HONG KONG, Jan 22 (IFR) - Asian credit markets posted a
mixed performance on Tuesday in both newly priced deals as well
as in the investment grade and sovereign space.
The relentless supply pressure continued in the high yield
markets with three more deals announced from Hengdeli, DBA
Communications and Longfor. This was on top of three deals that
priced yesterday, which were able to stay afloat in the deluge
Central China Real Estate's bonds were trading at 101.75,
above reoffer price of par, while China SCE was at 107.875,
which was a tad weaker than the reoffer price of 108. China
Aoyuan were quoted at 106.5/106.75, slightly below reoffer of
Hidili 15s stood out as they traded down 3-4 points after
reporting weak 4Q operation data and profit warning.
The Asia IG index was flat to around 3bps wider in general.
In sovereign cash, Philippines continued to trade weak and was
another 0.25 pt lower while Indonesia was largely unchanged.
Traders said they were looking for relative value
relationships to trade in the mixed market.