>> 招银国际-Fixed Income Daily Market Update -230217
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研究报告全文：FixedIncomeCreditCommentary17Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereweakthismorningThehigherthanexpectedPPIdatapushedUSTyieldupabitandAsianIGspaceslightlywidenedWealsosawactiveGlennKoCFA高志和sellingflowsinLGFVSOEPerpandAT1sectors85236576235glennkocmbicomhkADANIGMediareportedAdaniGroupintalkstoraiseUSD15bnthroughprivatebondofferingsviathreeunitsAdaniGreenEnergywillfinalizeaplanbyJun23torepayUSD750mnADANIG437524Thebondrebounded95ptsyesterdayandslightlydown05ptthismorningCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkCENCHICCREremitsfundstocuremissedJanuaryUSDcouponsofCENCHI75071425withingraceperiodCENCHIsdown025-075ptbymid-dayJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdayYesterdayAsiaIGspaceopenedfirmandspreadswereunchangedto2-5bpstighterInKoreaspaceHYUELEcurveremainedbetterbuyingfromclientsasrecentnewissuesgrindedanother3-5bpstighterLowbetaHKKoreanIGsclosedunchangedto2bpswideramidratescamedownabitfromhighChinaTMTsSOEsstabilizedabitonsomeshortcoveringTMTsbenchmarksBABATENCNTcurvesretracedsomeoftheyesterdayswideningby2-3bpsTENCNT30swent3bpstightertoT147levelfromT150lastEODWhilstWB30sMEITUA30swidened5bpstoT248T280levelrespectivelyInSOEsHAOHUASINOCHweretraded3-5bpstighterfromWednesdaycloseasbankaccountsbuyingSINOPECHGRIDwerealsounderbetterbuyingChinesefinancialswasstableLeasingnamesICBCILcurvewasunchangedto1-2bpstighterInIGpropertiesSINOCEsdrifted05ptlowerChinaHYpropertyspacehadafirmersessionundersomeshortcoveringCOGARDsFUTLANsFTLNHDswereroughly05-15ptshigherCENCHIsweremarked1-25ptshigherthecompanyannouncedtocureitsmissedJanUSDcouponsonthelastdayofthegraceperiodOntheotherhandCHINSC24-25slowered1ptatmid-to-high40sAwayfrompropertiesCNDATApriceditsUSD300mn3Ybondat1087599061levelitinitiallyopened1pthigherthengothitdownbacktoreofferlevelbyFMIndustrialnamesFOSUNIswereup05ptMacaugamingnamesMGMCHIsMPELsSTCITYsweredown05-15ptsInIndianspaceAdanicomplexADSEZsADANEMsweremarkedanother05-2ptshigheronthedayADANIGdue-2024werestillmarkedatmid-70levelatHKcloseyesterdayandnotablyjumped95ptsovernightto85levelpostAdaniGreenEnergyannouncedwillcomeupwitharefinancingplanbyJun23intheinvestorcallVEDLNsdrifted1-2ptshigherIndonesianHYswerelargelystablewithflowsremainedontheslowersideIntheLGFVPerpAsiaAT1spacessentimentwasstillsoftinthemorningbutflowsturnedmoretwo-wayintheafternoonwithsomebuyinginterestsPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk117Feb2023inqualityAT1sSOEPerpsAT1sedgedup0125-025ptfromyesterdayslowsonthebackofonshoreRMyieldbuyersupportICBCAS32PerpBOCOM38Perpwereup0125-025ptwhilerestofAT1swereunchangedOntheotherhandSOEPerpswerestillbetterofferedatmid-to-high-5LGFVsmeanwhilecontinuedtograduallyfadeawayfromshortsqueezedlevelsasrealbuyersbegantocomeintothesceneagainathigheryieldtargetswheretheyhadalwaysupheldOverallLGFVhadanotherweakersessionandmarketactivitiesconcentratedonfrontendpapersShandongnamesHKIQCL24sclosed15ptlowerSHDOISSHUGRP24sweremarkeddown05ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeADANIG43809082485195MGMCHI434020127879-14CSCHCN906262480131HKIQCL4100824947-13CENCHI76508272335326BCDHGR314071526871-13CENCHI71404242354525XIAOMI41071451679-13ADSEZ33807242493725TAISEM412042252952-12MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP-138Dow-126andNasdaq-178downasUSJan23PPIwaspublishedas076bymomyoyandhigherthanexpectationof0454showingthateconomyisstrongerthanmarketforecastTheUStreasuryyieldsbearsteepenedyesterday251030yieldsreached462406386392respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFGTMAInternationalLimitedSBLCbyQilu473yr7070---BankGTMAInternationalLimitedSBLCby503yr6868---HengfengBankKoreaHousing1000300510yr4625T7088Aa2AA-FinanceCorpOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere84creditbondsissuedyesterdaywithanamountofRMB82bnAsformonth-to-date604creditbondswereissuedwithatotalamountofRMB616bnraisedrepresentinga982yoyincrease217Feb2023MediareportedsomeChineseprovincesareplanningtorequiredeveloperstoscrappre-salesmodelShandongHenanAnhuiandSichuanwilleitherstartpilotprogramstotelldeveloperstoonlylistfinishedpropertiesforsaleorincentivizecitiestodosoADANIGMediareportedAdaniGroupintalkstoraiseUSD15bnthroughprivatebondofferingsbythreeunitsAdanitermsmediareportsonGrantThorntonhiringasmarketrumorAdaniGreenEnergywillfinalizeaplanbyend-Jun23torepayUSD750mnADANIG4375090824AZUPOEAzurePowerreceivesNYSEsgrantofextensionuntil15Julytofile2022annualreportCAPGChinaAoyuantosell299ofAoyuanHealthyLifeGrouptoGuangzhouSOEforHKD256mnCENCHICCREremitsfundstocuremissedJanuaryUSDcouponsofCENCHI75071425withingraceperiodCIFIHGCIFIannouncedthatithasrepaidallitsonshoredebtontimeitsplannedRMB15bnCBICL-backednotesarestillinprogressFUTLANSeazenGroupsvice-chairmanQuDejunresignsGRNKENFitchaffirmedGreenkoEnergysratingatBBandmaintainednegativeoutlookHAOHUASinochemweighssaleof37controllingstakeinItaliantiremakerPirelliofwhichcurrentlymarketvalueiscUSD51bnHPDLFFitchaffirmedHopsonDevelopmentatBandplacedstableoutlookYUEXIUYuexiuPropertyproposestoissueuptoRMB19bncUSD2775mnfixedratetwo-tranchecorporatebondsappliedtoShanghaiStockExchangetoissueuptoRMB5bncUSD730mncorporatebondsCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownrisk317Feb2023TheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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