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Morning Commentary: Oil India plans roadshow; trading volume light and tight in Asian markets
By Colin Hanner
Chicago, April 3 – Bonds were trading tight and in light volume in Asian markets on Monday, a market source said, especially so with an upcoming holiday mid-week.
It was a light start with holidays in several regions, a market source said. Investment-grade spreads are “holding firm as we begin the new quarter ... expect some rebalancing in the following weeks.”
In the primary space, Oil India Ltd. announced a roadshow for a dollar-denominated offering of notes to take place later in the week, a market source said.
Early Monday, Fitch Ratings assigned Oil India’s proposed senior unsecured U.S. dollar notes with an expected BBB- rating.
In the secondary market, Asian sovereign bonds were unchanged while spreads were 1 basis point to 2 bps wider, a market source said, while corporate bond spreads were unchanged to 1 bp tighter.
Industrial and Commercial Bank of China’s ICBCIL Finance Co. Ltd.'s three-year notes were trading flat at 177 bid, 174 offer, while the five-year notes were quoted at 147 bid, 144 offer, a market source said.
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