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HONG KONG, Feb 28 (IFR) - Asia's credit markets took a slight step back on Tuesday, with bonds lacking much direction but primary maintaining a steady pace of new issues.
The iTraxx Asia ex-Japan investment-grade index was almost unchanged at 95.125/96.875, with few big moves among constituents.
China Development Bank's new US dollar floating-rate notes of 3 and 5 years were about 1bp-2bp wider.
High-yield names, on the other hand, fared slightly better, following on well from a decent showing on Monday.
Future Land's 2020s continued to rally after news of a 33% increase in profits and were bid about a quarter of a point higher, according to Tradeweb.
Road King's perpetual bonds were up almost a full point during the earlier part of the day, but were closer to being unchanged at the end of the session.
In the sovereign space, Philippines' 2042s yield was about 2bp wider, while spreads on South Korea's 2027s were also about 2bp wider.
Reporting by Spencer Anderson; editing by Dharsan Singh