>> 招银国际-Fixed Income Daily Market Update -230215
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研究报告全文：FixedIncomeCreditCommentary15Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereabitweakthismorningForAsianIGspacebenchmarknamesBABATENCNTHAOHUAwereunchangedtowidened3bpshighbetaGlennKoCFA高志和papersXIAOMILENOVOwere5-10bpswiderFlowsonSOEPerpand85236576235LGFVweresmallandLGFVsoveralldown025ptduetoweaksentimentglennkocmbicomhkHKCorpsPreferperpsforyieldpick-upOurpicksareNWDEVL4125perpROADKG775PERPandLEEMAN55PerpSeebelowCyrenaNgCPA吳蒨瑩ADANIGAdaniisintalkswithlenderstorepayUSD500mnbridgeloanalso85239000801cyrenangcmbicomhkwithIHCforcapitalinfusionofuptoUSD15bnexpectstorepayCPonmaturityinsteadofitsusualpracticeofrollingoverADANIGrose175ptsthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdayAsiaIGspacehadaweakersessionRecentnewissuedKDB28N33Nedged1-2bpstighterMarketspotlightwasaBBGchattersonpotentialsanctionrisksonChemChinaHAOHUASINOCHwidened8-10bpsacrossthecurveintheAMsessionposttheheadlineIntotheafternoonwestartedtoseesomeopportunisticbuyersjumpedinatwidebutthecurvestillendedup3-7bpswiderthanMondaycloseHAOHUAweremarked3-5bpswideronthe24-25s5-7bpswideron27-29sAsidefromHAOHUAfamilytherestofIGspacewereroughlystablewithTMTbenchmarksclosedunchangedtoatouchwideronthinliquidityInChinesefinancialsbankT2sencounteredprofittakingonBCHINACCBinthePMsessionLeasingspacewasstableundertwo-waybalancedflowsfromPBsInAMCsCCAMCL10ypaperswidened10bpstoT230levelbutthesectorwasstillrelativelyfirmInIGpropertiesLNGFOR27-32sledthefalltodrop15-2ptsincashpricesChineseHYpropertyremainedfragileCOGARDsFUTLANsFTLNHDstrendeddown05-1ptAGILEsCENCHIsKWGPROsweredown05-15ptsIndustrialnamesFOSUNIswerequoteddownanother1-3ptsacrossthecurveWESCHIsdriftedanother15ptslowerMacaugamingnamesMPELsSTCITYsweredown05-1ptwhileWYNMACslowered1-15ptsInIndianspaceAdanicomplexmodestlyretrievedsomelossespostnewsonpotentialcapitalinfusionfromIHCADSEZsnotablybounced15-2ptshigherwhileADANEMsADTINsADANIGsweretradedup05ptVEDLNsandrenewableswereunchangedto05pthigherIndonesianspacewasmixedLMRTSPsLPKRIJsweredown05-1ptwhilstPERTIJsweremarkedup1-2ptsacrossthecurveIntheLGFVPerpAsiaAT1spacesmarketwasrelativelyquietaheadofCPIreleaseasbroadersentimentsoftenedthisweekOnprimarysideHEDGCNpriced3YUSDbondat73onMondayandithoveredaroundparwithsolidPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk115Feb2023supportWesawtwo-wayflowsinLGFVsamongPBandRMskewedtoslightbettersellinginsomeoftheweakernamesandalsoinfrontendpapersasclientsswitchedoutofbondswithlittleexcessyieldanddurationSHUGRP23sSHGUOH25swereunderbetterbuyingSOEperpsc24s-c25sstabilizedatmid-5onthebackofChineseRMpickingupbondswhilstfrontendc23sissuesremainedbetterofferedNon-SOEPerpswere05-1ptlowerledbyNWDEVLLEEMAN55Perplowered1pttobetradedat935levelWesawHAOHUASINOCHperpswerelargelyunaffectedbythelongendvolatilitiesdrivenbyfreshsanctionworriesthankstotheshortfirstcalldatein2023ElsewhereChineseAT1benchmarkslikeICBCASwereunderbettersellingamidlightflowsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeADSEZ4208042781017LNGFOR395091629800-19PERTIJ55805204395416LNGFOR385011332751-16PERTIJ612052741103615LNGFOR338041327856-16ADSEZ407302780815AGILE534010225628-14ADSEZ33807242490914HAOHUA434061949805-14MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakonTuesdaySP-003Dow-046andNasdaq057wereaffectedbyhigherthanexpectationJan23CPIdatawhichispublishedas64yoyand05momreflectingastickyinflationSeveralFedofficialsexpressedhawkishviewaboutfutureinterestratehikeTheUStreasuryyieldsedgedhigheryesterday251030yieldsreached460400377381respectivelyDeskanalystcomments分析员市场观点HKcorpsPreferperpsforyieldpick-upHKcorpshaveperformedwellsinceNov22inlinewiththesharpreboundofthemarketLikepeersinotherspacetheconvictionofHKcorpsisloweratcurrentvaluationNonethelesswestillseevalueinselectedHKperpsofwhichcouponwillberesetandorstep-upuponthefirstcalldatesandissuerscanaccessvariousfundingchannelsWeconsidersthoseissuerswillbestronglyincentivizedandhavetheabilitytocalltheirperpstocontrolfundingcostsTheseperpsnotonlyoffergoodcarrybutalsoofferdecentyieldpick-upovertheirrespectiveseniorpapersOurpicksareNWDEVL4125perpROADKG775PERPandLEEMAN55Perp215Feb2023Chart1YTCofourpicks35ROADKG775Perp30252015ROADKG6724NWDEVL4125PerpYTCYTCYTM10LEEMAN55Perp5NWDEVL412529001234567YeartocallmaturitySourceBloombergTable1SummaryofourpicksNWDEVL4125PerpROADKG775PerpLEEMAN55PerpCreditratingMSF-Ba3-YTC9131994Askpx8147019501Yeartocall531813Firstcalldate061028111824052924OutstandingUSDmn12003002406SourceBloombergClickhereforfullreportOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPipelineTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFChindataGroupUSD-3yr1125--BBB-MitsubishiUFJ3NC26NC5T130170USD-A1A-A-FinancialGroup8NC711NC10185195315Feb2023NewsandmarketcolorRegardingonshoreprimaryissuancestherewere81creditbondsissuedyesterdaywithanamountofRMB66bnAsformonth-to-date432creditbondswereissuedwithatotalamountofRMB438bnraisedrepresentinga2503yoyincreaseADANIGAdaniisintalkswithlenderstorepayUSD500mnbridgeloanandalsowithIHCforcapitalinfusionofuptoUSD15bnThecompanyexpectstorepaytheirCPonmaturityinsteadoftheirusualpracticeofrollingoverBEIPROBeijingPropertiessignedUSD50mn1-yearloanfacilitieswithkeepwellagreementCHFOTNChinaFortuneLandsCo-PresidentMengJinghasbeendetainedbyChineseauthoritiesonsuspicionsofcommittinganoffenceEXCECPExcellenceCommercialPropertiesproposedtoofferRMB400mn3-yearMTNstofundprojectdevelopmentandortorepayoffshoreUSDdebtsLPKRIJLippoKarawacicompletedtenderofferUSD2887mofdue-25andUSD3085mofdue-26notesremainoutstandingNWDEVLNewWorldDevelopmentannouncedthesaleofcommercialpropertyKOHOinKwunTongHongKongforHKD17bnVEDLNVedantareducednetdebtbyUSD2bninpast11monthsachievedhalfofitsUSD4bn3-yeardebtreductioncommitmentinthefirstyearCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublications415Feb2023havinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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