HONG KONG, Nov 23 (IFR) - Asian credit was slightly tighter
in light trading on Wednesday ahead of Thanksgiving Day. The
tone was more constructive for some Chinese asset-management
companies after last week's big sell-off.
"The market was quiet and we did not see big flows. Most
bonds traded at the same levels as yesterday," said a Hong
Kong-based investment-grade trader.
The Asia ex-Japan iTraxx IG index was 1bp tighter.
Another trader noted that there was some Chinese investor
interest in AMCs. In particular, Huarong's 2026s were quoted at
a tighter 250bp, after widening nearly 30bp last week.
In the high-yield sector, Studio City's new issue
outperformed in rising 1.0-1.5 points.
China Hongqiao Group's 2017s and 2018s were seen down one
point after an anonymous short-seller report raised concerns
over the company's governance matters.
Following the report, Lucror Analytics revised its
recommendation on China Hongqiao notes to "Sell" from "Hold",
citing the potential for ongoing headline risks and price
(Reporting by Ina Zhou; editing by Dharsan Singh)