Losses were blamed on a poor US manufacturing report showing durable goods orders fell 1.4 percent in February. Federal Reserve chair Janet Yellen blamed fall on the stronger US dollar.
Although the selling in equity markets appeared to benefit the bond markets, traders still described it as a mixed day. The iTraxx Asia ex-Japan was about a point lower at 100.42/102.58.
New issues were trading tighter with Beijing Capital in 12bp on the day. The company issued a USD600m 3-year bond at 2.875 percent and saw its offering 9 times oversubscribed.
Sovereign and investment-grade names were marginally tighter and high yield was somewhat flat. Despite the S&P downgrading of troubled Chinese property developer Kaisa Group to default, the firm's 2017 bonds rallied almost half a point.
Traders joked that one reason for the bond market's low volumes was that many traders were watching the cricket World Cup, with India and Australia battling in a semi-final.
As tomorrow will see the start of Hong Kong's Sevens rugby tournament, traders are not expecting markets to pick up until April, which is traditionally one of the busiest months for bond issuance in Asia.
 "Generally, the market is pretty mixed today," said a Singapore-based IG bond trader.

"Volumes are pretty weak, but let's be honest, part of that is because three quarters of the
market is watching the cricket. Once we're past this week though, things will pick up. There is lots of investor appetite out there," the trader added.

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