A rally in United States stocks overnight gave Asian credit a boost that benefited Chinese property bonds and Southeast Asian sovereigns.
Kaisa's 2017s and 2018s rose two points on Friday, leading an improvement in trading within the Chinese high-yield property sector, which rose more than a point, according to a Hong Kong-based trader.
China Hongqiao Group's 2018s are down from 97.5 to 93.5, according to Tradeweb. The company said it woud delay Friday's board meeting to March 27 because it needed more time to finalise consolidated financial results for 2014, according to a Hong Kong stock exchange filing.
Sovereign bond spreads from the Philippines and Indonesia also came in 5bp.
Korea's and Thailand's CDS narrowed by 6bp, while Malaysia's CDS tightened by 7bp.
Petronas's bonds saw less selling pressure after pricing a USD5bn four-trancher yesterday, but the notes have continued to drop.
The 2045s have dropped more than half a point, while the 2025s are down a third of a point, according to data on Tradeweb.
