SINGAPORE, Jan 3 (IFR) - Asian credits made a quietly positive start to the year, although volumes were down with Japan still on holiday.
The Asia ex-Japan iTraxx investment-grade index tightened 1bp to 119bp/121bp.
Yingde Gases Investment's offshore bonds rebounded after it repaid a HK$820m (US$106m) bank loan due today, having arranged a new facility.
The new HK$820m bank loan is secured against onshore pledged deposits and the company has said the interest rate was about twice that on the old facility.
CreditSights wrote that the new loan, with a 1-year term, was from Shanghai Pudong Development Bank.
Lucror Analytics wrote that "that the main concern is the debt service of the USD notes and the maturity cliff of the US$421m (Rmb2.9bn) notes outstanding in April 2018".
Yingde's 8.125% 2018s were bid at 89.25 today, up 10 points from the last trade on Thursday, and its 7.25% 2020s also gained 10 points to 85 bid.
Fitch upgraded China Aoyuan Property to BB- from B+, citing an improvement in contracted sales and quick turnover. Its 2019s were flat at 105.9, yielding 7.9%.
Kaisa Group's 2021 bonds were down around 4 points from last week, at 92 bid, after the company announced there would be a further delay in publishing its 2014 and 2015 annual results.
China Minsheng Banking's unrated AT1 dollar bonds were seen at 99 bid, down from the issue price of par.
Reporting by Daniel Stanton; editing by Dharsan Singh