February 27, 2018 / 8:55 AM / 6 months ago

ASIA CREDIT CLOSE-Indian banks widen on recap fears

HONG KONG, Feb 27 (IFR) - US dollar bonds from India are trading wider in secondary as fears that bank recapitalisation efforts may fall short grow among investors.

Yes Bank’s US$600m 3.75% 2023s are now 10bp wider than reoffer, trading at T+140bp/136bp, according to Tradeweb. Export-Import Bank of India’s 3.875% 2028s lost close to half a point yesterday and spent today recouping those losses.

Canara Bank’s have widened 7bp since mid-February, according to Thomson Reuters data.

Cinda Asset Management’s 5% 2048s whipsawed in early morning trade amid a robust primary debt pipeline of Chinese property companies.

The long bonds erased gains of about a third of a point, but have since recovered and were trading about two-tenths of a point higher on the day.

Central China Real Estate is trading a third of a point lower after pricing US$300m three-year senior notes at par to yield 6.50%, according to Tradeweb. (Reporting by Frances Yoon Editing by Vincent Baby)

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