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ASIA CREDIT CLOSE: Credit steady ahead of FOMC; SoftBank trades lower
September 19, 2017 / 9:07 AM / in 2 months

ASIA CREDIT CLOSE: Credit steady ahead of FOMC; SoftBank trades lower

HONG KONG, Sept 19 (IFR) - Asian credit markets traded in a tight range as investors kept their attention to the FOMC meeting which begins today in the US.

The Asia ex-Japan iTraxx investment-grade index was spotted 1bp tighter at 71bp/72bp.

SoftBank Group’s latest US dollar-denominated 4.75% 2024s and 5.125% 2027s were still below par at 99.2 and 99.6 respectively, according to Thomson Reuters data, suggesting the US$6.05bn equivalent transaction was still taking time to be digested across international markets.

The Japanese tech giant’s perpetual non-call six and non-call 10s were bid at 100.71 and 100.25.

Wynn Macau’s dual tranche US$600m 7NC3s and US$750m 10NC5s were trading at 101.88 and 101.62. The proceeds will be used to buy back the US$1.35bn 2021s.

Recent Japanese financial deals from Sumitomo Trust Bank and MUFJ Lease were wrapped around par.

Hyundai Capital Services’ US$600m five-year and US$300m 10-year notes were trading lower at around 97.8-98.8, according to Thomson Reuters data.

Evergrande and Kaisa’s curves were unchanged today, a Hong Kong-based trader said.

Reporting by Frances Yoon; Editing by Vincent Baby

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