>> 招银国际-Fixed Income Daily Market Update -230209
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研究报告全文：FixedIncomeCreditCommentary9Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereoverallquietthismorningInAsianIGspacenewissueKDBwidened3bpsotherbenchmarknameswidened0-2bpswhileT2leasingGlennKoCFA高志和werewellbidForLGFVSOEPerpsflowsskewedtobettersellingmainly85236576235duetoprofittakingglennkocmbicomhkLPKRIJLippoKarawacitodrawIDRloantorepayUSDmaturitiesin2025and2026LPKRIJswereunchangedtodown025ptthismorningSeebelowCyrenaNgCPA吳蒨瑩BEIPROBeijingPropertiesHoldingssignedRMB206bncUSD300mn85239000801cyrenangcmbicomhkthree-yearloandocumentswithkeepwellfromBeijingEnterprisesGroupBEIPRO595022723wastradedat995ishthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspaceclosedonaconstructivetoneamidratherquietbalancedflowsIGspreadswerelargelyunchangedto2bpstighteracrossthespaceswithbetterbuyingin5ypapersdespitePowellspeechindicatedtohavefurtherratehikesamidstronglabormarketKoreaIGwasfirmwithrobustdemandonnewKDBdealWesawactivitieselevatedasthenewsupplyoflonger-tenorpaperswerelessfrequentlyseeninKoreaspaceKDBofferedUSD2bnbondssplitbetween5yrand10yrnotesandIPTlookedfairenoughRecentnewissuesEIBKORHKAAwerebetterbidHKAA33sweretradedatT78T80dailyrangewithratheractivetwo-wayflowsandclosedatthetightersideHYUELEcurvewidenedanother5bpsonthedayThe28swasmarked30bpswiderfromthetightestprintT200sinceSPrevisedtheratingoutlookofHYUELEtonegativeWesawsupportonHYUELE28satT230levelChinesefinancialswerestableLeasingT2paperswereallbetterbidandhardtofindsellersRecentoutperformerBOCAVItightenedanother3-5bpsandbankT2benchmarksCCB29-32stightened2-6bpsTMTbenchmarksBIDUTENCNTwere2-3bpstighterHoweverBBBnameMEITUAwidened5-8bpsonthebackofBytedancesforayintofooddeliverybusinessesChinaHYsperformedmixedwithpropertybondsbroadlydown1ptSINOCEsCIFIHGsweredown05-1ptCOGARDswereunchangedKWGPROsweretraded15ptslowerwhilstCENCHIsGRNLGRswereup05-1ptInIndustrialsFOSUNIswerestableThereareactivetwo-wayflowsonMacaugamingMGMCHIsSANLTDsdrifted05pthigherIndianHYshadaquitestrongsessionAdanicomplexbondslikeADSEZsADANEMsADTINsrecovered15-25ptsundersomesmallbuyingfrombothHFandRMADANIGsclimbedto55ptshigherathigh-70sOnWednesdaynightmediareportedAdanigroupplannedtopre-payaUSD500mnbridgeloanduenextmonthVEDLNsnotablybounced15-25pthigherandrenewableswereup05ptIndonesianHYswererathermutedIntheSOEAsiaAT1LGFVspacewehadaveryquietdayasinvestorsPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk19Feb2023sidelinedandreassessedtheratesoutlookFlowswereslightlyskewedtosmallbettersellingacrossthespacesparticularlyinperpsalthoughpriceactionwasoverallstableHigh-gradeSOEPropertynameslikeCHIOLIremainedverywellbidinthebellythankstotheattractiveRVSOEperpslikeHAOHUAHUADIACSSSHIperpsgrinded5-10bpstighterAT1nameswerestableICBC32Perpwasfirmat95areaInLGFVsqualitypaperssuchasSHDOIS24SHGUOH25weretradedup05ptataround96WeakernamesGSHIAVsTLINVTswerealsomarked025-05pthigherLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeADANIG43809082479456GRNLGR59021225526-11VEDLN89503112578226SINOCE434011430686-11ADTIN408032683124SINOCE595020427764-10ADSEZ43807032978223SINOCE27011325792-09ADANEM