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HONG KONG, Sept 29 (IFR) - Asian credits were firmer on Thursday, led by oil names as crude prices jumped after OPEC members agreed to curb output for the first time since 2008.
"Oil producers such as Sinopec were seen 2bp-3bp tighter, but the overall tone remained soft," said a Hong Kong-based investment grade trader.
"This week has seen a heavy supply of deals and investors are generally cautious towards the end of a quarter, denting sentiment," he said.
The Asia ex-Japan iTraxx investment grade index was 1.7bp tighter at 100.25bp/102.25bp.
Newly launched notes posted mixed performances. China Construction Bank's 2019s were bid at 99.84, still below reoffer price, while Fantasia's new 5NC3 notes were spotted at 100.99.
Hsin Chong's 8.50% 2019s tumbled to around 75, according to Tradeweb, following the publication of a report by independent research organisation Anonymous Analytics on Wednesday.
The group, which identifies itself as "a faction of Anonymous", accuses Hsin Chong of misleading investors about the viability of its biggest properties and of being a "dumping ground for problematic non-revenue generating development properties at the expense of minority shareholders".
In a statement in response, Hsin Chong disputed the allegations and said the challenges faced by the property development sector in China was commonly known to Hong Kong investors.
It encouraged them to "continue to exercise their independent judgment when dealing in the company's securities."
Reporting by Ina Zhou; Editing by Vincent Baby