HONG KONG, Nov 1 (IFR) - Asian credit markets were active on Wednesday with trading concentrated in China Huarong Asset Management's multi-tranche new issue.

Traders noted that Huarong's 2027s were 3bp-4bp tighter, its 5-year floating-rate piece traded around the reoffer price and 2047s were slightly wider.

They said bullish sentiment in the wake of China's tightly priced US$2bn sovereign offering last week had helped lift Chinese investment-grade names, but were concerned that the market might lose momentum as supply looked very heavy this month.

"We heard that the NDRC has approved about 40 deals since the conclusion of the Party's 19th National Congress, mostly in the investment-grade sector," said a Hong Kong-based credit trader, "some investors told us they were lightening up their positions, waiting for new issues."

The iTraxx Asia ex-Japan investment-grade CDS index was little changed at 73bp/74bp. China's sovereign 2022s were bid at 16.8bp over US Treasuries and its 2027s were bid at 19.3bp.

Property developer China Jinmao's new perps were under water, bid at 99.2 in cash price.

Hainan Airlines' 364-day notes were slightly below par. The notes were bid at 99.875 in cash price.

Indonesia's Chandra Asri Petrochemical's new seven non-call four notes were slightly tighter. The notes were seen bid at 99.15 in cash price.

(Reporting by Ina Zhou; Editing by Vincent Baby)