>> 招银国际-Fixed Income Daily Market Update -230127
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研究报告全文：FixedIncomeCreditCommentary27Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报TradingflowremainedlightthismorninggivenChinamarketwillonlyresumetradingnextMondayThismorningwesawbuyingonKoreanIGnamesGlennKoCFA高志和SOEperpsAT1LGFVwererelativelyquiet85236576235glennkocmbicomhkADANIGAdaniGroupsaidtheresearchreportbytheUS-basedshortsellerHindenburgResearchismaliciouslymischievousandsuggestthepossibilityofalawsuitADANIG24ADANEM30-31sADSEZsdown7-10ptsyesterdayCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkCOGARDCountryGardenobtainedRMBequivalentofUSD50mn3-yeartermloanfromChinaMinshengBanktorefinanceoutstandingdebtCOGARDslargelyunchangedthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdaywesawaquietbutrelativelyfirmdayonthefirsttradingdayoftheYearofRabbitRecentnewissuesfromKoreaencounteredsomeprofittakingflowsandPOHANGEIBKORWOORIBwidened2bpsChinaIGswerelargelyunchangedandwesawbalancedtwo-wayflowsonleasingTMTPOEsectorFinancialsspacewereroughlystableAMCsgotsmallsellingonHRINTH24s-26sandCCAMCLcurveweremarkedatouchwiderT2benchmarksCCBBNKEA28-30sclosed2-6bpsfurthertighterTMTsbroadlynarrowedabitBIDUJDtightened2-3bpsBBBratednamesMEITUALENOVOnotablymarched5-10bpstighterTAISEMswerestillunderbetterbuyingwithspreadgrinding2-3bpstighterInIGpropertiesLNGFORsYUEXIUswidened8-20bpsChinaHYwasquietCOGARDsCSCHCNswereunchangedto05pthigherSINOCEswerequoted05-15ptshigherundersomeRMinterestsCIFIHGsROADKGsalsoclosed05-1pthigherElsewhereAGILEsGRNLGRswerebidup05-15ptsHKcorpnamesstilloutperformedNWDEVLperpswereupanother15-45ptswhileAIAFWDGRPweretraded1-2ptshigherIndustrialswereunchangedto05pthigherInMacaugamingspaceMGMCHIsSANLTDspoppedup1-2ptsAwayfromChinamarketeyedAdaniGroupsinternationalbondsfirstplunged10-15ptsintheAMsessiononthebackofaHindenburgResearchshort-sellerreportandretraced4-5ptstocloseatbroadly7-10ptslowerthanWednesdayAmongthesebondsitssubsidiarypowerdistributorAdaniElectricitybondsADANEM30-31splummeted8-10ptsandwereindicatedat6971levelatEODADANIGsADSEZswerealsomarked7-10ptslowerthanWednesdaycloseVEDLNslowered15-35ptsfromthepreviousrallyVEDLN23-24swereroughlystableathigh-90sandits25-26sfluctuatedbetweenhigh-70stolow-80slevelInIndonesianspaceLPKRIJsLMRTSPswereunchangedto05ptloweramiditsunitThetaCapitalannouncedearlyresultsoftenderofferofdue-2025due-2026snotesPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk127Jan2023IntheLGFVSOEPerpAT1spacemarketwasoverallunchangedInLGFVsfrontendpaperswereundersmallbetterbuyingBetanamesCQLGSTGSHIA23-25sweremarked05pthighertoclosebetweenhigh-80sandlow-90sSOEnamesperformedabitmixedHAOHUASINOPEwereanother1-4bpstighterbutHUADIAnotablywidened10-15bpsInAT1sbig-5nameswereunchangedto2bpstighterandstayedatcurrentexpensivelevelsBCHINAICBCAStightened1-3bpsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCITLTD47802044195622ADANIG438090824853-100AIA44705234785120ADANEM3867072231693-95CITLTD48504254695219ADANEM3949021230732-88FLY710152486818ADSEZ438070329792-86CITLTD448509074690417ADSEZ5080241670-85MacroNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP110Dow061andNasdaq176roseamidthe2022Q4GDPgrewat29qoqhigherthantheexpected26Thelabormarketremainstighttheinitialjoblessclaimat186kwasbelowexpectationof205kTheUStreasuryyieldscurvemovementwasdivergentyesterdaythat2510yryieldcurvesedgedupwhile30yrwasunchangedat417358349362respectivelyOffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere0creditbondsissuedyesterdayAsforMonth-to-date1059creditbondswereissuedwithatotalamountofRMB909bnraisedrepresentinga435yoydecreaseADANIGAdaniGroupraisedINR599bncUSD7338mnfromanchorinvestorsaheadofFPOincludingglobalfundsMiddleEastsovereignwealthfundsanddomesticinsurersOntheotherhandAdanisaidtheresearchreportbyHindenburgResearchismaliciouslymischievousandsuggestthepossibilityofalawsuitCHFOTNCFLDannouncedtheschemeofarrangementeffectivedateoccurred24Janandrestructuringeffectivedateisanticipatedtooccur31Jan227Jan2023COGARDCountryGardenobtainedRMBequivalentofUSD50mn3-yeartermloanfromChinaMinshengBanktorefinanceoutstandingdebtGEELYGeelyAutomobileredeemedUSD300mndue-23notesonmaturityJSTLINJSWSteelplanstorefinanceUSDdebtswithINRbondsLOGPHLogandelivered62kunitsofresidentialpropertyin2022atadeliveryrateof100AllthegroupsconstructionprojectsproceededasscheduledlastyearLVGEMLVGEMlaunchedanidentificationexerciseforholdersofitsUSD470mn12notesdueon10Mar23CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethatthe327Jan2023analystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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