研究报告全文：FixedIncomeCreditCommentary19Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketwasmuchmoreactiveamidUST10yfell18bpsontheexpectationofslowerpolicytighteningInIGswesawmoreshortcoveringemergedinGlennKoCFA高志和SOETMTsectorsandquality10ypapersgrinded3-10bpstighterthis85236576235morningLGFVswerelargelyquietandselectedAT1swerealsochasedglennkocmbicomhkafterNWSZFLEEMANNWSHoldingsplannedPandabondissuancemayattractmoreHKcorpstofollowForLEEMANweexpectLEEMANtocallCyrenaNgCPA吳蒨瑩LEEMAN55Perpinviewofresetandcouponstep-upof500bpsaswellas85239000801itsabilitytoaccessfundingchannelsSeebelowcyrenangcmbicomhkVNKRLEChinaVankesetupaRMB10bnrentalhousingfundwithCCBin2080capitalinjectionThefundwillprimarilyinvestinVankesinvestmentJerryWang王世超propertiesandrentalflatsdevelopmentandwillstartwith6rentalprojects85237618919inBeijingShanghaiChengduandWuhanVNKRLEswereflatwithits23-jerrywangcmbicomhk24squotedaround9799areaTradingdeskcomments交易台市场观点YesterdayIGmarketturnedmoreactiveandfirmerafterBOJmeetingwhichannouncedtomaintainthecurrentyieldcurvecontrolOnnewissuefrontnewWOORIB28spricedatT135thentightened20bpsunderonewaybuyingandsettledatT115areaOtherrecentnewissueslikePOHANGHYUELEwerefirsttradedmoredefensiveforaround1-3bpswiderbutbuyersjumpedinagainandchasedforriskagainpostBOJmeetingOverallrecentnewissuestightened3-8bpsintocloseFinancialsspacewasmixedwithAMCscontinuedtounderperformHRINTHcurvestabilizedabitbutits30smarkeddown1ptagainonthedayandGRWALLcurvealsowent15bpswiderT2sandleasingnameswereunderbetterbuyingwithBNKEA10-yearpapersnotablytightened10-20bpsTMTbenchmarksBIDUTENCNTspreadsnarrowed5-10bpsaswesawstreetbuyingonthebellyandlongendXIAOMI30notablytightened20-25bpsonthedayIGpropertybenchmarksLNGFORsYUEXIUswerequotedunchangedto05pthigherChinaHYswasevenmorequietbeforeCNYbutremainedfirmwiththinflowsInpropertiesCOGARDsCIFIHGswereunchangedto05ptlowerMediareportedCIFItopostponeCBICL-backedbondofferingbutwouldsigncooperationdealwithanotherbigbankthisweekCHINSCsdropped1-2ptsassomeprofittakingflowsemergedCENCHIGRNLGR24-26sweretradeddown1-15ptstobequotedbetweenmid-30stomid-40sKWGPROswere05-1ptlowerAmongHKcorpsFWDGRPAIAandHYSANcashpricesweremarkedup05-3ptsInindustrialspaceANTOIL25HONGQI26werebidup1-15ptsMacaugamingnamesoutperformedMPELsWYNMACspoppedup05-1ptSTDCTYsSTCITYsweremarked15-2ptshigherEx-ChinaHYwasmixedIndianHYslikeVEDLNswasdown05-15ptswhileIndonesianHYsLPKRIJsLMRTSPswereflatPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk119Jan2023IntheLGFVSOEPerpAT1spacewesawverythinactivityfromChineseaccountsespeciallyonshoreasclientswentoffforCNYholidayLGFVswerelargelystableamidtwo-wayflowsespeciallyonthefrontendThoughlateronthedaylongerendofLGFVspacewasskewedtoslightlybetterofferedfromoffshoreandglobalaccountsElsewherehighyieldingAT1sremainedsoughtafterbyPBandoffshorepropaccountsasofferswerestillfairlyrareAT1liquidbenchmarkslikeICBCASpaperswerestablewithlightvolumeastheywerewrappingaround5therecentrichlevelsInSOEspaceHAOHUAtightened2-5bpsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeFWDGRP638PERP87231CHINSC738040924609-19SINOPC41404244386827CHINSC714041923818-17RILIN33401126271221VEDLN895031125754-16CSCHCN912112474920CENCHI734052424332-13AIA47803114497220FOSUNI505012727782-13MacroNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP-156Dow-181andNasdaq-124droppedonweakerDec22economicdataThePPIdeclined05comparedtothe01declineinDowJonessurveyandthedeclinewasthebiggestdeclineonamonthlybasissinceApr20DropinenergypricesalsobroughtdowntheinflationthePPIsfinaldemandenergyindexplunged79duringthemonthRetailsalesfell11inDec22despitetheholidayseasonslightlymorethanthe1forecastTheUStreasuryyieldscurveoveralldownyesterdayThe251030yieldscurvesat406343337354respectivelyDeskanalystcomments分析员市场观点NWSZFNWSHoldingsplannedRMBissuancemayattractmorecompaniestofollowNWSHoldingshasmadeanapplicationtotheNAFMIItoissueuptoRMB5bnPandabondstorepayexistingdebtsandworkingcapitalpurposeGivensignificantpartofthecompanysassetsandoperationsaredenominatedinRMBRMBfinancingwouldreducethecompanysexposurestoforeigncurrencyriskcomparedtoborrowinginUSDAsdiscussedinourAsiaCreditOutlook2023welikeNWSZFPerpanditsparentNWDEVLPerpNWSZFcompletedtenderoffersforits575Perpand42529on5Dec22at955and865respectivelytodownsizethedebtslevelItboughtbackitsUSD575Perpbeforethecouponstep-upto5yUST82from575inJan24ThecompanycouldmakeuseoftheRMBchanneltoperformrefinancingatalowercouponratecomparedtoUSDofferingtoavoidsignificantincreaseincouponfromJan24onwardsSeparatelyLeeManPaperManufacturingsignedHKD475bn5-yeartermloanfacilityagreementforrefinancingandgeneralfundingLEEMAN55Perpwillfacecouponstep-upto5yUST828startingfromMay24LeeMancompletedthetenderofferofLEEMAN55PerpandearlyredeemedUSD592mnoftheperpsat86inearlyDec22WeexpectLeeMantocalltheperpsitsonlyoutstandingUSDissueinviewofresethighcouponstep-upaswellasitsabilitytoaccessotherfundingchannelsSeebelowtheoutstandingUSDbondsofNWSZFandLEEMAN219Jan2023Tenderofferin2022BondBondOSUSDmnPriceYTCYTMProposedpriceAcceptedUSDmnNWSZF575PERP102095011379552809NWSZF42506272924365881670865923LEEMAN55PERP24069181187860594OffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere67creditbondsissuedyesterdaywithanamountofRMB57bnAsforMonth-to-date1036creditbondswereissuedwithatotalamountofRMB901bnraisedrepresentinga154yoydecreaseAGILEAgileGroupcompletesHKD4892mnshareplacementCHINSCChinaSCEhasraisedRMB15bncUSD2213mn3-yearMTNsat41guaranteedbyCBICLCOGARDCountryGardentosellten-storeyhotelpropertyforRMB100mntoJiashiliGroupItalsoagreedtosell31equityinterestsinaprojectcompanyengagesinthedevelopmentofalandparcelinNanjingCityJiangsuProvinceinChinatoChinaMerchantsLandandChongqingHanzhiCOGOChinaOverseasGrandOceanssignsuptoHKD1bn3-yearloanfacilityletterCONAMPCATLsigneda5-yearstrategiccooperationagreementwithNIOaUS-listedelectricvehiclemakerandfocusonnewbrandscollaborationoverseasexpansionandimprovingsupply-demandcoordinationHLBCNHHelenberghsratingswithdrawnbyMoodysduetoinsufficientinformationPriortothewithdrawaltheratingwasCaandoutlookwasnegativeHONAIRHongKongAirlineelectedtofurtherdeferthedistributiononits7125seniorperpetualdueon26Jan23LEEMANLeeManPaperManufacturingsignsHKD475bn5-yeartermloanfacilityagreementforgeneralcorporatefundingincludingrefinancingofexistingfacilitiesNWSZFNWSHoldingsappliestoNAFMIItoissueuptoRMB5bnPandabondsforrepaymentofexistingborrowingsandworkingcapitalpurpose319Jan2023PWRLNGPowerlongaimstocuremissed15Jan23couponwithingraceperiodandalsoplantopaytheupcomingcoupondueon23JanwithingraceperiodSKYFAMSkyfameappointsMooreStephensCPAascompanysnewauditorfollowingtheresignationofPwCVNKRLEVankeestablishedRMB10bnrentalhousinginvestmentfundwithChinaConstructionBankinwhichCCBwillcontributeRMB8bnwhileVanketopaytherestItwillinitiallyhelptofinance6rentalprojectsthatVankeownsinBeijingShanghaiChengduandWuhanVEDLNVedantahaswonabidtoacquireMeenakshiEnergyabankruptIndia-basedpowerproducerforINR144bncUSD1772mnCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStates419Jan2023CMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5