HONG KONG, Oct 6 (IFR) - Asian credit markets were little
changed on Thursday, but the notes of JD.com rallied on news
that Walmart nearly doubled its stake in the Chinese online
"The market was quiet and calm today with price action seen
on JD's notes," said a Hong Kong-based investment-grade trader.
He noted that JD's 2016s were 7bp tighter this morning after
a report on Walmart's investment, but profit taking came into
play in the afternoon.
In a filing to the Securities and Exchange Commission,
Walmart said it held a 10.8% passive stake in JD.com as of
October 5. It had earlier reported a 5.9% stake in the company
as of June 20.
"With mainland investors still on holiday and Hong Kong off
next Monday, we will not see much activity until new deals come
out later next week," said the trader.
The iTraxx Asia IG index was 0.6bp tighter at 99.75/101.75.
Korea Housing Finance Corp's new 2021s were tightened about 7bp
after being priced at 85bp over US Treasuries on Wednesday.
Cinda Asset Management's 4.45% AT1 notes were bid at 99.39
after hitting a low of 98.61 on Tuesday, according to Tradeweb.
(Reporting by Ina Zhou; editing by Dharsan Singh)