SINGAPORE, March 5 (IFR) - Chinese high-yield bonds were marginally weaker, but there was no sign of a sell-off in metals-related credits, despite growing rhetoric from the US about trade tariffs on steel and aluminium.

In fact, traders have been more concerned about an impending wave of new Asian bond supply. Chinese property developers sold almost US$3bn of offshore bonds last week, and many still have unused issuance quotas they need to use.

That implies that there will be more new bonds from the sector, potentially weighing on the secondary performance of recent issues, but that did not seem to worry traders today.

“Supply seems to be close to done,” said a credit trader. “Investors are getting comfortable, and there’s no panic.”

Fantasia’s 2021 bonds were a shade weaker at a cash price of 99.875 to yield 8.4%. Logan Property’s 2021s gained a third of a point to trade at par, yielding 6.375%.

Agile Group’s perpetual bonds callable in 2023 were bid at a cash price of 99.6, unchanged from Friday, to yield 7.0%.

In investment grade, Clifford Capital’s 2028 bonds, guaranteed by the government of Singapore, were unchanged at Treasuries plus 48bp.

The Asia ex-Japan iTraxx investment-grade CDS index tightened 3bp to 70bp/71bp. The cost of Indonesian sovereign five-year CDS was flat at 88bp mid.

That was closer to the 52-week low of 77bp than the highest level during that period of 139bp.