8月1日盘中简报

CHINA CREDIT: quiet but constructive morning. Itrx Asia 2bps tighter, China IG 1-2bps tighter and China HY unchanged. More onshore issuance by China HY property companies with Agile issuing RMB3bn of 4yr notes last Friday to qualified institutional investors. The only real HY selling we are seeing is of short dated callable bonds and anything with any yield continues to squeeze higher. We see AMs were selling short term HY bond and HONAIR was out to retap the 6% yield bond.