SEOUL, Nov 25 (IFR) - The lacklustre performance of recent
Chinese investment-grade bonds continued today, in a further
sign that the domestic onshore bid is not enough to counter the
impact of volatile credit markets.
Bonds that provided diversification from China performed
Asian investment-grade CDS was 1bp wider at 128bp/130bp,
according to Thomson Reuters data. Malaysia's government CDS was
the worst performer on that index, with spreads rising 4bp.
Chengdu Xingcheng Investment Group's US$300m 5-year notes
were bid a point lower from reoffer at 97.2, while Guangxi
Communications' US$300m 3-year bonds were bid half a point lower
since pricing at 99.8060, according to Tradeweb.
Dah Sing Bank's US$250m Tier 2 issue dropped by a third of a
point this morning, but began regaining ground and was spotted
above par this afternoon.
Macau casino operator Studio City's US$1.2bn three and
five-year notes maintained trade at the 101 level since pricing.
(Reporting by Frances Yoon; Editing by Vincent Baby)