>> 招银国际-Fixed Income Daily Market Update -230120
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研究报告全文：FixedIncomeCreditCommentary20Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketwasquitesilentwithCNYaroundthecornerInIGsSOETMTsectorswereunchangedamidlimitedliquidityespeciallyonthesupplysideGlennKoCFA高志和AT1swerestableattherecentrichlevelsLGFVsremainedunderbetter85236576235buyingamidabroaderpositivebackdropinChinacreditglennkocmbicomhkNWSZFNWSHoldingannouncedPandabondissuanceplanyesterdayNWSZFsparentNWDEVL29-30up25ptsyesterdayThismorningNWDEVLperpswereunchangedto05pthigherthanlastcloseAndCyrenaNgCPA吳蒨瑩NWSZFswereflatwithits29andPerpquotedat88and95level85239000801respectivelycyrenangcmbicomhkUSweeklyjoblessclaimsfell15kto190klowerthanexpectedanditisthelowestlevelsinceSep22MarketrenewedconcernsoverFedspathofrateJerryWang王世超hikesAccordingtoapollconductedReuterspreviouslymarketsexpectthe85237618919Fedwillendthetighteningcycleafter25bpshikeeachinnexttwopolicyjerrywangcmbicomhkmeetingsandlikelyholdtheratessteadyfor2023Tradingdeskcomments交易台市场观点YesterdayIGflowsremainedbetterbuyingwithbuysellratioof91despiteUST10yyieldsloweredtobelow34overnightpostUSjobsdataInvestorschasedfordurationas10ybenchmarkstightened2-5bpsbeforelunchWhilstafterlunchIGspreadsretracedabitfromtightOnrecentnewissuefrontHKAAHKINTLwere1-3bpstighterKoreanewissuesended2-4bpstighterFinancialsspacewasstillmixedwithAMCskeptunderperformingAMCslikeCCAMCLHRINTHcurveshowedonewaysellingHRINTHcurvemoved025-05ptslowerCCAMCLcurvewidened5-10bpsBankT2sandleasingnameslikeBCOMFLmarchedanother1-3bpstighterCCBswere4-6bpstighterTMTswereroughlyunchangedundertwowaybalancedinterestsTENCNT30sfirstwentwidertoT148butthenbacktoT144byEODBABA30swereslightlyliftedtoT124BBB-nameslikeLENOVOXIAOMIwereunderbetterbuyingIGpropertybenchmarksLNGFORswereup05ptInChinaHYspropertybondswerestablewithvaluationlargelyunchangedCOGARDsFTLNHDscurvewereunchangedwithbetterretailbuyinginthefrontendCHINSCsweremarked05-15ptshigherElsewhereKWGPROsdropped1-2ptsGRNLGRsROADKGswereunchangedto05ptlowerOnHKcorpsLEEMANsignedHKD475bn5yrtermloanfacilityagreementandNWSappliedtoNAFMIItoissueuptoRMB5bnPandabondsforrepaymentofexistingdebtsLEEMANNWSZFperpsclosedflatatlow-90sbyEODNWDEVLNANFUN29-30sweretradedup15-3ptsInindustrialsANTOIL25wastradedup4ptstolow-80slevelposttheannouncementofathree-yearstrategicplanonWednesdayOnemonthearlierANTOILhascompletedthefullrepaymentofUSD300mndue-2022sandreceivedRMB198mncapitalinjectionfromfourstrategicinvestorsMacaugamingnamesMPELsSANLTDsSTCITYsweretraded05-1pthigherEx-ChinaHYwasmixedInIndianHYsrenewablesGRNKENRPVINwereup05-1ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk120Jan2023InIndonesianHYsLPKRIJsLMRTSPsdropped05-15ptsIntheLGFVSOEPerpAT1spacewesawstrongbuyingindurationespeciallyintheAT1spaceinlightoftheratesrallyandtherallyinhighgradecreditspreadsithaddrivenBig-5banknamesclimbedupto075pthigherthanthelevelsoflastEODasyieldsgroundthroughinsideof5whilstpapersstillyielding6fromhigherbetanameswereaggressivelysoughtafterbyRMandPBWesawactivetwowayflowsonICBCASBOCHKLWhilebetterbuyingflowswereobservedinbroaderChinacreditspaceSOEperpslaggedslightlyandonlyedged025ptshigherwithinthelow-5yieldcontextamidlittlebitofprofittakingontheotherhandtooSINOPE28s29sweretraded3-5bpswidertoT645T66levelrespectivelyLGFVswererelativelyquietwithmostonshoreclientsoffalreadyflowswereoveralltwo-wayskewedtoslightlybetterbuyingledby26samidthebroaderchasefordurationthemeLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeANTOIL83401262581541LMRTSP714061924783-16NANFUN35808273088528SINOPC414042443853-16NWDEVL41807182986025CSCHCN9041224793-15NWDEVL41205193087525CENCHI714042423448-15ROADKG734PERP58323CENCHI79110723348-13MacroNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP-076Dow-076andNasdaq-096TheUSLaborDepartmentreleasedtheweeklyjoblessclaimsreportyesterdaytheweeklyjoblessclaimsfell15kto190klowerthanexpectedanditisthelowestlevelsinceSep22ThefallinjoblessclaimspointedtocontinuedhighdemandforworkersandconcernsovertheFedspathofratehikesthatcouldleadtoeconomicrecessionMeanwhiletheUSgovernmenthititsUSD314tnborrowinglimityesterdayTheUStreasuryyieldsoverallupThe251030yieldscurvesat409348339357respectivelyOffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere17creditbondsissuedyesterdaywithanamountofRMB10bnAsforMonth-to-date1053creditbondswereissuedwithatotalamountofRMB907bnraisedrepresentinga232yoydecreaseAGILEAgileraisedRMB12bnfrom3-yearMTNsat47guaranteedbyCBICL220Jan2023CCAMCLChinaCindaexpects40-50yoydropinnetprofitsforFY22duetodecreaseinvaluationofcertainfinancialassetscausedbysignificantcapitalmarketvolatilityandchangesinmacroeconomicsituationCHFOTNCFLDannouncedtheselectionbondnominationdeadlinehasexpiredandtheschemecreditorscannolongeramendtheirselectionofthenewbondsHRINTHTaipingTrusteesseekspaymentfromChinaHuarongofunquantifiedsumswhichitallegesaredueandunpaidinacourtproceedingItalsoclaimsunquantifieddamagesforallegedbreachesoffiduciarydutiesinconnectionwiththefundsinvestmentofitsassetsincertainloansandsubsequentnon-paymentofloanprincipalJNHUIGRadianceGroupsignsstrategiccooperationwithCCBforRMB10bncreditlinesthecompanynowsecuresmorethanRMB70bncreditlinesintotalpreviouslyobtainedfromICBCABCBOCPSBCCMBCandIndustrialBankJZCITYBankofJinzhouinsharetradinghaltVEDLNVedantatosellitszincinternationalassetstoitslistedsubsidiaryHindustanZincuptoUSD30bnThetransactionwillbesubjecttothereceiptofregulatoryapprovalsCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimer320Jan2023ForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbro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