>> 招银国际-Fixed Income Daily Market Update -230208
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研究报告全文：FixedIncomeCreditCommentary8Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietthismorningAsianIGtradingwaslessactivethanpreviousdaysHYUELEcontinuedtowiden5-10bpsafterbeingplacedwithGlennKoCFA高志和negativeoutlookLGFVSOEPerpAT1werealsoquietwithlittlefluctuation85236576235glennkocmbicomhkSHUGRPMediareportedShuifaGroupseekslendersresponsesby10MarforUSD200mnsustainability-linkedloanSHUGRPswereunchangedthismorningCyrenaNgCPA吳蒨瑩LVGEMMediareportedLVGEMChinaobtainedRMB1bnfacilitywhile85239000801cyrenangcmbicomhkremainsshortoffundingfortheredemptionofUSD470mnLVGEM12031023anditcontinuestoprepareforapossibleexchangeofferLVGEMsmoved-025to05ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspaceperformedroughlystabletoatouchweakerOnrecentnewissuefrontlowbetapapersHKAAEIBKORhadafirmersessiontoedge1-2bpstighterInChinesefinancialswesawclientslookingforleasingpapersandT2samidratesselloffgiventhecushionofhighercreditspreadInleasingnamesrecentoutperformersBOCAVIstightenedanother5bpsandbetaleasingpapersICBCILCMINLECDBLFDwerealsowell-bidBenchmarkT2sBNKEA32sweremarked05pthigherat945levelAMCstradedslightlyweakerwithbettersellingonCCAMCLHRINTHcurveswhilespreadlevelsremainedlargelyunchangedInSOEsHAOHUA10ywasslightlyweakerthoughwesawbetterbuyingonfrontendHAOHUAwhichtightened1-3bpsTMTbenchmarkswereunchangedto1-2bpswideringeneralBIDUtightened1-2bpswithactivetwo-waytradingBBBnamesMEITUAJDwere2-5bpstighterInIGpropertiesVNKRLEsYUEXIUswidened10-15bpsChineseHYpropertyspacewentsidewayswithbenchmarknamesbroadlydown1ptundersellingpressureagainNewDALWAN26reofferedat96639overnighttoyield12375closednearly1ptlowerat956958levelCOGARDsmetprofit-takingflowsanddroppedanother1-2ptsacrossthecurveafterhavinglost2-3ptsyesterdayAGILEROADKG25-26sweremarkeddown25-3ptsSINOCEsFUTLANsFTLNHDslowered1-15ptsduemainlytoprofittakingElsewhereGWFOOD30HAIDIL26werebothup05ptIndustrialswereunchangedMacaugamingnamesslightlyretrievedsomeofMondayslosseswithMPELsSANLTDsweretraded05-1pthigherInIndianHYsAdanicomplexbondswerelargelystableatcurrentlevelsandallnamesstoodunchangedwithADANIG24sADTIN26swerequoted1pthigherVEDLN24-26srecovered1-2ptsafterfalling3-5ptsyesterdayIndonesianHYswerequietKIJAIJsMEDCIJsweredownanother05-1ptIntheLGFVspaceliquiditythinnedagaindespitetwo-wayinterestswhichwerelargelyin23s24scarrypapersaroundfundingcosthurdleyieldlevelsandwereskewedtobettersellingoverallSHUGRP24wasbidup1ptamidPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk18Feb2023mediareportedthatShuifaGroupwasseekinglendersresponsesforUSD200mnsustainability-linkedtermloanSLLwhichiscreditpositiveAsovernightratesedgedanother3-5bpshigheracrossthecurveAT1sandNon-SOEPerpsweremarked01-025ptslowerbutsupportonthebidsideremainedrobustthankstoshortcoveringdemandMeanwhileSOEPerpswererelativelymoreresilientwithsomeonshoreaccountspickingupall-in-yieldatcurrentlevelsHAOHUAHUADIAperpswereunchangedskewedtobetterbuyingLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeVEDLN137801212488519ROADKG518072626797-27SHUGRP403242492213AGILE605101325607-27CWAHK48505182690812AGILE512042125634-24CHDUIN2604122689411AGILE512051726569-23VEDLN89503112575711AGILE534010225674-23MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP129Dow078andNasdaq190increasedwithalmostallsectorsralliedafterpreviousdropsFedChairmansaidthatbenchmarkinterestratemaybeeventuallyhigherthanformerexpectationduetostrongemploymentdataUStradedeficitwidened105momtoUSD674bninDec22TheUStreasurycontinuedtoriseonTuesday251030yieldsreached447385367372respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFKoreaDevelopmentBankUSD-510yrT105120Aa2AAAA-NewsandmarketcolorRegardingonshoreprimaryissuancestherewere23creditbondsissuedyesterdaywithanamountofRMB30bnAsforMonth-to-date116creditbondswereissuedwithatotalamountofRMB132bnraisedADANIGAdaniPortsisconsideringtorepaycINR50bncUSD6046mndebtbyMar24tobringitsnetdebtEBITDAratiocloserto25xBABAAlibabacut11ofitsworkforceinPakistanduetoe-commerceslumpGEELYGeelyAutomobilereported29yoydropinJan23totalsalesvolumeduetolowerdemandforGeely-brandedvehicles28Feb2023GRNKENGreenkosignedpactwithUiperaGermanenergycompanytosupply250ktonsperannumofgreenammoniaGZRFPRGuangzhouRFfailstosettleoverRMB10mnoutstandingtaxesLVGEMLVGEMChinaobtainedRMB1bnfacilitybackedbyitsShenzhenNEObuildingtofundprojectleveldebtsItremainsshortofsufficientfundingfortheredemptionofitsLVGEM12031023anditcontinuestoprepareforapossibleexchangeofferPERTIJPertaminaistargetingoilandgasliftingofaround900kbarrelsofoilequivalentperdaythisyearrepresenting5increasecomparedwith2022SHUGRPMediareportedthatShuifaGroupseekslendersresponsesby10MarforUSD200mnsustainability-linkedloanSOFTBKSoftBank9M22-23netsalesrise64yoytocUSD372bnpre-taxincometurnstolossofcUSD22bnSUNACSunacChinashareholdersapprovedgeneralmandatetoissuenewsharesnotexceeding20oftheissuedsharesVEDLNHindustanZincclarifiedtoBSEonitsplanstobuythezincassetsofVedantastatingthatthedealisanattractiveopportunityforHindustanZincandalreadyapprovedbytheboardlastmonthCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGM38Feb2023AdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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