Worries over the prospects for the Chinese economy appeared to persist with the Shanghai Composite Index closing down 1.3 percent after a day of volatile trading. In the onshore bond markets, interbank money rates opened 20bp narrower this morning, but traders said, rate-cut decision added to concerns about capital outflows.
               
Investors were cautious about Asian credit though yields were getting attractive after recent sell-offs. The Asia iTraxx Investment-Grade Index widened 3bp to 138bp/140bp, but the Australian and Japanese versions tightened 1bp and 5bp, respectively.
               
CNOOC's 2020 bonds widened 4bp, while Cinda Asset Management's 5-year bonds tightened 3bp.
               
Kaisa Group's 2019s fell almost 2 points to 49/52, as bondholders awaited a fresh restructuring offer. Moody's withdrew its rating on the company last week due to insufficient information. Shanshui Cement's 2020s jumped half a point to 93/94.

 

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