研究报告全文：FixedIncomeCreditCommentary6Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereslightlysofterthismorningInAsianIGspacewesawsellingflowson10yrnameslikeTENCNTHAOHUAandHYUELEspreadwidenedGlennKoCFA高志和2-5bpsbymid-daywhileShorternamesweretwowaybalanced85236576235glennkocmbicomhkDALWANFVfornew3-yrtobehigh11BookoverUSD500mnalreadyatthetimeofwritingSeebelowADANIGIndianCorporateAffairsMinistrystartsreviewingAdanisCyrenaNgCPA吳蒨瑩regulatoryfilingsmadeovertheyearsAdanihalttheplanstoraiseupto85239000801cyrenangcmbicomhkINR10bncUSD122mnviapublicbondsADANIG24ADANEMsandADSEZswere025-15ptsthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkLastFridayAsiaIGspacewasfirmasbroadcashdeploymentdemandremainedstrongamidaslowerratehikepaceThoughwesawUSjobdatacameoutstrongerthanexpectedonFridaynightTheunemploymentratehit34a53-yearlowKoreaIGspaceperformedmixedonthedayHYUELEgappedanother10-20bpstighterintheAMsessionwhileSPchangedthecompanyscreditoutlooktonegativefromstablepostlunchFlowsturnedtobettersellingacrossthecurveHYUELEcurvewaspushedbackfromthetighttoclose5-10bpstighterthanthelastcloseChineseIGbenchmarkswere1-4bpstighterbutwesawmoretwo-wayflowsatcurrentlevelsInfinancialsbankT2scontinuedtobefirmwithBCHINACCBT2sclosed5-10bpstighterWoWAMCspaceoutperformedasHRINTHcurvewastradedup1-15ptsandCCAMCLORIEAScurvealsowent5-10bpstighterWesawactivetwo-waysonleasingfrontendsuchasBOCAVIICBCIL23s-26sInTMTsbenchmarkBABATENCNTwereunchangedBBB-papersLENOVO32MEITUA30notablytightened8-12bpsInIGpropertiesLNGFORssoftened10-20bpsChineseHYspacewasmostlyfirmCHINSC23sCSCHCN24sclosed1pthigherandAGILEswerealsotradedup1-3ptsCENCHIwasanunderperformerfinished2-3ptslowerintothecloseElsewhereHKcorpsHYSANNWDEVLperpsweremarkedanother1-25ptshighertoclosebetweenhigh-80stomid-90sFWDINS6755Perpwasmarkedup55ptsto94levelIndustrialnamesFOSUNIsHONGQIswereroughlystableonthedayMacaugamingSTCITYsMPELslowered05-25ptsonthedayInIndianHYsAdaniGroupsoffshorebondsrecovered5-7ptsunderHFbuyingThatsaidSPratingsaffirmedofAdaniPortsandAdaniElectricityatBBB-butrevisedoutlookstonegativefromstableVEDLN24-26swereup4-5ptsrenewableslikeRPVINsGRNKENswerebidupanother05-15ptsIndonesiannameslikeLPKRIJsLMRTSPswereunchangedto05pthigherPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk16Feb2023TheLGFVPerpAsiaAT1remainedlargelystrongwithRMchasingforrisksOnaWoWbasistheLGFVspacewereoverall2ptshigherlargelyacrossdifferentmaturitiesandpapersalbeitfordifferentreasonsLGFV24s-25spaperstightenedupto100bpsinyieldor1-2ptshigherthankstooffshoreChineseAMandpropdesksbuyingamidlowerratesandshortcoveringWecontinuedtoseedecentvolumeofonshorecrossborderbuyingflowssomefromNBRMleveragedaccountssecurityhousesetcbutnotasmuchorcomparabletothedepthbeforeCNYForqualityLGFV26s-27sitwasprettymuchshortsqueezeondealerswhowereleftshortintoCNYorworseinto2023amidithefallinratesii26srollingintothe3ybucketandmostimportantlyiiiinflowsamongChineseRMElsewhereinthefront-endLGFV23spaperswerelargelyboundbyfundingcostsandstruggledtobreakthroughlow-to-mid-5FromacreditcurvepointofviewhighbetaLGFV23sbenefitedfromthehuntforyieldandsimplyralliedacrossmaturitiesandthesebetapapersfirmedup2-3ptsincashpricesor100-300bpsinyieldtermsWesawmanynamesthatnobodybotheredtolookforalongtimegettingliftedthisweekegJINCHUGSHIAVwhichreflectedhowfirmcurrentmarketstateisAlthoughwealsosawvarioustypesofinvestorstryingtooffloadunwantedrisksintotherallymanyclientsjusttendtogowiththeflowenjoythemomentandworrylaterElsewhereSOEPerpsandChineseAT1shadabitofconsolidationamidtwo-wayflowsSOEPerpswerelargelyunchangedskewedtoatouchhigherwithCMHICNBGwereunderbetterbuyingHAOHUAcurvetightened5-10bpspostdealerlifting30sAT1sretracingatouchoffthehighBenchmarkICBCAS32Perpwasmarkedat956958level07pthigherWoWLