>> 招银国际-Fixed Income Daily Market Update -221215
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研究报告全文：FixedIncomeCreditCommentary15Dec2022CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报AnotherquietmorningwithmajoritysectorsremainedstableChinaHYGlennKoCFA高志和propertiesnamesoveralldownonprofittakingCIFIHGsup025to075pt85236576235asitsshareholdersplantoraisecUSD56mnviashareplacementinitsglennkocmbicomhkserviceunitNWDEVLNWSZFNewWorldDevelopmentacceptsUSD1093mnofitsdue3031bondsundertenderofferNWSHoldingsacceptsUSD3732mnofCyrenaNgCPA吳蒨瑩575Perpanddue29bondsSeebelow85239000801cyrenangcmbicomhkLIFUNGLiFungannouncedthatitintendstoredeemalloutstandingLIFUNG4375100424USD10371mnon21Decatpriceof89LIFUNGswere-05to025ptthismorningJerryWang王世超85237618919jerrywangcmbicomhkTradingdeskcomments交易台市场观点Fedincreasedinterestrateby50bpsasexpectedandUSTyieldswerestablewith1-2bpschangeFedsmedianforecastforinterestratesattheendof2023is5125up50bpsfrom4625inSep22MarketremainedquietyesterdayInChinaIGspaceTMTsweremixedMEITUAXIAOMIandBABAtightenedc5bpswhileBIDUwidened10to20bpsonthereportsthatitsunitIQIYIseeksconsenttodefertheputofitsCBsIQ2040125on1Apr23FinancialsectorremainedstableAMCsmoved-025to025ptWesawbuyinginterestsonAT1sfromoffshorebuyerswhilethesectorwaslargelyunchangedT2wastradedfirmIGpropertiesweredivergentVNKRLEsLNGFORsslightlymoved-025to025ptYUEXIU31rose35ptswhileCRHZCH29weredown3ptsandtradedbackto89thelevelaboutaweekagoChinaHYpropertiescontinuedtooutperformandshort-datedbondsweremoresoughtafterChinaSCEgotRMB5bncreditlinefrombanksyesterdayCHINSCsup15to10ptsaftera55to8ptsrallyonTuesdayCENCHIsAGILEsandCIFIHGwereup05to4ptsGRNLGRswereoverallup05to7ptsexceptGRNLGR26whichweredown16ptsInindustrialsFOSUNIsweretradedfirmEHICARsandCARINCedgedup025ptHONGQI26rose2ptsMacaugamingsectorwasstableMPELsoutperformedup05to15ptsOutsideChinaIndianIndonesiannameswerestableMEDCIJsVEDLNsandGRNKENsedgedup025to05ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk115Dec2022OnWednesdaytradingvolumeofSOEsectorwasthinwhilemostnamesperformedwellCSSSHIsSINOCEsandCNOOCstightenedc5bpsalthoughCHGRID28widened4bpsTherewasdemandonshort-datedLGFVsofstrongerregionsGUAMETsSHGUOHsandHZCONIsrose025to05ptOtheractivelytradednamesBEIPROBJSTATCQNANA24wereunchangedto025pthigherLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNLGR63409262540569CRHZCH418022629900-31CHINSC73804092451441CPDEV534PERP778-29CENCHI7911072332941SINOPC414042443863-19CWAHK48505182684736GRNLGR634030326340-16YUEXIU3801203169135ROADKG734PERP438-12MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaytheSP-061Dow-042andNasdaq-076weredownduetoFedchairmanscommentthattheFedwillnotchange2inflationgoalandisgoingtousetoolstogetinflationbackto2Fedincreasedinterestrateby50bpsto425to45asexpectedanditsmedianforecastforinterestratesattheendof2023is5125up50bpsfrom4625inSep22TheUStreasuryyieldswereoverallstableyesterdayand251030yieldsreached423364349352respectivelyDeskanalystcomments分析员市场观点NWDEVLNWSZFTenderoffersareinlinewithourviewNWSHoldingsacceptedthetenderoffersofUSD2809mnofNWSZF575PerpandUSD923mnofNWSZF42506272NWSZF575Perpwereacceptedat955whileNWSZF425062729at865andthefinalacceptanceamountrepresented216and275ofthetotaloutstandingprincipalrespectivelyAdditionallyNewWorldDevelopmentacceptedthetenderoffersofUSD372mnandUSD722mnofNWDEVL45051930andNWDEVL375011431respectivelySeetablebelowfordetailsAsdiscussedinourdailyon28Oct22weviewNWDEVL615PerpNWSZF575PerpandPCORPM46PerpareamongstthecandidatesfortenderofferWeexpectissuerswithsufficientliquiditytobuybacktheirbondsatdiscountWealsoexpectissuerstocallorearlyredeemitsperpsespeciallythosewithcouponresetandhighcouponstep-upafterthefirstcalldatesOverthepast6months28tenderofferswereannouncedandproposedtenderofferamountisoverUSD8bnSincetheendofOct22LiFung27Octand21NovFWDGroup24NovNewWorldDevelopment5DecNWSHoldings5DecandLeeManPaperManufacturing6DechaveannouncedtenderoffersAcceptedCompanyBondProposedDateTickerDeadlineBondamountUSDnameOSpricemnNWSZF575PERP130095528095-Dec-NWS13-Dec-NWSZF22Holdings22NWSZF425062729650865923NWDEVL450519306008143725-Dec-NewWorld13-Dec-NWDEVL22Development22NWDEVL375011431200765722215Dec2022OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFPengzeCountyDevelopmentUSD-3yr80---andConstructionGroupNewsandmarketcolorRegardingonshoreprimaryissuancestherewere83creditbondsissuedyesterdaywithanamountofRMB92bnAsforMonth-to-date707creditbondswereissuedwithatotalamountofRMB724bnraisedrepresentinga299yoydecreaseCHFOTNChinaFortuneLandDevelopmentproposesdebtrestructuringviadebt-to-equityswapwithstakesinsubsidiariesassourcesfordebtpaymentCHINSCChinaSCEsignsstrategiccollaborationagreementswithChinaConstructionBankICBCCIFIHGCIFIEverSunshineServicescontrollingshareholderEliteForceDevelopmenttoraisearoundHKD4365mcUSD56mnviashareplacementCOGARDCountryGardensaidonaninvestorcallthatithassufficientcashoffshoretofullyrepayUSD440mnfacilityduelaterthismonthThecompanycompletedHKD474bnshareplacementLIFUNGLiFungannouncedthatitintendstoredeemalloutstandingLIFUNG4375100424USD10371mnon21Decatpriceof89LZINVEMoodysaffirmedLanzhouConstructionsCaa1ratingandmaintainednegativeoutlookSHIMAOShanghaiShimaoannouncedthatitfacesuncertaintyoverredemptionofRMB500mn20HushimaoMTN001notesdue9JanSMCPMSanMiguelCorpcompletestenderofferfor1145stakeinEagleCementforUSD2264mnandnowowns9995stakeCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreport315Dec2022BesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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