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By Jun Yang
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The cost of insuring corporate and sovereign bonds against non-payment in the Asia-Pacific region excluding Japan rose, credit-default swaps show.
The Markit iTraxx Australia index gained 1 basis point to 99 basis points as of 10:31 a.m. in Sydney, according to National Australia Bank Ltd. prices. The measure, which has ranged from 96.1 to 127.5 this year, is on track to rise for a third consecutive day, according to data provider CMA.
The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan advanced 1 basis point to 100.5 as of 8:40 a.m. in Singapore, Westpac Banking Corp. (WBC) prices show. The benchmark is headed for a second daily increase, according to CMA, which is owned by McGraw-Hill Cos. and compiles prices quoted by dealers in the privately negotiated market.
The Markit iTraxx Japan index dropped 2 basis points to 75 basis points as of 9:29 a.m. inTokyo, according to Deutsche Bank AG prices. The gauge is trading at the lowest level in five years, according to CMA.
Credit-default swap indexes are benchmarks for insuring bonds against default and traders use them to speculate on credit quality. A drop signals improving perceptions of creditworthiness, while an increase suggests the opposite.
The swap contracts pay the buyer face value in exchange for the underlying securities if a borrower fails to meet its debt agreements.
To contact the reporter on this story: Jun Yang in Hong Kong at jyang180@bloomberg.net
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