>> 招银国际-Fixed Income Daily Market Update -230111
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研究报告全文：FixedIncomeCreditCommentary11Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报Marketsoverallshowedtwo-waybalancedthismorningTherewasdemandonhighqualitySOEperpsandLGFVnameswhileweaknameswereskewedGlennKoCFA高志和tobetterselling85236576235glennkocmbicomhkAGILELaunchedthethirdshareplacementsinceNov22toeaseliquiditypressureAGILEsweredown-2toup15ptsthismorningSeebelowFOSUNIMediareportedthatFosununitisinadvancedtalksforRMB12bnCyrenaNgCPA吳蒨瑩cUSD18bnwithICBC-ledlendersFOSUNIswere-05to025ptbymid-85239000801cyrenangcmbicomhkdayTradingdeskcomments交易台市场观点YesterdayChinaIGspaceturnedatouchsofterwithIGactivenamesJerryWang王世超broadlywidened3-5bpsFinancialsspacewasmixedAMCsclosedatouch85237618919weakerwithHRINTHcurveunderbettersellingBankcapitalbondsandjerrywangcmbicomhkleasingnameslikeCITLTDICBCILwereunchangedto2bpstighterT2benchmarkCCBsstillclosed2-10bpstighterTMTsunderperformedwithbenchmarksshowedbettersellingasBABATENCNT10ywidened3-8bpsOntheotherhandBIDUXIAOMIcurveended5-9bpstighteronthedayInIGpropertiesLNGFORsretraced1-2ptslowerwhileVNKRLEswerestableInChinaHYspacepropertybondswerebroadlydown1-4ptswithmoreprofittakingflowsafterthestrongperformanceYTDSINOCEsCOGARDsdroppedanother2-3ptstotradebetweenlow-60stomid-70sFUTLANsFTLNHDsfell3-6ptsCIFIHGswere25-35ptslowertolow-30salongwiththeweakerperformanceofitsonshorebondsfallMediareportthatCIFIexpectedtogetCBICLguaranteeletterdespiteitwoulddownsizetheonshorebondofferingtoRMB15bnfromRMB2bnElsewherelessliquidGRNLGR24sweremarked5-9ptshighertocloseataround60levelCHINSCsfell1-5ptsacrossthecurveInindustrialspaceFOSUNIsweredown05-15ptsMacaugamingnameslikeMGMCHIsSANLTDswereunchangedto05ptlowerHKCorpperpskeptoutperformingwithCPDEVNWDEVLPerpswereanother1-5ptshigherIndiaspaceperformedmixedVEDLNsweremarked05-2ptshigherwhilstAZUPOElowered1-2ptsonthedayamidnewsthatitsFY22resultshavedelayedagainduetodisagreementswithauditorEYAZUPOE24s25sfirsthadabrieffallof5-6ptsafterlunchonthenewsbutweremarkedbacktolastEODandclosedataround8891and7881respectivelyInIndonesianHYsLMRTSPsweretraded1-2ptsfurtherhigherOnTuesdaynewissuefrontEXIMBKannouncedtoprintsingle10ytrancheandHYUELEpresentednew3510ywithIPTsatT280315360respectivelyOnsecondarysidewestillsawgooddemandonEIBKOR5-10ywhichtraded3-5bpstighterNewPOHANGcameinastrongtoneasspreadstightened20-25bps35ytrancheshadactivetwo-wayswhile10ywererelativelymutedgivensmallissuanceIntonoonPOHANGretraced3-5bpswithsomemoreprofittakingattightandclosed15-20bpstighterbyEODNewSUNTOGcameatCT2180andPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk111Jan2023traded10bpsbetteramidbank-bookbuyingandthebondhoveredaroundT170fortherestofthedayIntheLGFVSOEPERPSAT1spacetoneremainedfairlyupbeatforhigh-gradenamesbutfeltslowerwithflowsturningmorebalancedtwowaythankstoprofittakingsellingfromRMasvaluationsgraduallyapproachedrichlevelsineyesofsomeNBRMandHFThatsaiddeploymentdemandfrombanksandNBRMremainedoverallsolidprimarilyinhigh-gradenamesandtoalesserextenthigher-betanamesthatofferedayieldpickupMeanwhileleveragedaccountsthatwereaggressivebuyerslastweektookabreatherfollowingthetighteninginyieldsOverallSOEswerequietandclosedunchangedCNOOCSINOPEtightened2-4bpsAT1swerelargelyfirmwithICBCASedged5bpstighterBOCOHKCIMWLBperpsshowedactivetwo-wayflowsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNLGR63406252460794FTLNHD412050226736-58CPDEV534PERP83048FTLNHD458101525766-49MSFLCZ31503102491826GRNLGR618042