Greenland Holding bonds ‘hold firm’ following ratings revision; China’s Tewoo issues bonds

By Aleesia Forni

Virginia Beach, July 31 – Asian credit spreads closed mostly unchanged on Friday, while Chinese property names “held firm” following Moody’s revised outlook on Greenland Holding Group Co. Ltd. to negative, “sending the curve 25 basis points to 30 bps wider on the day,” a trader said.

In other trading from that region, Korea Gas Corp.’s bonds due 2025 were quoted tighter at 118 bps bid, 115 bps offered.

“Malaysia was the underperformer today,” a trader said, with bonds from that region trading 5 bps to 10 bps wider on Friday.

Malaysia’s five-year CDS swaps widened 6 bps on the day to 146 bps bid, 152 bps offered.

In the primary sphere, China’s Tewoo (H.K.) Ltd. was in the market with a new $300 million offering of 12-year bonds.

Tianjin, China-based Tewoo sold a $300 million offering of 6% 12-year notes (A1) at par during the session on Friday.

ANZ was the bookrunner.

The company focuses on commodity trade, logistics, real estate development and other businesses.

In forward calendar news, Korea National Oil Corp. (KNOC) is planning to price a dollar-denominated offering of bonds (Aa3/AA-), a market source said Friday.

The Anyang, South Korea-based company has tapped Barclays, Citigroup, Goldman Sachs, HSBC, Korea Development Bank and UBS Securities as the bookrunners.

Korea National Oil is an oil and gas production and exploration company.

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