January 18, 2018 / 9:08 AM / 3 months ago

ASIA CREDIT CLOSE: High yield outperforms amid yield chase

HONG KONG, Jan 18 (IFR) - Recent new issues in Asia’s high-yield debt markets soared in secondary as investors chased the higher returns on offer.

Sawit Sumbermas Sarana’s US$300m 5NC3s were bid at a yield of 7.1%, according to Tradeweb, well inside final pricing of 8%.

The Indonesian palm oil producer had postponed pricing of a similar deal last November, after announcing final guidance of 7.0%.

Concord New Energy, which also postponed its debut last year, saw its new bonds jump in the aftermarket. The US$200m three-year Green bond, which priced at 7.9%, was bid at a 7.1% yield, according to Tradeweb.

Hilong Holdings’ 7.25% 2020s, which were tapped at par last week, rose a point since, according to Tradeweb.

In the Chinese property sector, Country Garden’s US$250m 4.75% 5NC3s rose half a point to 99.950/100.175.

Longfor’s 4.5% 2028s, which together with a 5.25-year garnered US$6bn in orders, was nearly half a point higher at 100.0/100.25, according to Tradeweb. Jiayuan International’s 364-day notes were bid at a yield of 7.5%, well inside final pricing of 8.25%.

Reporting by Frances Yoon; Editing by Vincent Baby

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