March 13, 2018 / 8:58 AM / a year ago

ASIA CREDIT CLOSE: New issues weak in fickle markets

HONG KONG, March 13 (IFR) - This report will be discontinued from March 15, 2018. For queries, please email

Asian credit remained weak amid continued volatility, leaving investors selective in both primary and secondary markets.

Indian utility NTPC’s new 4.5% 2028, which priced at relatively tight new concessions, dropped on its first day of trading. The 10-year bonds were bid at 98.978 to yield 4.62%, according to Tradeweb.

ChemChina’s 4.125% 2021s were off by one-eighth of a point, while the rest of the recently printed issues were mostly unchanged.

Among the recent issues, Xinyuan Real Estate’s 9.875% 2020s were bid higher at 100.225 to yield 9.74%, after pricing at par.

The iTraxx Asia ex-Japan investment-grade CDS index was 3bp tighter at 64bp/65bp. SK Telecom’s five-year CDS outperformed, tightening 11bp. Woori Bank’s CDS narrowed 5bp, while CNOOC was unchanged.

Reporting by Frances Yoon; Editing by Vincent Baby

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