>> 招银国际-Fixed Income Daily Market Update -230110
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研究报告全文：FixedIncomeCreditCommentary10Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报Marketswasactivewithtwo-waybalancedthismorningWesawmoreprofittakingcomparedtopreviousdaysNewdeploymentfrombuyersfocusonGlennKoCFA高志和highgradenameslikePOSCOwhichedged025pthigherbymid-day85236576235glennkocmbicomhkChinaSCEPlantoissueRMB15bnCBICL-backedbondsguides35-48CHINSCsrose4-10ptssince5Jan23whenthenewswasfirstlyreportedSeebelowCyrenaNgCPA吳蒨瑩85239000801MONGOLMongoliatoissue5yrUSDbondsIPT9625forthetendercyrenangcmbicomhkofferofUSD517mnMONGOL5625050123andUSD600mnMONGOL875030924Tradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdayChinaIGwasrelativelyquietonJapanholidayMarketwasslowjerrywangcmbicomhkaheadofThursdayCPIdigestingthelatestjobsdatathatindicatedwagegrowthhasdeceleratedOnprimarysiderecentnewissuesHKINTLsHKAAsbroadlypushedback3-5bpsandbenchmarkpapersclosedunchangedtoatouchwiderPOHANGannouncednewissuesfor3510ytranchesFinancialsspacewasstablewithAMCsoutperformedCCAMCLORIEASclosed5-10bpstighterontheshortendT2sbenchmarksCCBsfurthertightened4-14bpsTMTsnarrowedabitselectivelywithbenchmarksBABATENCNTtightened2-4bpsBIDUMEITUALENOVOcurveswereunderbetterbuyingInIGpropertiesLNGFORsVNKRLEstightened2-8bpsYUEXIUsended12bpstighteramidFTZissueofRMB2bnUSD292mnpricedat4for3-yeartorefinanceitsUSDbondsdueJan23ChinaHYspacewasmixedInpropertysectorrecentoutperformerstookapausefromthepreviousrallyBenchmarksCOGARDsdropped1-2ptsandFUTLANsFTLNHDswereunchangedto05ptlowerCIFIHGsCHINSCslowered05-15ptsOntheotherhandGRNLGRsoutperformedandup1-5ptsROADKGsanditsPerpsclosed15-35ptshigherHKCorpperpslikeHYSANNWDEVLPerpsweretraded1-4ptshigherCKINFTYANLIPerpsweremarkedup15-2ptsInindustrialspaceFOSUNIsHONGQIsweretradedup05-35ptsInMacaugamingspaceMPELsWYNMACsweremarked05-15ptshigherElsewhereBTSDF24wastraded4ptshighertocloseatlow-90sEHICAR24wasquoted3ptshigherEx-ChinaHYwasmixedAwayfromChinaIndiaHYswerelargelyunchangedVEDLNswereindicated05-15ptshigherInIndonesianHYsLPKRIJsLMRTSPsweretradedanother15-25ptshigherafterjumping4-5ptsduringlastweekInKoreaspaceSHINFNWOORIBperpsweremarked05-1pthigherIntheLGFVSOEPerpAT1spacesentimentremainedafloatbutmorecautiousasopposedtolastweeksone-waygapupinthinofferliquidityOnMondayweweregraduallyseeingmorebondscomingoutin23sc23spapersaswellasinweakLGFVnamesInlightofthisrealdeploymentPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk110Jan2023buyingflowsindeedsloweddownabitbutthosewhowereshortsqueezedhadfewoptionsbuttotakethehigheroffersHencewestillsawbondpricesoflessliquidnameslikeCQNANAbeingrepricedhighertowardscurrent95levelMeanwhilebidson23spapersandc23sperpsAT1sremainedfairlyresilientatlow-5to6asinvestorsremainedhappytopickupthethinyieldmarginabovefundingcostwhilsthighyieldingshortdatedpaperssuchasTLINVTremainedsoughtafterKNMIDIKMCMIN23sweremarkeddown25-4ptsastalksonKunmingTrafficInvestmentsloaninterestrepaymentcycletriggeredconcernsonKunmingLGFVsOverallSOEPerpsAT1sgenerallyedgedup025-1ptonthedayLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNLGR71401222750948KMCMIN7062223940-40BTSDF55810242490543CHINSC738040924608-32GRNLGR61804222556941COGARD33011231588-27NWDEVL48PERP71841KNMIDI512100923900-25FOSUNI50501272778937HILOHO934111824417-21MacroNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP-008Dow-034andNasdaq063weredivergentthatTMTsandRenewablesectorrosewhilehealthcareoilandgasdownFedsofficialsaidthat25bps50bpsratehikearebothontableforFebruaryTheUStreasuryyieldsmovementcontinuedpreviousdaystrendthatshorttermyieldsedgedupwhilelongtermyieldsdownThe251030yieldscurvesreached419366353366respectivelyDeskanalystcomments分析员市场观点ChinaSCEPlanstoissueRMB15bnCBICL-backedbondsat35-48MediareportedthatChinaSCEplannedtoissueRMB15bncUSD220mnCBICL-backedbondsnextweekataninitialpriceguidanceof35-48ThefinalpriceislikelytobeclosertohigherendofthebandtakingcuesfromotherrecentlyissuedCBICL-backedpropertybondsTherecentissuesofCOGARDRMB1bnandSEAZENRMB2bnwerepricedat43BesidesbothCOGARDandSEAZENhaveAAAonshoreissuerratingwhichishigherthanChinaSCEsAANotwithstandingtheCBICL-backedbondscostislowerthanChinaSCEs7averagefinancecost1H22theissuewillnotablystrengthenitsfinancialflexibilitytorefinanceitsUSD500mnbondsdueApr23Despitefinancingenvironmentimprovedin2H22thekeyfordeveloperstosurviveisnotablemarketrecoverywhichhasnotappearedyetIn11M22ChinaSCErecordedRMB544bncontractedsalesdeclined44yoyTheaveragesalepricepersqmalsodown15yoytoRMB144ksqmBondmaturitiesOnshoreRMBmnOffshoreUSDmn1H23-5002H235405001H24--2H24506450After2025565850Total16112300SourceWindBloomberg210Jan2023OffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFPOSCO7003yr5625T190Baa1A--POSCO10005yr575T220Baa1A--POSCO30010yr5875T250Baa1A--OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFBaa3BBB-Export-ImportBankofIndiaUSD-10yrT220BBB-MacquarieBankUSD-10yrT350Baa3BBBBBBMongoliaUSD-5yr9625-BBSKHynixUSD-3510yrT280315360Baa2BBB--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere85creditbondsissuedyesterdaywithanamountofRMB66bnAsforMonth-to-date306creditbondswereissuedwithatotalamountofRMB273bnraisedrepresentinga9yoydecreaseAZUPOEAzurePowerauditedfinancialsdelayedbyauditordisagreementCRHZCHChinaResourcesLandappliestoShenzhenboursetoraiseRMB10bnviabondsJINKEJinkeseeksadditional32-monthextensionofalreadytwice-extended5domesticnotesoriginallyputtableinMay22LNGFORLongforunitplanstoraiseuptoRMB20bnviabondsinmultipletrancheswithupto10-yearmaturityMONGOLGovernmentofMongolialaunchedtenderexchangeofferfor5625notesdue2023and875notesdue2024RSMACAXiamenCDannouncestoacquireupto30stakesofRedStarMacallineYANGOGYangGuangChengannouncedithassofarfailedtomakepaymentonoverdueRMB45bndebtsYUEXIUYuexiuPropertytoissueRMB2bn4guaranteednotesdue2026forrefinancingCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBank310Jan2023AuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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