Its 2024 bonds dropped a quarter of a point, widening 3bp to 6.33%, following the news. They have tightened 120bp since March. Mongolia’s January 2018 dollar bonds were unchanged at a cash price of 100.3 to yield 2.6%.

Bank of Zhengzhou’s AT1s were bid at a cash price of 100.3, having been issued at par.

Corporate perpetual bonds from Overseas Chinese Town and Haier Group were bid at cash prices of 101.2 and 100.0, respectively, but Yuzhou Properties’ perps had dropped below par and were seen at 99.6.

Reliance Communications’ 2020 bonds dropped a third of a point to a cash price of 44.4, implying a yield of 39.3%.

“The market is moderately higher but nothing noteworthy,” said a credit trader, who noted that there were few trading cues expected to come from China’s National Congress, starting on Wednesday.

The Asia ex-Japan iTraxx investment-grade CDS index was marginally tighter at 77bp/78bp. CK Hutchison’s 10-year notes tightened 1bp to Treasuries plus 97bp, while ICBC Asia’s 2022s tightened by the same amount to Treasuries plus 89bp.