HONG KONG, July 13 (IFR) - Asian credit markets were active on Thursday after comments by Federal Reserve Chair Janet Yellen eased expectations of the pace of US interest rate hike.
New issues attracted most flows with SoftBank's latest perpetual offering performing well in secondary trading, traders said.
SoftBank's perpetual non-call six subordinated notes were seen 60 cents firmer and its perpetual non-call 10s gained 1.5 points, they noted.
The performance of the new multi-tranche offering from China National Chemical Corp (ChemChina) was mixed. Its 2020s and 2022s were slightly tighter in secondary trading, but the 2027s were below par.
"Investors were concerned about supply pressure from ChemChina in relation to its acquisitions of Syngenta, " said a Hong Kong-based credit trader.
The Asia ex-Japan iTraxx investment-grade index was seen 0.12bp tighter at 84bp/85bp.
Indonesia's new offerings rallied, with its new US$2027s bid at 100.375 in cash price and US$2047s seen at 102.01.
Chinese developers were also stronger. Greentown China Holdings' US$450m senior perpetual non-call 3 securities were bid at 101.1 in cash price after being printed at par on Tuesday and Central China Real Estate's new 2019s were bid at 101.
Reporting by Ina Zhou; editing by Dharsan Singh