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Morning Commentary: Asian bonds rally; liquidity stays thin; Ukraine sees buyers
By Christine Van Dusen
Atlanta, Dec. 18 – Bonds from Asia rallied along with the larger market on Thursday, with high-grade names moving between 3 basis points and 10 bps tighter amid very thin liquidity.
The 2017 notes from China-based Tianjin Material & Equipment Group Corp. traded up while China National Offshore Oil Corp.’s (Cnooc) notes were among the oil companies to tighten between 7 bps and 10 bps, a London-based trader said.
“India financials are 5 bps tighter while corporates are still lagging, despite seeing good real-money demand,” a trader said. “China property bonds are 1/8-point to 3/8-point higher.”
The Indonesia curve gapped higher, with the 2024s seen at 112 3/8, he said.
“The London open market rallied further, with Indonesia’s 2024 trading at 112.8 and Indonesia’s 2044 at 123.”
In other trading on Thursday, Latin American bonds opened with strength, following a “super-strong” Wednesday, another London-based trader said.
“Oil prices and the United States Treasury move are driving sentiment,” he said.
From Ukraine, buyers have emerged for sovereign bonds this week, said Fyodor Bagnenko, a fixed income trader with Dragon Capital.
“Liquidity did not really return, and prices remained mostly guesswork,” he said.
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