394902123075022CIFIHG655032824313-09MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakonWednesdaySP-111Dow-061andNasdaq-168adjustedafterrecentrallyandseveralFedofficialssaidtocontinueincreasinginterestratetosubdueinflationBankofCanadapublishedminutesoflastmonthmeetingwhichshowedBOCwouldlikelykeeprateunchangedas45atnextmeetingTheUStreasuryyieldsslightlydropped1-4bpsyesterday251030yieldsreached445382363370respectivelyDeskanalystcomments分析员市场观点LPKRIJLippoKarawacitodrawIDRloantorepayUSDmaturitiesin2025and2026LippoKarawaciannouncedadrawdownofIDR389tnUSD257mnfromIDR6tnsyndicatedloantorefinanceitsUSDnotesduein2025and2026Thetenorofthesyndicatedloanis7yearsatB17DRR225therefinancingwouldextendthematuritiesby5-6yearsThecompanycompletedthetenderofferofthesetwonotesinJan23USD22423mnwasacceptedthatrepresentedc27oftotaloutstandingnotesAftertheproposedearlyrepaymentofUSD257mnc585oftheoutstandingUSDnotesasatDec22willberepaidDuetoUSFedratehikethatledtounfavorableimpactonUSDIDRexchangerateIDRhaddepreciated52sincefirstratehikeinMar22raisingtheportionofIDRbankborrowingsinthecapitalstructurehelpreduceUSDexposureWeexpectalargerportionoftheloanproceedstobeusedtorepayredeemLPKPIJ25BasedontheB17DRRannouncedinJan23at575webelievethatLippoKarawaciwillbeincentivizedtoearlyredeemmoreLPKPIJstosaveinterestexepnsesSeebelowforthesummaryofthecompanysoutstandingUSDbondsTenderofferinJan23BondBidpxYTMOsamtTenderpxOsamtAcceptedamtUSDmnUSDmnUSDmnLPKRIJ81250122258671588288748740511626LPKRIJ675103126762150630856774170310797Total597308220322423SourceBloomberg29Feb2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFKoreaDevelopmentBank10001000510yr43754375T6080Aa2AAAA-OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFWestpacNewZealandUSD-5yrT130A1AA1-NewsandmarketcolorRegardingonshoreprimaryissuancestherewere65creditbondsissuedyesterdaywithanamountofRMB64bnAsformonth-to-date181creditbondswereissuedwithatotalamountofRMB193bnraisedChinesepassengercarsalesslumped38yoyinJan23andsalesofelectricvehiclesdropped63yoyABMMIJABMInvestamatargets15-20revenuegrowthin2023ADANIGMediareportedthatAdaniplanstoprepayUSD500mnloandueinMarADROIJAdaroexpectstoclosetoanupsizedsyndicatedloanofUSD17bnwithtenorsof5-8yearstofinanceitsaluminumsmelterprojectin1H23BABAAlibabaandJDcomareworkingonChatGPT-styletechnologytoimproveservicesBEIPROBeijingPropertiesHoldingssignsRMB206bncUSD03bnthree-yearloandocumentsCAPGMediareportedthatChinaAoyuans299stakeinAoyuanHealthyLifemaybeacquiredbyaGuangdongSOEinsteadofaShandongSOEaspreviouslyspeculatedDALWANDalianWandaexpectstoofferRMB2bninter-bankbondsinMarLPKRIJLippoKarawaciannouncedadrawdownofIDR389tnUSD257mnfromIDR6tnsyndicatedloantorefinanceitsnotesduein2025and2026MEITUAMeituanplanstohire10kworkersin1Q23asitexpectshigherconsumerspendinginChinaRGETDCRugaoEconomicandTradeDevelopmentcanceleditsproposedRMB500mn3-yearMTNsduetomarketvolatilityTPHLMediareportedTimesChinaissoundingouta42-54-monthamortizationplanforall14domesticnotesandABSCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel852376188678523657629139Feb2023fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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