ASIA CREDIT CLOSE: New issues gain ahead of US jobs data

Friday, November 3 2017

ASIA CREDIT CLOSE: New issues gain ahead of US jobs data ASIA CREDIT CLOSE: New issues gain ahead of US jobs data 14:00 hrs
SINGAPORE, Nov 3 (IFR) - New Asian issues traded firmer today, reflecting minimal concerns ahead of the U.S. jobs data and shrugging off Republican plans for massive U.S. tax cuts.
"People in the region don't really care about the U.S. job data this time round," said a high-yield trader. Markets are expecting better non-farm payrolls at 310,000 for October.
Deals that priced yesterday rallied in the first day of trade. Indonesia's Indika Energy pulled in orders of US$3.5bn for its 5.875% 2024s priced at 98.594.
The notes gained to 99.625/100 as investors moved into the secondary markets to pick up the paper.
HNA Group's one-year bonds, priced yesterday at par to yield 8.875%, saw a three-quarter of a point drop in the morning but the notes bounced back and were around 100.00/100.125 by mid-afternoon.
China Vanke's first foray into the 10-year space paid off as it priced the 3.975% bonds at 165bp over Treasuries on strong demand. Appetite stayed robust with the bonds around 5bp tighter in secondary markets today.
Asian credit spreads were flat with the iTraxx Asia ex-Japan IG index at 74bp/75bp, unchanged from yesterday.
(Reporting by Kit Yin Boey; Editing by Vincent Baby) SEARCH