>> 招银国际-Fixed Income Daily Market Update -230210
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研究报告全文：FixedIncomeCreditCommentary10Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketssentimentwereslightlyweekthismorningNewissueWSTPtightened2bpswithtwowaybalancedflowsKoreanIGnamesHYUELEandGlennKoCFA高志和KDBwidened2-5bpsOtherbenchmarknamesalsowidenedc2bpsas85236576235marketswerecautiousbeforeCPIdataglennkocmbicomhkVEDLNMediareportedVedantaisintalkswithprivatefundstoraiseUSD15bnpartlytorepayOaktreenotesItcontinuestoseekUSD500mnCyrenaNgCPA吳蒨瑩fromIndianbanksthatlikelyclosenearendofMarVEDLNschanged-02585239000801to025ptbymid-daycyrenangcmbicomhkLNGFORSPrevisedLongforsoutlooktostablefromnegativeonstabilizingfundingchannelsandaffirmedratingatBBB-LNGFORsdown025to05ptthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdayAsiaIGspaceturnedabitsofteramidsomeconsolidationacrossspacesKDBpricedUSD1bn43755Ybondsdue-2028atT60toyield4427andUSD1bn437510Ybondsdue-2033atT80toyield4473ThenewKDBswidened5bpsandflowswerebasicallyonewaysellingatopenthenthe28s33spairsettled5bpswideratT65T85arearespectivelyonthedayGivenUSTlevelretreated5bpsovernightthecashpricesactuallyjustclosedataroundROlevelEIBKORcurvegotdraggeddownbyKDBtowiden3bpsMoresellingonHYUELE28sand33semergedandbidwasfragilesothepaperswidenedanother7-15bpsInChinesefinancialsleasingandT2namesunderperformedamidprofittakingandCCBICBCAST2sweretraded3-5bpswiderSOEsremainedverywellbidInTMTsTENCNT24-25swere3-7bpstighterundersmallliftingwhilebenchmark10ypaperswereunchangedBBBnameslikeLENOVOcurveoutperformedbytightening3-5bpswithactivetwo-wayflowsandXIAOMIwerealsounderbetterbuyingInIGpropertiesLNGFOR28-29sclosed1pthigherSPrevisedLongforsoutlooktostablefromnegativeonstabilizingfundingchannelsBBB-affirmedChineseHYpropertyspacedrifted1ptlowerBenchmarkCOGARDsclosed05-1ptlowerthoughwestartedtoseethesmallprofittakingflowssloweddownROADKGsCSCHCNstrended05-1ptlowerCHINSCsweredown15-25ptsonthedayAGILEsCENCHIsGRNLGRswerequoted05-2ptslowerElsewhereHKcorpperpsweremixedNWDEVLNWSZFweredown05ptwhilstHYSAN35wasmarked15ptshigherIndustrialnamesFOSUNIsweremarkeddown1-15ptsMacaugamingnamesweremixedWYNMACsMPELswere05-1ptlowerwhilstSTCITYswereup05-1ptIndiaspacehadamixedsessionAdanicomplexbondsweremarkeddownalittleADSEZsADANEMsADANIGsstilllowered05-15ptsRenewablesGRNKENsRPVINswereup05ptVEDLNsdrifted05-2ptsloweronthedaywithnotablymorebetter-sellingtechnicalflowsinitsPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk110Feb202325s26sOnThursdaynightmediareportedVedantawasintalkswithprivatefundstoraiseUSD15bnpartlytorepayOaktreenotestheUSD500mnIndianbankloanlikelytoclosebyMarch-endIndonesianHYsremainedrathermutedexceptLMRTSPsweredown075ptIntheLGFVPerpAsiaAT1spaceinvestorfocusremainedonthemacrofrontandsoactivitiesinthespacescontinuedtobefront-end-centricFlowswereoverallskewedtobettersellingamongprofittakingflowsandsomeswitchingdemandWereckonthesecarrybondswithlittlecapitalgainpotentialwouldalwaysgotothemarginalbuyerwiththelowestfundingcosthurdleyieldAndthesecarrybondswereessentiallytradingatuptonegative02ptbid-ask-spreadHencetheupsideinyieldtermswasextremelylimitedfordealersasfundingcostscontinuedtoriseamongRMclientswithonshoreUSDdepositrateatlow-5therecenthighOverallLGFVflowsremainedonthelightsideastheupwardmomentumloststeamCoastalnameslikeSHUGRP24sSHGUOH25soutperformedbyclosing05-1pthigherwhileweakernameslikeGSHIAVZHHFGRwerealsounderbetterbuyingPerpsconsolidatedtoabettersellingsessionAT1alsoslightlysoftenedtoend0125-025ptlowerwithbenchmarkICBCAS32Perpwasmarkeddown9495onstreetLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeHYSAN35506163585616GRNLGR634062524556-19LVGEM1203102387010VEDLN895031125765-17STCITY61201152890710CHINSC738040924589-16GRNLGR5611132455210ADANIG438090824779-15LNGFOR41201162889809CENCHI79110723336-14MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsremainedweakonThursdaySP-088Dow-073andNasdaq-102werealldownamidmarketsworryaboutFedsnextinterestratestepUSweeklyjoblessclaimswere196kslightlyhigherthanforecastof190kand183kinlastweekChinaJan23CPIwas21yoyandPPIwas-08yoyTheUStreasuryyieldsreboundedhigheryesterday251030yieldsreached448387367375respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFWestpacNewZealand15005yr4902T105A1AA1-GreensaifpipelineSarl150015001500101519yr-T200245275---OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere50creditbondsissuedyesterdaywithanamountofRMB55bnAsformonth-to-date228creditbondswereissuedwithatotalamountofRMB246bnraised210Feb2023ADANIGNorwayssovereignwealthfundhasexiteditsinvestmentinAdaniSustainalyticsdowngradedthebusinessethicsandcontroversyESGscoresofAdaniTotalGasandAdaniTransmissiontomoderatefromlowMSCIisreviewingthepublicfloatofAdaniGroupsecuritiesBEIPROBeijingPropertiesunitgetsUSD76mnHKDloanwithkeepwellagreementGRNCHThecouponofGreentownsonshorebondduein202520Lvcheng01willincreaseto45from319after6MarputHUAHKHuaianDevelopmentHoldingshasproposedtoofferRMB6bncorporatebondsviaaprivateplacementLNGFORLongforsoutlookrevisedtostablefromnegativebySPonstabilizingfundingchannelsratingaffirmedatBBB-MEDCIJMedcoEnergiplansUSD370mncapexin2023PWRLNGMediareportedthatPowerlongmakes15amortizationcouponpaymentsontimefortworescheduledonshorebondstotaledRMB16bnTPHLTimesChinaaimstostartcommunicationswithoffshorebondholdersoverarestructuringproposalfromendofMarorearlyAprThecompanyproposesextensionofupto45yearsforonshorebondsVEDLNVedantaisintalkswithprivatefundstoraiseUSD15bnpartlytorepayOaktreenotesItalsocontinuestoseekUSD500mnfromIndianbanksthatlikelyclosenearendofMarWYNMACHotelandcasinooperatorWynnResortspricedaUS600m8-yearNCLseniorunsecurednoteat7125YANGOGYangofailstomakepaymentonoverdueRMB4602bnofdebtsYUEXIUYuexiuPropertyplanstoissueuptoRMB94bncUSD138bntorepaycorporatebondsCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassets310Feb2023orothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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