HONG KONG, April 5 (IFR) - Activity picked up in Asian
credit markets on Wednesday as Hong Kong and mainland China
resumed trading following a holiday break, but overall spreads
stayed almost flat.
"We saw some real money clients buying into 10-year
benchmark names today, yet overall spreads did not move much and
traded around the level of Monday," said a Hong Kong-based
investment-grade credit trader.
The Asia ex-Japan iTraxx investment-grade index was 0.1bp
tighter at 93.5bp/95bp.
Sinopec's 2026s were spotted around 3bp wider as the
state-owned Chinese oil producer was marketing a multi-tranche
US dollar bond offering today, noted a trader with a Chinese
CK Hutchison's recent 2027 bonds were seen 2bp wider at
Treasuries plus 117bp, while its 2022s were 1bp wider at
Treasuries plus 96bp.
In high yield, China Hongqiao Group's 2017s and 2018s
remained under pressure, dropping by half a point, while Indika
Energy's new 2022s were bid at around reoffer price.
(Reporting by Ina Zhou; Editing by Vincent Baby)