March 13, 2018 / 8:58 AM / 7 months 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 vidya.ranganathan@thomsonreuters.com

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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