"With Treasury yields moving up last Friday and markets generally calm, there seems to be a clear issuance window, with issuers looking to try to print at low coupon rates prior to any sustained upward trend in Treasury yields. The PTTEP trade will be key to establishing sentiment for the rest of the pipeline given that its chunky and quite finely priced," said a regional syndicate banker.
PTTEP is in the market with a benchmark-sized US dollar 10-year via Barcap, with a USD800m trade expected to be the outcome.
Elsewhere sovereign CDS is in 1bp, with the iTraxx IG at 108bp/110bp and the soxEX at 118bp/121bp, both unchanged. Sovereign liquid CDS is in 1bp across the complex, with China at 72bp/74bp, Korea at 114bp/119bp, Thailand at 101bp/104bp and the Philippines at 133bp/137bp.
Cash was thinly traded. The new Philippines 2026s are bid down at 99.7, with the Development Bank of the Philippines 2021s at 99.8 bid. The new Yanlord 2016s are bid at 99.875 or beneath the par reoffer and the new Shimao 2018s weak at 98 bid.