Asian Dollar Credits
Asian dollar bonds slumped on Tuesday amidst a renewed climb in US Treasury yields. Nonetheless, prior to the sell-off in the afternoon, sentiment was quite robust in the morning session. As bond yields rose towards London open, sellers surfaced in droves widening credit spreads up to 5bps in the High Grade segment.
The High Yield segment bore the brunt of the selling on Wednesday morning. The Phils were quoted more than $1 lower on the longer-end whereas the Indons were also quoted close to $2 lower along the 2037 maturities.