SINGAPORE, Nov 24 (IFR) - Asian credit markets were quiet ahead of the Thanksgiving Day holidays in the US.
"I'm sitting here with a big cup of coffee to keep me awake," said one high-yield trader. "There are no US Treasuries out there and little trade is going on. I expect tomorrow to be the same."
Asian credit spreads were flat, reflecting a lack of trade. The iTraxx Asia investment-grade index moved sideways for much of the morning, widening just 1bp in the afternoon to 126bp/128bp.
Despite the quiet markets, China Aluminium's 5.7% perpetual non-call three notes were popular with strong bids chasing up the cash price half a point after pricing at par yesterday.
It was one of two high-yield issues priced this week, following Studio City's dual-trancher of three-year non-call life and a five-year non-call two.
Both tranches had climbed 1.0-1.5 points yesterday, but edged down today with Chalieco dominating the trades. Studio City's 2019s and 2021s were quoted at around 101.25.
In the high-grade segment, Chengdu Xingcheng's 2021s were unchanged from yesterday with bid spread quoted at 196.8bp.
(Reporting by Kit Yin Boey; editing by Dharsan Singh)