HONG KONG, Nov 6 (IFR) - Asian credit traded in a tight range Monday afternoon, while CDS spreads tightened for Korean corporates.

The US$300m 363-day notes of HNA Group International, priced at a hefty yield of 8.875% last week, traded at a cash price of 99.625 to yield 9.28%, while Hainan Airlines' 6.35% notes were spotted at 99.875 to yield 6.482%, according to Thomson Reuters data.

Although HNA Group and its subsidiaries' secondary trading levels have been unchanged to a tad lower, the yields that the acquisitive, airline-to-property conglomerate sold at reflects the pressure the group faces to refinance its debt-laden balance sheet, according to analysts.

Heungkuk Life was the latest issuer from Korea to sell rolling 30-year non-call five subordinated notes last week and the 4.475% perps were trading below par at 99.80 to yield 4.52%.

Some investors said they felt that Heungkuk's guidance was not leaving much on the table considering that higher-rated Kyobo Life's initial guidance was 4.5% area.

Heungkuk began marketing at initial guidance of 4.625% area.

In the China AT1 segment, Bank of Jinzhou's US$1.5bn 5.5% AT1s continued to trade lower and were spotted almost a point off at a cash price of 99.150.

Postal Savings Bank of China's 4.5% perps were wrapped around par. Bank of Qingdao's 5.5% perps were at 100.5 to yield 5.376%.

In corporate high yield, Chandra Asri Petrochemicals' US$300m seven non-call fours were spotted this afternoon at a cash price of 99.387, according to Thomson Reuters data.

CDS spreads tightened the most today for Korean corporates. Samsung Electronics and POSCO's spreads narrowed 5bp each, and Hyundai Motors tightened 3bp, beating the 1bp narrowing of the Korea sovereign.

(Reporting by Frances Yoon; Editing by Vincent Baby)