HONG KONG, Jan 10 (IFR) - Asian credit markets lacked much
impetus on Tuesday, with investment-grade and high-yield names
mostly flat during the session.
While secondary markets were quiet, there was a further
pick-up in primary markets with more mandates announced and four
US dollar issues expected to be priced tonight.
Traders attributed the lull in secondary activity to the
growing pipeline, as buyers prepared to put cash into new
The iTraxx Asia ex-Japan IG was about a quarter of a point
wider at 114.750/117.00.
The largest constituent movements involved some Chinese
names that were about 3bp wider.
High-yield names also lacked much direction. Recent issuer
China Aoyuan Property's 2020 bonds were about half a basis point
wider, while Shandong Ruyi's 2019s, which it tapped late last
month, were mostly unchanged.
Sovereign names tended to see more movement on the day.
Long-dated Philippines bonds, such as the 2040s and 2041s, were
bid over half a point higher. Indonesia 2047s were also about
half a point higher.
Equity markets were mixed with the Hang Seng up 0.6%, but
the Shanghai exchange was down 0.4%.
Commodity prices were more settled after falling almost 4%
on Monday. They were up in the earlier part of the session, but
were down slightly as of the end of the day.
(Reporting by Spencer Anderson; editing by Dharsan Singh)