August 28, 2017 / 8:17 AM / a year ago

ASIA CREDIT CLOSE: Credit flat, while Wanda falls on chairman rumours

HONG KONG, Aug 28 (IFR) - Asia credits markets were little changed on Monday after US Federal Reserve chair Janet Yellen offered few clues on monetary policy in a much-anticipated speech last Friday.

Chinese conglomerate Dalian Wanda’s US dollar notes took a hit on rumours that its chairman was being prevented from leaving the country.

The iTraxx Asia investment-grade index tightened marginally to 75bp/77bp, while China sovereign CDS spread continued to tighten to 57bp/58bp.

China Great Wall’s US$2bn new offering traded mixed. Its 2020s and 2022s were seen 2bp and 5bp tighter, respectively, but its 2027s were 2bp wider.

Last Friday, official trading in China Great Wall’s new notes were delayed as final pricing did not factor in leap years.

Wanda Properties International’s 7.25%2024s were bid at 98.50 in cash price, after falling as much as 2.7 points to 97.50 in the morning.

Taiwanese news site Bowen Press had reported on Sunday that Dalian Wanda’s billionaire chairman, Wang Jianlin, was stopped from leaving Tianjin airport on Friday with his family and had been detained for a few hours.

Dalian Wanda on Monday morning denied the report in a statement, saying it now planned to take legal action.

CAR Inc’s 6.125%2018s was bid at 102.62 in cash price. The notes have been down 50 cents since S&P last Monday downgraded the Chinese car rental company’s rating to BB from BB+, citing a significant decline in it’s long-term fleet rental business.

Reporting by Ina Zhou; Editing by Dharsan Singh

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