>> 招银国际-Fixed Income Daily Market Update -230216
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研究报告全文：FixedIncomeCreditCommentary16Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketsopenedstrongerthanpreviousdaysthismorningAsianIGnamesoverallmovedtightthatBABATENCNTHYUELEtightened3-5bpswithGlennKoCFA高志和activebuyingflowRecentunderperformedHAOHUASINOCHalsotraded852365762355bpstightNewissueCNDATA10526tightenedc5bpsbymid-dayglennkocmbicomhkHKcorpsPerpsofferbettervaluethanseniorsOurpicksareNWDEVL615PerpNWDEVL4125PerpNWSZF575PerpROADKG775PerpandLEEMAN55PerpSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkVEDLNMediareportedVedantaResourceshiresCantorFitzgeraldtoraiseuptoUSD2bnviadebtsyndicationtoserviceitsshort-termdebtmaturityVEDLNsmoved-025to025ptthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdaytoneinAsiaIGspaceremainedsoftasChinaTMTsSOEsexperiencedweaknesspostthestronger-than-expectedCPIHKandKoreaIGstradedmixedandremainedlargelystableRecentnewissuedKDB510yandEIBKORwidened1-2bpsHYUELEcurveoutperformed26stightened5bpsand28s33sweretraded3-8bpstighterChinaTMT10ybenchmarkpaperswerenotablytraded3-10bpswiderpostCPITENCNT30s31swidened2bpstoaroundT150levelLENOVOXIAOMI30swidened5-10bpsdrivenbyshortsellerswhileRMssidelinedInSOEspaceHAOHUASINOCHtriedtotradefirmbutinvainandclosedatanother3-5bpswiderHAOHUA30swerefirstlifted2-3bpstightertoT177levelbutwerepushedtocloseatT187level5bpswiderthanlastcloseAMCsweretradedheavyagainespeciallyonHRINTHcurvewentdownaround1ptincashpricesCCAMCLOREIASwerearound5-10bpswiderInIGpropertiesLNGFORsweremarkeddown05-1ptincashpricesElsewhereGLPCHIsweredown1-15ptsacrossthecurveChinaHYspacegenerallytrendedatouchloweramidaweakeningtoneinbroadercreditspaceSINOCEsnotablytumbled2-3ptsacrossthecurveCHINSCsCOGARDsstilldrifted05-15ptslowerCIFIHGsCENCHIsAGILEsweredown05-15ptsInindustrialsFOSUNIswereunderbettersellinginthelongendTSINGHswereliftedbyPBstomark1-15ptshigheratlow-40sMacaugamingnamesMPELsSANLTDslowered05-15ptInIndiaspaceAdanicomplexADSEZsADANEMsmoved05-1pthigherbutnotseeingalotoffollowondemandatcurrentlevelsVEDLNswereup05ptpostVRLannounceditreducednetdebtbyUSD2bninthepast11monthsIndonesiannamesunderperformedLPKRIJsweredown05-15ptsandPERTIJsretreated05ptInthePerpsAT1LGFVspacemarkethadafairlyweakdayasinvestorscontinuedtoreassesstheratesoutlookaheadFlowswerequiteheavilyskewedtobettersellinginbothPerpsAT1sandmainlyfrontendLGFVsPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk116Feb2023at5-handleinyieldlevelsasChineseaccountsdeleveragedforeseeingtheincreaseinfundingcostsOverallwesawthePerpsAT1sspaceswereroughlydown05-075ptingeneralassellinggainedmomentumintheafternoonPerpswereunderonewaybettersellingSomecentralSOEs23sweresoldtomid-5onthedayHKcorpperpsNWDEVLperpsweremarked2-35ptslowerNWSZFHYSANperpsweretradeddown025-15ptLEEMAN55perprecoveredyesterdayslosstobeindicated15pthigherat95levelInAT1sICBCAS32perpBCHINA36perpwerequoteddown025-075ptonRMtrimmingElsewhereLGFVsremainedrelativelyquietCQNANA26sweremarked025-05ptlowerLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangePINGRE31406232585546NWDEVL514PERP902-36TSINGH61201312842714SINOCE6876PERP528-31LEEMAN512PERP94914SINOCE434011430612-30BCDHGR31407152688413SINOCE434080529621-29ADANIG43809082475612SINOCE595020427712-27MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP028Dow011andNasdaq092wereboostedbystrongUSJan23retaildatawhichis30momandbestperformancesinceMar21BetterthanexpectedretaildatafurtherincreasetheworryaboutfutureinterestratehikepacetheUStreasuryyieldsedgedhigheryesterday251030yieldsreached462404381385respectivelyDeskanalystcomments分析员市场观点HKcorpsPreferperpsforyieldpick-upExecutiveSummaryHKcorpshaveperformedwellsinceNov22inlinewiththesharpreboundofthemarketLikepeersinotherspacestheconvictionofHKcorpsisloweratcurrentvaluationNonethelesswestillseevalueinselectedHKperpsofwhichcouponwillberesetandorstep-upuponthefirstcalldatesandissuerscanaccessvariousfundingchannelsWebelievethattheseissuerswillbestronglyincentivizedandhavetheabilitytocalltheirperpstoavoidsignificantincreaseininterestexpensesTheseperpsoffernotonlygoodcarrybutalsodecentyieldpick-upovertheirrespectiveseniorpapersOurpicksareNWDEVL615PerpNWDEVL4125PerpNWSZF575PerpROADKG775PerpandLEEMAN55PerpTable1SummaryofourpicksNWDEVL615NWDEVLNWSZF575ROADKG775LEEMAN55Perp4125PerpPerpPerpPerpCreditratingMSF---Ba3---YTC88917931994Askpx9608149837019501Yeartocall2153101813Firstcalldate031625031028013124111824052924216Feb2023OutstandingUSDmn5001200101913002406SourceBloombergClickhereforfullreportOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFChindataGroup3003yr10510875--BBB-OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFGTMAInternationalLimitedSBLCbyQiluUSD-3yr72---BankGovernmentofSharjahUSD-9yrT310-Ba1BBB-NewsandmarketcolorRegardingonshoreprimaryissuancestherewere86creditbondsissuedyesterdaywithanamountofRMB98bnAsformonth-to-date513creditbondswereissuedwithatotalamountofRMB539bnraisedrepresentinga2025yoyincreaseCBIRCupdatedtheclassificationofproblemassetsrulesthatwillimprovethebanksreportingtransparencyThenewmeasureswillapplytonewbusinessfromJul23andfullyphasedinbytheendof2025KeychangesincludeclassificationofaborrowersentireexposureasNPLifmorethan10oftheexposuredefaultedormorethan20ofitsdebtsacrosstheentirebankingsystemareoverduemorethan90daysaswellasoverdueassetsshouldbeclassifiedasSMLatminimumRenewableenergygenerationinChinasurpassedcoal-firedpowercapacityforthefirsttimelastyearAsofDec22renewableenergyincludinghydropowerandnuclearrepresented473ofChinastotalinstalledcapacitycomparedwithcoals438ADANIGAdanisaidthelongstopdateforitsacquisitionofIndiabasedDBPowervalueofcUSD8472mnhasexpiredBEIPROBeijingPropertiessignsRMB800mnthree-yearloanfacilitiesdocumentsCIFIHGMediareportedtherewererumorsthatCIFIismullingaholisticrestructuringofitsonshorebondsandissuanceofitsplannedRMB15bnCBICL-backedbondsisuncertainasalargebankisnotwillingtosubscribetothedealCOGARDCountryGardensaidtheRMB72mnfrozenassetsduetocontractdisputeatajointpropertydevelopmentprojectinShandonghavebeenreleasedbycourtafterreachingconsensuswithprojectpartner316Feb2023EVERREChinaEvergrandehasoverRMB246bnofassetssubjecttoenforcementEvergrandePropertyServicesGroupannouncedthekeyfindingsofindependentinvestigationintotheRMB134bndepositpledgethatwasenforcedbybanksnoneofthedepositcertificatepledgeguaranteesinvolvedwascreatedbasedontheactualbusinessneedsofthegroupOCTOWNOverseasChineseTownAsiaexpectsFY22losstowidentoRMB15bnfromRMB088bninFY21RDHGCLSPwithdrawnRadianceHoldingsBratingatcompanysrequestVEDLNVedantadeclaredasthepreferredbidderforSijimaliBauxiteBlock311mntonesinOdishaunderthemineralblockauctionThecompanyhiresCantorFitzgeraldtoraiseuptoUSD2bnviadebtsyndicationtoserviceVedantasshort-termdebtmaturityCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedto416Feb2023anyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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