HONG KONG, Dec 13 (IFR) - There was quiet trade in Asian credits on Wednesday, while new issues were active ahead of the outcome of the FOMC meeting and Fed chair Janet Yellen's final press conference later today.

However, the 10-year bonds of Chinese asset-management companies saw some selling pressure and were traded about 3bp wider as China Orient Asset Management was marketing new bonds.

Otherwise, investment-grade credits were little changed, said a Hong Kong-based trader.

"FOMC will not surprise the market as everyone expects a 25bp rate hike, while investors focus more on the projection for the pace of rate hikes in 2018 and the inflation outlook," the trader said.

The iTraxx Asia ex-Japan IG index was quoted at 70.00bp/70.75bp, more than 1bp tighter.

Performances of new issues priced last night were mixed.

Yangzhou Urban Construction State-owned Assets Holding's newly priced 4.375% US$300m 3-year notes traded 12bp tighter, versus a reoffer of 245bp wide of Treasuries. The issue drew final orders of over US$3bn.

Chinese property developer CIFI Holdings' newly priced 5.375% US$300m senior perpetual notes, which priced at par, sank and were quoted at 98.00/98.50.

Indika Energy's notes were flat, even though Fitch upgraded the Indonesian coal-miner on Wednesday to B+ from B- with positive outlook on its improved credit profile, following the acquisition of an additional stake in Kideco Jaya Agung.

Its 6.375% 2023s were bid at 102.25 and its 5.875% 2024s were bid at 99.875.

Meanwhile, bonds of HNA group entities continued to face selling pressure on investor concerns about its liquidity. Its 8.875% 2018s have fallen more than 4 points this month and were bid at 91.25 on Wednesday.

(Reporting by Carol Chan; Editing by Dharsan Singh)