HONG KONG, Oct 24 (IFR) - Asian credits traded rangebound on Tuesday with regional stocks near recent decade highs.

"The market didn't move much today with trades concentrated on recent new issues," said a Hong Kong-based trader.

The trader noted that China's sovereign 5-year CDS further marginally tightened to 51.2bp/52.5bp, a new low since 2008, ahead of the issuance of US$2bn sovereign bonds in the international market scheduled Thursday.

The iTraxx Asia investment-grade index was 1bp tighter at 74.7bp/75.2bp.

Press Metal Aluminium's newly issued US$400m 4.80% 5-year non-call 3 bonds traded well to bid at a cash price of 101.2 on robust demand, taking advantage of scarcity value.

The Reg S issue, which is the first high-yield US dollar issue from Malaysia in more than a decade, received orders of US$3.8bn.

Chinese state-owned power producer Huaneng Group's newly priced US$500m 3.60% perpetual non-call 5 securities, quickly fell below par despite traded up to 100.10 at the opening. The notes were bid at 99.8 in afternoon.

China Grand Automotive Services' 8.75% perps rose 0.35 point to a bid of 106.7. The auto dealer is marketing a new perpetual non-call 3 securities at 6.0% area today.

Haier's 3.875% perpNC5 notes issued earlier this month were flat and hovering around par.

Noble Group's 8.75% 2022s bonds were flat and bid at 38.875. S&P said today that its CCC- rating with negative outlook on the commodities trader is unaffected by its proposed sale of its global oil liquids business to Vitol Group.

(Reporting by Carol Chan; Editing by Vincent Baby)