>> 招银国际-Fixed Income Daily Market Update -230130
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研究报告全文：FixedIncomeCreditCommentary30Jan2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereactiveandbetterbuyingthismorningInIGspacehighbetanamesXIAOMILENOVOandHYUELEtightened5-10bpsForSOEGlennKoCFA高志和PerpLGFVAT1wealsosawabundantdeploymentfromonshorebuyers85236576235andlongdurationnameswerepreferredglennkocmbicomhkADANIGAdaniGroupissuedfurtherdetailedresponsestoHindenburgResearchSeparatelyitdoesnotplantochangethescheduleorpricingofitsUSD25bnFPOADANIG24ADANEMsandADSEZsdownanother1-CyrenaNgCPA吳蒨瑩65ptsthismorning85239000801cyrenangcmbicomhkVEDLNMediareportedthatVedantaisindiscussionwithOaktreeandIndianbankstorefinanceUSD25bndebtsmaturingin1H23VEDLNsmoved-075to05ptthismorningJerryWang王世超85237618919jerrywangcmbicomhkTradingdeskcomments交易台市场观点LastFridayAsiaIGhadanotherveryquietdaybuttoneinthespaceremainedfirmFlow-wisewesawbetterbuyingacrosstheboardOnrecentnewissuesKoreanamesoutperformedasnewHYUELEtightened5-8bpsandHKnameswere2-3bpstighterFinancialsspacewasmixedCCAMCLHRINTHcurvesstillunderperformedbygrinding3-12bpswiderT2benchmarksCCBsBNKEAswereunchangedto2bpstighterandleasingnameslikeICBCILCMINLEtightened2-5bpsTMTbenchmarkscontinuedtoshowbetterbuyingBABATENCNTweresought-afterbybankaccountstoclose1-3bpstighterwhilehighbetanamesLENOVOXIAOMIwidened5-7bpsastheseBBBnamesencounteredsomeprofittakingInIGpropertiesLNGFORsVNKRLEswere4-8bpswideracrossthecurveChinaHYwasslightlymoreactiveacrossthespacesSINOCEs29-30swereup15ptsCOGARDsCSCHCNsCHINSCswerealso05-1pthigherAGILEsGRNLGRswereontheotherhand05-15ptslowerROADKGperpsweretradedup15-3ptsAmongHKCorpnamesNWDEVLNWSZFweretraded05-1pthigherInindustrialspaceFOSUNIsedged05ptlowerInMacaugamingspaceMPELsMGMCHIswereup05-1ptSANLTDsSTCITYsclosed1-15ptshigherEx-ChinaHYspacewasmixedIndianspacestillsufferedfromshortsellingonAdaniGroupADANIGsnotablyplungedaround8ptstocloseat775levelADSEZsADANEMsADTINswereallfurthermarkeddown15-35ptsVEDLNslowered05-1ptsonthedayAsperFridaysearningscallVedantaplannedtoreducedebtsatboththeIndian-listedVDLLondon-basedparentVRLAZUPOEswerealsodown1-2ptsInIndonesianHYsLPKRIJsLMRTSPswereunchangedto025pthigherKIJAIJ27MEDCIJ28wereup05-1ptIntheLGFVSOEPerpAT1spacemarketwasstableamidthinliquidityInLGFVswesawbalancedtwo-wayflowsonqualitynamesPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk130Jan2023GSHIAVCQLGSTclosedunchangedto05ptlowerwithbettersellingInSOEsHAOHUAHUADIAPerpstightened3-10bpswhilstCNOOCwidened2-7bpsAT1swerestablewithlightvolumeNANYAN65Perpnotablytightened20bpsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeROADKG734PERP61230ADANIG438090824775-78BTSDF55810242494025ADSEZ4073027788-36GXFING3611182393719ADGREG614121024910-35SINOCE43408052973015ADSEZ438070329758-34COGARD801272486314ADSEZ42080427796-32MacroNewsRecap宏观新闻回顾MacroUSstockmarketsedgeduponlastFridaySP025Dow008andNasdaq095roseastheUSDeccorePCErecordedthelowestlevelwith44sinceNov21whichmayslowFedspaceofinterestratehikeTheNationalAssociationofRealtorsNARpublishedonFridayitsPendingHomeSalesIndexrose25to769lastmonthThatwasthefirstincreaseinpendinghomesalessinceMay22TheUStreasuryyieldscurveshifteduponlastFridaythat251030yieldsreached419362352364respectivelyOffshoreAsiaNewIssuesPricedSizeUSDIssueRatingIssuerGuarantorTenorCouponYieldmnMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFBankofNewZealandUSD-5yrT140A1AA--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere8creditbondsissuedlastSundaywithanamountofRMB16bnAsforMonth-to-date1074creditbondswereissuedwithatotalamountofRMB928bnraisedrepresentinga447yoydecreaseBanksthatfinancecompaniescuttingcarbonemissionscankeepreceivingcheaploansfromPBOCuntiltheendof2024PBOCwillalsoextenditsclean-coalusere-lendingprogramtoDec23andwillletforeignandlocallendersdeepenglobalgreenfinancecollaborationHongKonghomepricessufferedthesteepestdropin2022since1998Live-inhomepricesdeclined156lastyearthemostsince325slumpin1998accordingtothedatareleasedbytheHKSARGovernment230Jan2023MediareportedthatChinawillimplementpoliciestopromoteaconsumptionreboundasawaytodriveeconomicgrowthandboostimportsADANIGAdaniGroupissuedfurtherdetailedresponsestoHindenburgResearchSeparatelyitdoesnotplantochangethescheduleorpricingofitsUSD25bnFPOAZUPOEAzurePowersaidthatitsFY22unauditedoperatingrevenuerises214toUSD227mnthecompanyestimatesFY23revenueisUSD2454mntoUSD2577mnBUMIIJBumiResourcesCCCratingwithdrawnbySPatthecompanyrequestPINGINMediareportedthatPingAnInsuranceOverseasseekslenderscommitmentsby24FebforuptoUSD500mnloanatSOFR185bpstop-levelall-inVEDLNMediareportedthatVedantaisindiscussionwithOaktreeandIndianbankstorefinanceUSD25bndebtsmaturingin1H23ItalsoplanstouseproceedsfromthesaleofitsinternationalzincassetstofundexpansionanddeleveragingYANGOGYangoGroupannouncedthatitisunabletomakepaymentdue30JanregardingUSD2656mnexercisedputoptionof21Yangcheng01bondsCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGM330Jan2023AdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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