>> 招银国际-Fixed Income Daily Market Update -230207
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研究报告全文：FixedIncomeCreditCommentary7Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereoveralltwowaybalancedthismorningForAsianIGleasingnameswerewellbidandBOCAVItightened5bpsTMTwidened1-2bpsGlennKoCFA高志和AMCsweretradedslightlyweakwithsellingonCCAMCLandHRINTHSOE85236576235PerpAT1wererelativelyweakforthesetwodayscomparedtolastweekglennkocmbicomhkDALWANNewissueUSD300mnDALWAN11021326pricedat12375MediareportedthatDalianWandaplanstoredeemUSD350mndue-MarchbondsearlyandexpectstocompleteZhuhaiIPOin2Q23DALWANsslightlyCyrenaNgCPA吳蒨瑩down025ptthismorning85239000801cyrenangcmbicomhkCOGARDPolyDevelopmentsplanstoraiseUSD339mnviastakesalesinJVswithCountryGardenCOGARDsdropped15-25ptsthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdaytoneinAsiaIGspaceturnedslightlysofterpoststronger-than-expectedUSjobdataonlastFridayOnrecentnewissuefrontwecontinuedtoseebettersellingonHYUELEclosed5bpswiderThesellingpressurewasmostlyonHYUELE510ypaperswhilethe3yoneremainedwellbidEIBKORHKAAoutperformedtightened1-2bpsFinancialsspaceperformedmixedBankT2sespeciallyCINDBKBCHINAWOORIBhadactivetwo-wayflowsandwesawbetterbuyeronWOORIB24sand28sSubInAMCsHRINTHcurvemetwithasmallprofittakingespeciallyon25s30sandHRINTHcurvewasoverallquotedunchangedto05ptlowerInleasingsectorBOCAVI24showedactivetwo-wayflowsatT100levelTMTsectorclosed2-6bpswiderasTENCNT30swidened6bpstoT145levelBBB-namesLENOVO32XIAOMI30tightened2bpstocloseatT244T230levelrespectivelyInSOEsHAOHUA10ypaperswidened5bpsintoT160levelwhilstshorterSOEpapersstoodlargelyfirmCNOOCcurvetightened2-5bpsInIGpropertiesLNGFOR27sYUEXIU26swere5-10bpstighterChineseHYpropertyspacestartedtoseesomesellingpressureDALWANpropertiespricedUSD300mn3YRegSbondsat12375DALWANsmostactivelytradedpaperUSD400mn11due-2025swereindicated075ptlowerto999975onthebackofnewissueCOGARDsweremarkeddown15-3ptsacrossthecurveWesawmixedflowsonCOGARDpostnewsonthatitsjoint-venturepartnerChinaPolyGrouphasputnineJVprojectswithCOAGRDupforsaleAGILEsCHINSCsKWGPROswerebroadlytradeddown1-25ptsElsewhereHKcorpsstilloutperformedwithCPDEVsjumped25-4ptsacrossthecurvetobequotedatlow-90sNWDEVLPRUFINperpswerebidup1ptIndustrialsweremixedasFOSUNIswereunchangedto05pthigherwhilstHONGQIswerestableskewedtobettersellingGEELYperpwastradedup2ptsMacaugamingnameslikeMPELsSTCITYslowered1-15ptsandMGMCHIsSANLTDswereunchangedto05ptlowerPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk17Feb2023AwayfromChinaIndianHYsalsowentsidewaysasAdanicomplexslightlyrecoveredwhilstrenewablesunderperformedThebatteredADANIGsADANEMsweremarked05-15ptsafterhavinggained3-4ptslastFridayOntheotherhandVEDLNsnotablyslumped25-5ptsIndiangovernmentwasreportedtohaveraisedobjectionstoVendatasproposedsaleofinternationalzincassetstoHZLIndianrenewablessuchasGRNKENsRPVINsweredown05-1ptIndonesianHYsMEDCIJKIJAIJswereunchangedto05ptlowerTheLGFVPerpAsiaAT1spacewaslacklusterasmarkettookapausefromlastweeksrisk-onmodeThestronger-than-expectedNFPprintlastFridayhintedthatratescouldstayhigherforlongerTreasuryyieldsclimbed10-14bpshigheronMondayPerpsbothSOEandNon-SOEandAT1sshowedoverallbettersellingflowsandweakenedby025-05ptledbyRMpropdeskssellingseveralseniorc24SOEperpsBenchmarkICBCAS32PerpBCHINA36Perplowered05-075ptLGFVbuyingtractionscooleddownaswellWesawqualityLGFVsremainedindemandbyRMparticularlyonthe24s25sbuthigh-betanamesweredifficulttomoveHZCONISHGUOH23-25swerequotedunchangedto05pthigherLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCPDEV534PERP90441VEDLN618080924731-48CPDEV46501192690935VEDLN895031125746-48SIDEVE2808182691326VEDLN914042326729-45ZHLGHD93412312317818VEDLN1378012124866-38GEELY4PERP96518COGARD518011427661-28MarcoNewsRecap宏观新闻回顾MacroUSstockmarketscontinuedtodownonMondaySP-061Dow-010andNasdaq-100weredraggedbybetterthanexpectationeconomicdatawhichincursworryaboutfurtherinterestratehikeFedofAtlantapresidentsaidthatFedwouldconsiderraisingtherateby50bpsandpushthebenchmarkrateto5-525TheUStreasuryyieldsoverallroseyesterday251030yieldsreached444381363367respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFWandaPropertiesGlobal3003yr11012375Ba3-BBCoLtdOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolor27Feb2023Regardingonshoreprimaryissuancestherewere33creditbondsissuedyesterdaywithanamountofRMB303bnThereisnoyoycomparisonastherewasnoonshorebondsissuanceinsameperiodof2022duetoChineseNewYearvacationNewhomesalesbyChinas100biggestdevelopersdropped325yoyinJan23accordingtoCRICLandpurchasesby30developersmonitoredbyCRICwerelargelyflatatRMB77bncUSD114bnwithonlyGreentownChinaResourcesandCDRealEstatebuyinglandparcelsWuhanletsfamiliestobuyanadditionalhomeinareaswithpurchasinglimitsinabidtoboostrealestatemarketADANIGAdaniprincipalshareholdersprepayUSD111bnaheadofSep24maturitytoreduceleveragebackedbyAdanilistedcompanysharesBABAAlibabateamedupwithDHLtobuildanetworkofparcellockersinPolandCOGARDPolyDevelopmentsplanstoraiseUSD339mnviastakesalesinJVswithCountryGardenDALWANMediareportedthatDalianWandaplanstoredeemUSD350mndue-MarchbondsearlyandexpectstocompleteZhuhaiIPOin2Q23MoodysassignedWandaCommercialsproposedUSDbondBa3ratingFitchassignedBBratingtothebondJIAYUAJiayuanextendstheexchangeofferexpirationdeadlineforsixUSDnotesforthetenthtimeto6Mar23LPKRIJLippoKarawaciannouncedFY22marketingsalesofIDR476tn92oftheFY22targetandsettargetofIDR49tnfor2023MoodysconfirmedLippoKarawacisB3ratingsfollowingresultsoftenderofferSKYFAMSkyfameRealtyswinding-uppetitionhearingisadjournedto28AprbytheBermudacourtVEDLNVedantasJVwithFoxconnisclosetoaddSTMicroelectronicsanEuropeanchipmakerastechnologypartnerfortheproposedsemiconductorchipmanufacturingunitinIndiaTheIndiangovernmentisagainstHindustanZincsacquisitionoverVedantasinternationalzincbusinessYUZHOUYuzhoubondholdergrouprefusesthecompanysproposaloflongterm-outorashortextensionwithdebt-to-equityswapCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisions37Feb2023ThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancial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