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Rally in rates keeps Asian bonds firm; new issues in focus; Swiss franc notes from BCI
By Christine Van Dusen
Atlanta, May 13 – Core rates rallied somewhat on Wednesday morning, keeping Asian bonds firm, with high-grade notes closing unchanged to 2 basis points tighter amid healthy client demand and particular interest in long-dated paper.
“The rates move today was a little more subdued than in recent days, with the 10-year moving in ‘just’ a 7-bps range,” a London-based trader said.
Most of the focus was on new issues, including China-based Huawei Technologies Co. Ltd.’s 4 1/8% notes due 2025 that priced at 99.060 to yield Treasuries plus 195 bps.
The notes started Wednesday morning at 178 bps, then traded near 180 bps before closing the Asian session at 180 bps bid, 178 bps offered.
China General Nuclear Power Corp.’s new 4¼% notes due 2025 that priced at a spread of 177.5 bps tightened to 173 bps, then widened to 176 bps before closing at 176 bps bid, 173 bps offered.
China Petroleum & Chemical Corp. (Sinopec Group) saw its 2½% notes due 2020 – which priced at 99.576 to yield Treasuries plus 125 bps – trade at 112 bps.
And Cnooc Ltd.’s 2 5/8% notes due 2020 that priced at 99.716 to yield Treasuries plus 128 bps moved to 122 bps.
In a small deal from Wednesday’s session, Chile’s Banco de Credito e Inversiones (BCI) priced CHF 150 million ¼% notes due June 17, 2020 at 100.485 to yield 0.153%, or mid-swaps plus 40 bps, a market source said.
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