HONG KONG, Nov 26 (IFR) - Asian credits were bid tighter on
Monday and the appetite for risk saw buying in China property
Gemdale 17s were at 103/104, a strong rebound from the falls
to around 97.75 as risk aversion hit high yield credits more
than others. The Gendale bonds were priced at par two weeks
back. Longfor 2019s were at 102/103.
"The market is holding up today and China property bonds are
being quoted up, showing that risk is back on," said a Hong
In the industrial bonds space, Hidili's 2015s had dropped
6.5 points to 72-74 this morning after a mining accident in
Guizhou, but later recovered to 76-77 after concerns eased about
its operations being affected, traders said.
ICICI Bank announced a USD250m Reg S tap of its 2018 bonds
earlier today. The outstanding bonds were at T+336-331bp but
were quoted at T+330-320bp when the new trade was announced this
morning at a guidance of T+350bps area. The outstanding notes
saw a good two-way flow as some investors sought to switch from
old bonds to new ones that were being offered at a wider spread.
The Asia iTraxx IG Series 18 index was about 3bp tighter at