SINGAPORE, March 21 (IFR) - Low volumes were the order of
the day in secondary credit trading in Asia, where most
benchmarks ended unchanged. The lack of activity, however, was
no indication of comfort.
Traders said that investors were concentrating on the flood
of new issues that hit the market both on the high-yield and the
investment-grade segments. One analyst also said accounts were
taking a step back from secondary trading as they waited to see
what happened with Cyprus.
As a result, high-yield bonds ended unchanged in the day
with the Asia ex-Japan iTraxx IG Series 19 Index closing
unchanged at 117bp-119bp. While accounts were unwilling to sell
or add to their positions in secondary markets, there was no
shortage of interest for the deals in the market.
Sompo Insurance's Reg S/144a hybrid logged in more than
USD13bn in orders, and Alam Sutera's USD230m 7-year bond saw
orders of more than USD4bn. Filinvest's USD250m 7-year was also