研究报告全文：FixedIncomeCreditCommentary3Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswasstrongwithactivetradingthismorningWesawbuyinginterestsonAT1andLGFVswitharound8-9yieldsfromonshoreSelectedSOEGlennKoCFA高志和namesthatdroppedalotinDecwerealsosoughtafterbybuyers85236576235glennkocmbicomhkCorporatePerpsPreferPCORPM46PerpUPLLIN525PerpNWDEVL615PerpandNWSZF575PerpSeebelowCIFIHGMediareportedthatCIFIplanstoissueitssecondCBICL-backedCyrenaNgCPA吳蒨瑩bondsforaboutRMB2bnwithpossible43couponCIFIHGswere85239000801cyrenangcmbicomhkunchangedtoup15ptsthismorningTradingdeskcomments交易台市场观点Yesterday10-yearUSTreasuryyieldretraced14bpsto374thelargestJerryWang王世超declineinmorethanamonthChinaIGspacehadafirmopeningdayin202385237618919thoughmarketwasrelativelyquietwithnoUSTlivesessioninthemorningjerrywangcmbicomhkIGspreadsweregenerally5-15bpstighterwhileliquidityremainedthinandflowskewedtobetterbuyingFinancialspaceclosedonaconstructivetonewithT2sleasingnamesledtherallyT2benchmarkCCB29-32swereone-waywell-bidonthestreetthoughliquiditywasthinInleasingsectorCMINLE31notablywastradedto10bpstighterAMCsshowedsomemoreRMbuyinginterestsbutnotaggressivelychasingfromthereTMTsturnedtobetterbuyingafterLondonsessioncameinTENCNTBABAnamesclosedunchangedto2bpswiderBIDUJDMEITUAtightened4-8bpsInIGpropertiesLNGFORswereup1-15ptsacrossthecurveChinaHYspaceopenedstrongwithpropertybondsended05-2ptshigheronthedaywithbetterbuyingonbothqualityandweakeronesCIFIsdomesticunitsoundedoutplantoissueCBICL-guaranteedbondsthree-yeardealwithasizeofup-to-RMB2bnCIFIHGspoppedup2-4ptswithFMRetailchasingRecentoutperformerSINOCEscontinuedtobequoted15-3ptshigherandSINOCEPerpwasmarkedanother5ptshighertoendat40levelCOGARD26-30sweremarked1-3ptshigherROADKGSHUIONYLLGSP24-27sweretradedup05-1ptsElsewhereGRNLHKPerpdroppedanother3ptsfollowingGreenlandmissedtopaycoupondue25Decemberonitsdue-June2023notesIndustrialnameslikeFOSUNIsmarked1-2ptshigheracrossthecurveElsewhereLIFUNGLEEMANPerpsweretradedup25-35ptsMacaugamingnamesremainedsolidMPELsWYNMACswere05-1pthigherwhileSTCITYswereup1-3ptsAwayfromChinaIndiaHYsespeciallyrenewableslikeAZUPOEGRNKENedged05-1pthigherInIndonesiaHYslower-pricenameslikeLPKRIJLMIRT24-26swerequotedup05-1ptwithstreetchasingtocloseatmid-60stolow-70sIntheLGFVSOEPerpAT1spacemarketendedafirmtonetostarttheyearwithLGFVspacewerebroadlyunchangedto025pthigherWesawoverallbalancedtwowayflowsassentimentremainedafloatintonewyearwithChineseaccountsonandoffshoregenerallybetterbuyerofriskhavingbeenPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk13Jan2023underweightforthebestpartof2022BuyingintheLGFVspacewasledbyhigh-yielding924sandselectedbeaten26spaperswhilstseveral23sbondsalsosawinterestsfromshortmaturitymandatesCQNANA24weresqueezed05-1pthigheronsomeshortcoveringSOEPerpswerefairlysolidaswellamidbetterbuyinginbullethigh-gradeSOEpapersacrossthecurvesThepricesofSOEc23c24perpsremainedresilientat5-6despitesellinginmainlyc23issuesasinvestorsrecycledcashBenchmarkHAOHUASINOPEcomplexwereunchangedto5bpstighterunderbetterbuyingflowsAT1swerealsofirminspiteofsomeprofittakingflowsseeninCINDBK71PerpBOCHKL59PerpOverallAT1shadactivetwowayflowsonthedayandwesawmainfocusofcashparkingstillonshorttocallpaperslikeCMHI35PerpLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeSINOCE6876PERP40550XINHUZ11060625933-41CMINLE27802043179538GRNLHK1021PERP583-31GRNLGR57807032637538FWDGRP8492PERP837-28CSCHCN910092464636BBNIIJ43PERP774-20LEEMAN512PERP89433LVGEM12031023724-17MacroNewsRecap宏观新闻回顾MacroUSstockmarketswereweakonfirsttradingdayof2023theSP-040Dow-003andNasdaq-076draggedbyweightedstockTeslaandAppleUSMarkitmanufacturePMIpublishedas462inDec22thedatawassamewithexpectationbut15lowerthanNov22ThelongtermUStreasuryyieldsslightlydownyesterdayand251030yieldscurvesbullflattenedto440394379388respectivelyDeskanalystcomments分析员市场观点CorporatePerpsPreferPCORPM46PerpUPLLIN525PerpNWDEVL615PerpandNWSZF575PerpWepreferperpswithcouponresetandahighstep-upasthecertaintyofbeingcalledwillbehigherandissuersaremoreincentivizedtoearlyredeemorbuybacktheirperpsbeforecalldatesBondpriceandfirstcalldateofourcorporateperpspickSourceBloomberg23Jan2023RidingontheoilpricerallythePhilippineoilrefiningcompanyPetronCorporationisabletogenerate116yoyincreaseinsalesin9M22andcashlevelat30Sep22reachedthehighestlevelsince2015atPHP415bncUSD740mnAswementionedinourdailybackinOct22weviewPCORPM46Perpacandidatefortenderofferconsideringtheperpscouponwillbeincreasedto5yrUST477from46onitsfirstresetdateonJul23ThecompanyhasannouncedatenderofferuptoUSD50mnforPCORPM46PerpundermodifiedDutchauctionon4Jan23RecalledthatPCORPMcalleditsperpsPCORPM75PerponthefirstcalldateinJun18MeanwhileUPLLIN525Perpistradingat696comparedtoitsdue-28anddue-30seniorbondsat850and799respectivelyTheperpsarecallableinFeb25andwillhavecouponstepupas5yUST387from525UPLCorporationtheIndianagriculturalsolutionprovidermighttakeadvantageofthelowerbondpricetoredeemtheperpsbeforethefirstcouponresetdateFurthermoreUPLLINswillbeincludedinbondindexesstartingfrom31Jan23andweseethereistechnicaldemandonthiscompanyForNWDEVLsourpickremainsNWDEVL615PerpcallableinMar25andcouponstep-upto3yUST62from615Theperpsistradingat924withYTCof97Givenitwouldfacehighcouponstepupafterthefirstresetaswellasitscurrentlycash-richpositionwebelievethatthecertaintyofcallishighandwouldnotbesurprisedifNewWorldDevelopmentwouldproposeanothertenderofferNWDEVLhastwootherperpscallablein23and24NWDEVL48PerpandNWDEVL625Perparetradingat626and744respectivelyThesetwodonotcontaincouponstepupclausesafterfirstresetdateandthereforethechanceofcallonfirstcallisdeemedcomparativelylowerNWSZFcompletedthetenderofferforitsNWSZF575PerpcallableJan24at955inDec22andtheacceptedamountishigherthantheoriginallyproposedUSD250mnMeanwhilethecompanycompletedthesaleofcommercialaircraftleasingplatformtoSMBCAviationCapitalforaconsiderationofUSD16bninDec22TheadditionalcashinflowallowsthecompanytorideontheweakmarketsentimenttobuybacktheoutstandingbondstradingatdiscountNWSZF575Perpwillhavecouponstep-upto5yUST82from575inJan24andcurrentlytradingat950withYTCof103SummaryofourcorporateperpspicksPCORPM46PerpUPLLIN525PerpNWDEVL615PerpNWSZF575PerpCreditratingMSFNABa2BB--NANAYieldtocall22922397103Price912696924950Firstcalldate19Jul2327Feb2516Mar2531Jan24Yeartocall06222211OutstandingUSDmn50004000500010200USDmnSep22Mar22Jun22Jun22Revenue139064553238730839856Netprofit1447484846422777Cashandshort-terminvestment741668689462234672Short-termdebts311173629659286968Long-termdebts172172923718914724638Totaldebts483343286625507531606SourceBloombergSPCapitalIQ33Jan2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineSizeUSDIssueRatingIssuerGuarantorCurrencyTenorPricingmnMSFExport-ImportBankKoreaUSD-3510yrT120155180Aa2AAAA-HongKongSART70105USD-351030yr-AAAA-Government130190RepublicofIndonesiaUSD-5103051555615Baa2BBBBBBNomuraHoldingsUSD-3510yrT175215265---SunnyOpticalTechnologyUSD-355yr-Baa1--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere47creditbondsissuedyesterdaywithanamountofRMB44bnThereisnoyoychangeas3Jan22waspublicholidayinMainlandChinaANTOILAntonsells152stakeininspectionbusinessforRMB1977mnaheadofplannedShenzhenlistingCIFIHGMediareportedthatCIFIplanstoissueitssecondCBICL-backedbondsforaboutRMB2bnwithpossible43couponThecompanyissuedRMB12bnCBICL-backedbondswith32couponon21Sep22GRNLGRGreenlandmissed25DeccouponpaymentonitsUSD500mnGRNLGR675062524PCORPMPetronlaunchesuptoUSD50mntenderofferforitsUSD500mnPCORPM460PERPwithminimumpurchasepriceof927SUNACMediareportedSunacobtainssufficientconsentsfromholdersofitsRMB158bncUSD23bndomesticbondforitstwo-prongedholisticonshoredebtrestructuringplanThecompanysale51stakeinShenzhenJVforUSD519mntorepaydebtYIDCHLYidaChinamissedUSD345mnpaymentofseniornotesdue2025pursuanttotermsofconsentsolicitationZHPRHKZhenropropertysignedstrategiccooperationagreementwithNingboBankCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBank43Jan2023AuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5