225525-44CHIOLI63810294398825CHINSC738040924565-43GRNLGR5611132458524CHINSC714041923732-39MacroNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP070Dow056andNasdaq101roseupthoughFedofficialsexpressedhawkishcommentsaboutinterestrateChinaDec22newloanswasRMB14tnhigherthanthemarketforecastofRMB11tnDec22M2supplyincreased118yoylowerthanexpectationof122yoyTheUStreasuryyieldsoveralledgeduponMondayThe251030yieldscurveswerebearsteepenedto424372361374respectivelyDeskanalystcomments分析员市场观点AgilelaunchedthethirdshareplacementsinceNov22toeaseliquiditypressureAgileGrouphassignedanagreementtoraisenetproceedsofcHKD4892mnUSD623mnthroughashareplacementThisistocurethemissed2Jan23USDcoupononitsUSD500mn575due-25bondswithinthe30daysgraceperiodasannouncedbythecompanylastweekThecouponmissisthesecondtimeAgilemissedtheoffshorecouponafterthefirsttimehappenedinNov22foritsHKD24bn7due-26exchangeablebondsThefirstcouponmisswascuredwithinthegraceperiodwithanothershareplacementinDec22WenoteAgilehasbeenmakinggoodonoffshorepaymentssofaranditdoesnotableoffshorebondsmaturingin2023TherecentfundingexerciseshelpbutreflectitstightliquidityThisisthethirdshareplacementlaunchedbyAgilesinceNov22IthascompletedfirstshareplacementofHKD783mnon23Nov22andthesecondofHKD6172mnon20Dec22MoreoverAgilealsoraisedHKD495mnon9Dec22byselling342stakeinitspropertymanagementserviceunitA-LivingSmartCityServicesRecalledthatAGILEchosetodeferthecouponofits8375PERPon4Dec22OntopofthiscoupondeferralofcUSD293mnAgilewillbefacing5morecouponduein1H23USD725mnintotalBesidesthe6875PERPwillhavecouponstepupclausefrom6875to9216startingfromMar23ThekeyforAgileremainstobesalesrecoveryandabilitytoopennewfundingavenuesuchasCBICLguaranteedbondsWeconsiderAGILEsfairlypricedatthemomentandwillcloselymonitorifitcansuccessfullyaccessnewfundingsourcesSeebelowforthecouponamountdue211Jan2023OffshoreUSDmnPrincipalosamtCoupondueCouponamtStatusAGILE775PERP200Nov2278PaidAGILE7112426310Nov22109PaidwithingraceperiodAGILE8375PERP700Dec22293DeferredAGILE575010225500Jan23144WithingraceperiodAGILE7875PERP500Jan23197AGILE6875PERP500Mar23172AGILE55042125314Apr2386AGILE605101325483Apr23146AGILE55051726450May23124SourceBloombergOffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFExport-ImportBankofIndia100010yr55T190Baa3BBB-BBB-MacquarieBank100010yr6798T320Baa3BBBBBBMongolia4505yr865895-BBSKHynix750750310yr62565T240310Baa2BBB--OffshoreAsiaNewIssuesPipelineSizeUSDIssueRatingIssuerGuarantorCurrencyTenorPricingmnMSFICBCHongKongBranchUSD-3yrT110A1--ICBCDubaiBranchUSD-3yrSOFR140A1--SaudiArabiaUSD-510530yrT140170210A1-ANewsandmarketcolorRegardingonshoreprimaryissuancestherewere86creditbondsissuedyesterdaywithanamountofRMB91bnAsforMonth-to-date394creditbondswereissuedwithatotalamountofRMB362bnraisedrepresentinga79yoydecreaseCIFIHGMediareportedthatCIFIexpectstogetCBICLguaranteeletterthisweekforplannedonshorebondsofwhichissuancesizeisuptoRMB15bnCRHZCHChinaResourcesLandsignsHKD35bnfive-yeartermloanfacilityletterFOSUNIMediareportedthatFosununitisinadvancedtalksforRMB12bncUSD18bnwithICBC-ledlendersFUTLANSeazenHoldingscompletedpaymentofRMB23bnforonshoreoffshorebondsin4Q22JIAYUAJiayuanInternationalreachesnosettlementwithpetitionerasof10Jan23MONMINMongolianMiningtoinvestUSD40mnfor50oflocalgoldminerErdeneMongolZENENTMoodyswithdrawnZensunratingsduetoinsufficientinformationCMBInternationalGlobalMarketsLimitedFixedIncomeDepartment311Jan2023Tel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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