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeADANIG43809082471377TENCNT3925011938856-16ADANEM394902123072857STCITY6071525938-25ADSEZ407302778954CENCHI765082723382-24FWDINS6755PERP94154CNPCCH2062330842-19ADSEZ3102023169353CENCHI714042423520-18MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsdownonlastFridaySP-104Dow-038andNasdaq-159wereaffectedbyfarbeyondexpectationUSJan23NFPdatawhichwas517khigherthanestimationof185kandpreviousmonths223kUnemploymentrateinJan23wasthelowestlevelin1969as34TheUSJan23ISMnon-manufacturingPMIwas552alsohigherthanexpectationof504TheUStreasuryyieldsedgedhigheronFridayyieldcurveswerebearflattenedand251030yieldsreached430367353363respectivelyDeskanalystcomments分析员市场观点DALWANFVfornew3-yrtobehigh11DALWANannounceda3-yearUSDbondissuethesecondYTDWeunderstandthatthenewissueismainlydrivenbystrongreverserequestsAtthetimeofwritingthebooksizeisoverUSD500mnalreadyexceededDALWANsremainingNDRCquotatobeexpiredbeforetheendof1Q23WeconsidertheFVofnew3-yrDALWANtobehigh111175-11875takingcuesofYTMof102and11ofDALWAN725012924andDALWAN11012025respectively26Feb2023Summaryofthenewissue-TargetsizeUSD250-300mnTBDTenor3-yearFormatRegSCreditenhancementEIPUkeepwellprovidedDalianWandaCommercialManagementIPG125vsourFVestimateof1175-11875UOPUSDbondrepaymentRecalledthatDALWANissuedDALWAN11012025inmid-Jan23Thiswasthefirstproperbook-builtUSDissuefromChineseHYpropertiessinceRDHGCL78032024inSep21AswediscussedinourAsiaCreditOutlook2023andourcommentsonDALWANdated13Jan23weconsiderDALWANoneofthesurvivorsofthesectorThesuccessiveUSDbondissueshelpnotablyrelieveditsoffshorerefinancingpressureandhavereinforcedourbeliefonthesurvivalofDALWANWehaveBuyrecommendationsonDALWANsandDALWAN11012025traded23ptshigherfromreofferpricesinceissuanceisourtoppickwithinDALWANcurveChartRealestateissuancesinceSep21OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFWandaPropertiesGlobalCoLtdUSD-3yr125Ba3-BB36Feb2023NewsandmarketcolorRegardingonshoreprimaryissuancestherewere16creditbondsissuedyesterdaywithanamountofRMB228bnThereisnoyoycomparisonastherewasnoonshorebondsissuanceinsameperiodof2022duetoChineseNewYearvacationADANIGIndianCorporateAffairsMinistrystartsreviewingAdanisregulatoryfilingsmadeovertheyearsAdanihalttheplanstoraiseuptoUSD122mnviapublicbondsStandardCharteredstopsacceptingAdanibondsascollateralformarginloansSPrevisedtheoutlooksofAdaniPortsandAdaniElectricitytonegativefromstablewhileFitchsaidnoimmediateratingimpactsonAdanientitiesCAPGChinaAoyuanunitschedulesRMB254bncUSD3767mn20Aoyuan01bondputoptionexerciseon3-7Feb23Thecompanyagreedtosell60stakeinatargetcompanyholdinganurbanredevelopmentprojectinZhuhaiinvolving14landparcelstoShandongSASACforRMB5844mncUSD868mnCOGARDCountryGardens9propertyprojectswereputonsalebyitsJVpartnerChinaPolyGrouptheseprojectsamounttocRMB13bncUSD193mnandarelocatedinChongqingZhongshanZhuhaiWenzhouetcEHOUSEE-Housesaidtherestructuringeffectivedatedidnotoccuron14Dec22asitwasnotabletoconsummatetheprocessinaccordancewiththeschemeEVERREChinaEvergrandeisacceleratingthesaleof458propertyprojectsincludingresidentialpropertiescommercialpropertiesandcarparkingspacesFUTLANSeazengetapprovalfromNAFMIItoissueuptoRMB15bncUSD222bnofMTNsGRNKENGreenkomayfinalizeabridgeloanwithsevenbankstorefinanceUSD435mnGRNKEN625022123HONGQIChinaHongqiaowarnnetprofittofall40inFY22duetodropingrossprofitpertonneofaluminumandprovisionforalargeexchangelossMIDEAZMideaRealEstategetapprovalfromNAFMIItoissueuptoRMB15bncUSD222bnofMTNsPWRLNGPowerlongsignsstrategiccooperationagreementwithAgriculturalBankofChinaRISSUNRisesunisseekingconsenttofurtherextenditsRMB112bncUSD1663mn718notesdue202320荣盛地产MTN002CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreport46Feb2023ImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5