’s 3.95% 2023s were also performing strongly with the notes quoted at 148bp/143.5bp, after pulling in from reoffer of 155bp.

Noble’s bonds were slightly down with the 6.75% 2020s seen at 50.3/51.4 and the 8.75% 2022s at 51.77/52.9. Its 6% perpetuals were a touch firmer at a cash price of 6.30/8.40 against Wednesday’s 5.00/8.00.

Reporting by Kit Yin Boey; Editing by Dharsan Singh

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