HONG KONG, Sept 2 (IFR) - Asia credit markets did not see
much action today as investors stayed cautious ahead of the
expected release of US non-farm payroll data this evening.
Non-farm payrolls are likely to have increased by 180,000
last month, according to a Reuters survey of economists, around
this year's monthly average job growth.
"The market was rather quiet today with investors waiting
for the key US job data," said a Hong Kong-based
investment-grade trader, noting that spreads on the ten-year
notes of Chinese oil names were about 1bp-2bp wider.
He said that growing supply of new bonds in September was
likely to put pressure on the secondary market.
At least several Chinese financial institutions, including
China Life, were looking to issue new bonds in coming weeks,
according to DCM bankers.
"We are going to see much more supplies, but demand has not
yet showed signs of declining", said a DCM banker.
The Asia ex-Japan iTraxx IG index was 0.97bp wider at
112bp/114bp. Chongqing Western Modern Logistics Industry Zone's
new 2021s widened to 3.39%.
(Reporting by Ina Zhou; editing by Dharsan Singh)