>> 招银国际-Fixed Income Daily Market Update -230214
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研究报告全文：FixedIncomeCreditCommentary14Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswererelativelystableaheadoftonightCPIdataForAsianIGspaceHAOHUAandSINOCHwerefirstlytraded10bpswiderduetopotentialGlennKoCFA高志和sanctionriskthennarrowedto5bpswiderbyopportunisticbuyingflowWe85236576235alsosawsomebuyinginterestsonSOEPerpsatmid-5glennkocmbicomhkChinesePropertiesContractedsalesremainedweakinJan23around20citiesloweredmortgageinterestrateforfirsthomepurchaseSeebelowCyrenaNgCPA吳蒨瑩KWGPROPWRLNGBothcompaniescuredmissedJan23couponswithin85239000801cyrenangcmbicomhkgraceperiodKWGPROswereunchangedto-025ptandPWRLNGsdown025-05ptbymid-dayTradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdaywesawthesofteningtoneextendedinbroaderAsiaIGspacejerrywangcmbicomhkamidlimitedliquiditywithinvestorsawaitingforcrucialCPInumberonTuesdayRecentnewissuedKDB510ytightenedby2bpstoT63T82levelandWSTPNZ28salsoedged2bpstighterFlowwisebellytofrontendIGsstillhadbetterdemandacrossChinaKoreanamesandwesawsellingmorefocusedonthe10ypapersChineseSOEsTMTswereslightlysubduedHAOHUAwidened2-5bpsInTMTsBABATENCENTlonger-tenorpapersgrinded1-3bpswiderundersometwo-waytradingInChinesefinancialsleasingpaperslikeBOCAVIICBCILwereunchangedto3bpswiderAMCswerearound5-10bpswiderChineseHYpropertyspacewasweakerLNGFORsencounteredbettersellersonthelong-endwith28-32sretreated1-2ptsincashpricesSeazeninitiallyunderperformedafterthecompanyannounceditisunabletocontactitsboardsvice-chairmanMrQubutRMaccountsandHFshortcoveringshelpedtostabilizetheFUTLANsFTLNHDscurvesandcloseonly05-1ptlowerDALWANcurvealsodropped05-1ptpostweekendsheadlineBetanameslikeROADKGsSINOCEswerequoted15-25ptslowerLower-cashnameslikeAGILEsCENCHIswerealsonotablytradeddown1-2ptsKWGPROsPWRLNGsbothcuredmissedcouponswithingraceperiodbutcurveswerestillmarkeddown05-15ptsLVGEM23sweremarked2ptsfurtherhigherto90levelElsewherePCGIHDsweretradedup2ptsFOSUNI24-27sdropped1-3ptsacrossthecurveMacaugamingnameslikeMPELsSTCITYswereunchangedto05ptlowerInIndianHYsADANIGsdropped15ptsafterMoodyschangeditsoutlooktonegativelastFridayRestoftheAdaniinternationalbondswerelargelyunchangedto05ptlowerVEDLNsweredownanother05-15ptsIndonesianHYsLMRTSPstrendeddown05ptIntheLGFVPerpAsiaAT1spacewesawthesoftsentimentinthemarketcarriedovertothisweekasratesshotupfurtherhigherwhenmarketcontinuedtopriceinhighinflationhawkishFedTherewassomejitteryaheadofCPIandthistranslatedtobettersellingflowsinthePerpAT1spaceswherebondsweregenerally05-1ptlowerInSOEPerpswesawPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk114Feb2023bettersellinginc24subperpsfromFMbutitwasnothardforthesepaperstofindsupportfromRMatmid-5HUADIAperpsweredown05ptNon-SOEperpNWDEVLperpsalsodrifted1ptlowerInAT1stherewerenolongershortsqueezedbidsandinsteadofferscontinuedtoedgelowerasloosebondscameoutoflessliquidissueslikeBOCOMBOCOHKInLGFVswesawshortsqueezedbidssteppedbackfor05ptasclientsfocusweremainlyinthefrontendThatsaidactivitiesinLGFVswasmoreactivefrombanksonbackoftheretracementinpricesLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangePCGIHD43410282495521FOSUNI505012727739-30LVGEM1203102390019FOSUNI5051826764-27NJYZSO41212052793413AGILE605101325562-25LEEMAN512PERP94911SINOCE434011430649-25MINMET49507222691111CHINSC738040924562-22MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP114Dow111andNasdaq148roseamidoptimisticsentimentabouttonightCPIdatawhichisestimatedas62yoydecreasingfrom64inDec22TheUStreasuryyieldsmoveddivergentlyyesterdaythatshort-termyieldsclimbedhigherwhilelong-termyieldsslightlydown251030yieldsreached452393372379respectivelyDeskanalystcomments分析员市场观点ChinesePropertiesContractedsalesremainedweakinJan23DuetotheearlierLunarNewYearholidaycomparedwithpreviousyearsandsluggishrealestatemarketthecontractedsalesof38developersunderourradarwereweakinJan23thatonly5developersrecordedyoyincreaseFurthermorethetotalcontractedsalesof38developersdecreased342yoyAmongstthedevelopersunderourradaroutperformersinJan23areYUEXIURMB89bn76yoyCENCHIRMB29bn43yoyandCRHZCHRMB160bn5yoyUnderperformersareYLLGSPRMB09bn-91yoyLOGPHRMB11bn-88yoyandTPHLRMB09bn-88yoy214Feb2023On5Jan23PBOCrelaxedtheminimummortgageinterestratepolicythatallowingcitiestolowerordroptheminimummortgageinterestrateforthefirsthomepurchaseifthenewhomepricesfallforthreemonthsconsecutivelybothonamomandyoybasisTherewere38qualifiedcitiesatthetimeofpolicypublicationandaround20citieshaveloweredthemortgageinterestrateasoftodayincludingtier2citieslikeWuhanTianjinandXiamenWhileloweringthemortgageinterestratemayboosttherealestatemarketweviewthecontractedsalesstillneedtimestorecoverbytakingreferencefrompreviousmarketcyclesTier2citieswithmortgagerateadjustmentMortgagerateCityProvinceTop3developersinthecitiesadjustmentShenyangLiaoning4139LongforVankeChinaResourcesTianjinTianjin4139ChinaOverseasSino-OceanVanke314Feb2023WuhanUrbanConstructionHubeiUnitedInvestmentWuhanHubei4139VankeWuxiJiangsu4138WuxiXinchengGroupCDInternationalVankeXiamenFujian4138XiamenITGCDInternationalPolyDevelopmentZhengzhouHenan4138ChinaResourcesVankePolyDevelopmentFuzhouFujian4138CDInternationalXiamenITGPolyDevelopmentZhuhaiGuangdong3937HuafaVankePolyDevelopmentOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFHuantaihu2003yr7373---InternationalOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere62creditbondsissuedyesterdaywithanamountofRMB73bnAsformonth-to-date350creditbondswereissuedwithatotalamountofRMB372bnraisedrepresentinga3379yoyincreaseCBIRCaskednationalbankstoprovidetheamountofloansaffectedbythewaveofmortgageprepaymentBankswerealsotoldnottoputuphurdlestoqualifiedcustomersprepayingtheirmortgagesascomplaintsaboutbanksplacingsuchrestrictionshasincreasedADANIGAdanirevenuestargethalftobetween15-20anddefernewCAPEXHONGQIChinaHongqiaoproposestoofferuptoRMB1bn1-yearbillstorepaydebtsJOHNELJohnsonElectrictoholdbankpresentationforUSD400mnunsecured5-yearloanKWGPROKWGcuresmissed13Janand14JancouponsontwooffshoretranchesLEEMANLeeManPaperexpectsc60dropinprofityoyforFY22duetodecreaseinprofitmarginLMRTSPLippoMallssaysthedistributionstounitholdersandholdersofperpmaybenegativelyaffectedbyrecentMoodysdowngradeLOGPHLogansdomesticbondholderssaidtheyhavereceiveduptoRMB50kinitialprincipalpaymentunderthecompanysholisticrestructuringMGMTGEMongolianMortgageCorprepurchasesUSD119mnofUSD250m885seniornotesdue2024414Feb2023PWRLNGPowerlongcuresmissed15JancouponsneartheendofgraceperiodSOFTBKMediareportedSoftBankexpectedtoraisecUSD907mviaissueof5-yearstraightbondstoindividualinvestorsSUNACSunacChinaobtainedRMB51mnpropertydevelopmentloanforresidentialprojectinNanningTPHLTimesChinalaunchesprocessseeking30-daygraceperiodsforitstwodomesticbondtrancheswithpaymentsowedthismonthCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealer514Feb2023ForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport6
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