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HONG KONG, March 14 (IFR) - Asian credit markets were little changed on Tuesday with attention on new offerings, including Bank of Communications Financial Leasing's multi-tranche US dollar notes.
"Market sentiment was not bad as we still saw some buyers today," said a Hong Kong-based investment-grade trader with a Chinese bank. She noted that Chinese AMCs were among the most actively traded Chinese names.
Traders said the bond market has largely priced in a 25bp rate increase by the Federal Reserve this week and now awaits further clues for the pace of US monetary tightening.
The Asia ex-Japan iTraxx investment-grade index was 0.05bp wider at 92.6bp/93.8bp at the time of writing. It was seen 2bp tighter in the morning.
China Cinda Asset Management's recent 2020s were bid at 100.24, from 100.17 at the close yesterday, according to Tradeweb.
China Reinsurance's 2022s were bid at 98.62, still below the reoffer price of 99.381, while property developer China SCE's new 5.875% 2020s were spotted at 6.08%.
Reporting by Ina Zhou; Editing by Vincent Baby