SINGAPORE, Dec 14 (IFR) - Asian new issues were mixed in secondary markets in low trading volume, as more participants head off for the year-end holidays.

Moves to raise benchmark rates in the US and China had minimal impact on the credit markets.

The Federal Reserve yesterday announced a widely expected and priced-in rise of 25bp, followed by China today to raise rates by 5bp, an increase too small to affect sentiment.

"Trading activities are really low and quite a number of investors that bought into recent primary issues have locked the paper away, so a lot of the new issues are trading flat to reoffer levels," said one debt syndicate banker.

One outperformer was Yangzhou Urban Construction's 4.375% 2020 bond, which has rallied 10bp inside reoffer of 245bp over Treasuries.

Among deals priced yesterday, China Orient Asset Management's 4.375% 2027s were slightly firmer at 204bp/202bp over Treasuries against reoffer spread of 205bp.

But the small size of US$250m for the 4.25% perpetuals made the paper less liquid and indications were heard around reoffer at par.

Bank of Chongqing's 5.4% AT1 notes were also range-bound and quoted flat to reoffer at par.

Underperforming the new issues were CIFI Holdings' 5.375% perps, which stayed weak at 98.00/98.542 - broadly unchanged from yesterday and below reoffer at par.

Asian credit spreads were tighter with the iTraxx Asia ex-Japan IG index indicated at 70.5bp/71.25bp, pulling in 1.5bp from yesterday's close.

(Reporting by Kit Yin Boey; Editing by Vincent Baby)