HONG KONG, Dec 7 (IFR) - Trading was light today in Asian
credit markets as investors bet on a US Fed rate rise next week.
Traders said onshore demand was seen dwindling for Chinese
names due to the tight liquidity in the domestic market.
"We have seen fewer flows towards Chinese names in both
primary and secondary markets," said a Hong Kong-based
Another credit analyst said, "Overall the market remained
quiet. Oil names were relatively more active and there was some
interest in short-dated notes from property developers."
The Asia ex-Japan iTraxx investment-grade CDS index was 3bp
tighter. Anton Oilfield Services outperformed after the company
signed an agreement with Shanghai Pudong Development Bank that
involves Rmb2bn (US$282m) financing facilities.
Anton Oilfield's 7.50% 2018s were quoted at 83.12, off a low
of 75 on Monday, according to Thomson Reuters.
Several Chinese local government financing vehicles,
including Changde Urban Construction, are meeting investors,
aiming to launch US dollar offerings before the end of this
"Some LGFVs have to utilize quotas for offshore bonds before
they expire at the end of the year," said a syndicate banker.
Chengdu Xingcheng Investment's 3.25% 2021s were bid at 97.5.
(Reporting by Ina Zhou; Editing by Vincent Baby)