Year to date issuance of yen
month lows sparking issuer rush
HONG KONG, Feb 6 (IFR) Asian credit spreads are tighter this morning on positive signals from the world largest economy and the appetite for riskier assets has triggered a rash of issuance activity canada goose in the region.
Hong Kong property firms Sun Hung Kai Properties and canada goose black friday sale Nan Fung Holdings and Philippine lender Banco de Oro Unibank are all in the market with deals that will price canada goose clearance during the day.
The deals canada goose store come at a time Canada Goose Outlet when fund flows into emerging markets are surging amid an improving canada goose uk outlet economic picture even as the US Federal Reserve is expected keep interest rates at record low rates for a longer period.
The Asia ex Japan iTraxx investment grade series 16 index has tightened by 6bp to 163bp/166bp, Canada Goose Coats On Sale the lowest since mid September. Newly sold bonds from ports to telecom conglomerate Hutchison Whampoa due 2017 are at 232bp/228bp and those due in 2022 are at 271bp/267bp.
should have some correction at some point but at this uk canada goose outlet point the uk canada goose momentum is canadian goose jacket very strong. We are ignoring what bad news that there is.
Issuers are selling issues into the strength, said a Canada Goose online Singapore based trader at an Asian bank referring to canada goose clearance sale the sharp rally which has been backed by under invested funds piling into the world fastest growing region.
Nan Fung Canada Goose sale bonds widened by 10 bp 445bp/435bp after the announcement of the re canada goose factory sale tap. The re tap is being sold at 455bp over US Treasuries, offering a generous new issue premium.
Maybank, which sold bonds due 2017 at a spread of 230bp, saw some selling pressure buy canada goose jacket initially before recovering. The bonds traded as wide as 237bp before clawing back to 230bp.
The search for yield continues as the US Federal Canada Goose Jackets Reserve signalled it will be on hold well into 2014, even though Friday strong employment data dimmed the chances of further monetary stimulus.
Investors piled USD1,161m into emerging market bond goose outlet funds in the week to February 1, compared with USD846m in the week before, according to EPFR Global. Hard currency funds showed of USD866m inflows compared with the previous week USD472m. High yield canada goose coats on sale funds showed inflows of USD2,742m much higher than the prior week USD2,532m.
Asian borrowers have rushed to the market to take advantage of this renewed appetite. Year to date issuance of yen,euro and dollar denominated bonds in Asia ex Japan has totaled USD15.3bn, canada goose uk shop compared with USD76.2bn in 2011, according to Thomson Reuters canada goose uk black friday data.
The buy canada goose jacket cheap high yield sector saw some recovery in the Chinese property sector after the recent sell off on the back of sales canadagooseoutlete slowdown concerns with some issuers also expected cheap Canada Goose to canada goose coats tap the market for funding.
Country Garden 2018s are at about half a cheap canada goose uk point better bid at 94.75/96.75 and Longfor 2016s are at 95.75/96.75, about three eighths of a point better.
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In a surprise statement on Canada Goose Parka Friday, the Bakrie family and Tan, announced they were seeking greater representation, demanding a shareholder meeting to replace not only Rothschild, erstwhile partner and current chairman, but four other board directors.