October 13, 2017 / 8:38 AM / a year ago

ASIA CREDIT CLOSE: Credit flat after China trade data

HONG KONG, Oct 13 (IFR) - Asian credit markets were flat on Friday, despite China’s reporting of upbeat trade data for September.

The Shanghai Composite Index closed up 0.13%, while Hong Kong’s Hang Seng Index was almost flat at the time of writing.

China’s imports grew 18.7% last month from a year earlier, beating analysts’ forecasts for a 13.5% expansion, while exports rose 8.1%, accelerating from August’s 5.5%.

Traders said credits were, in general, unchanged today, but noted that momentum remained solid. “People were worried that supply would be reduced amid signs that regulators had slowed the pace of offshore bond approvals.

So, they tended to build position as early as possible,” said a Hong Kong-based credit trader.

The iTraxx Asia investment-grade index was little changed at 77bp/78bp.

Chinese consumer electronics and household appliances maker Haier Group’s new perpetual securities were bid slightly above par.

Bank of Zhengzhou’s AT1s were firmer, bid at 100.30 in cash price. China Singyes Solar Technologies’ US$160m 6.75% 364-day notes were bid at 100.20, indicating a yield of 6.54%.

In the Dim Sum segment, BOC Aviation’s new 4.5%2020s were seen being bid at 100.75 in cash price, while BMW Finance’s 4.25% 2020s were bid at 100.25. Both were priced at par.

Reporting by Ina Zhou; Editing by Dharsan Singh

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