>> 招银国际-Fixed Income Daily Market Update -230220
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研究报告全文：FixedIncomeCreditCommentary20Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereoverallstablethismorningInAsianIGspaceAMCsectoroveralldownLENOVOXIAOMIwidened5-10bpsLGFVSOEPerpAT1GlennKoCFA高志和stabilizedfromlastweeksbettersellingandwesawbuyinterests85236576235glennkocmbicomhkCARINCannouncedtenderofferforCARINC975033124WehavebuyrecommendationsonCARINC24andEHICAR24and26CARINC24weretradedat97andEHICARsrose05ptthismorningSeebelowCyrenaNgCPA吳蒨瑩CIFIHGMediareportedthatCIFIislikelytoissuedelayeduptoRMB15bn85239000801cyrenangcmbicomhkCBICL-guaranteedbondsbyMar23CIFIHGswereunchangedtodown025ptbymid-dayJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkLastFridayAsiaIGspacehadanothersofterdaywithIGspreadlevelsmarkedunchangedto5bpswideramidUSTyieldsrallyingOnnewissuefrontKHFCpricedaUSD1bn46255Ysocialbonddue-2028atT70toyield4749andaUSD300mn462510Ysocialbonddue-2033atT88toyield4708NewKHFC28swere4-5bpswiderthanROwhile33stightened2-3bpsOtherKoreanIGsalsosoftenedwithHYUELE28s33swidened3-5bpsChinaTMTsSOEsremainedfragileTMTbenchmarkswerelargelystablebuthigher-betatechnamesnotablyunderperformedTENCNT30s31went2-4bpswidertoT150levelBBBnamesWB30sMEITUA30sXIAOMI31sallwidenedanother10-15bpsSOEsweremixedCNOOCSINOPEwereunderbetterbuyingacrossthecurvewhilstHAOHUAswereunderbettersellingHAOHUA30swerequotedatT185T180byEOD13bpswiderWoWChinesefinancialswassubduedasAMCsandleasingnamesunderperformedHRINTHswerepushed30-60bpswider05-1ptloweracrossthecurveIntotheafternoonwesawSPwithdrewratingsonChinaHuarongFinancialLeasingatthecompanysrequestICBCILBOCAVIwidened2-4bpsInIGpropertiesYUEXIUannouncedtheplanstoissueuptoRMB19bnUSD2775mnon20-21Februaryintwotranchesie5Y7Ywithcouponsof31535respectivelyChinaHYpropertyspacewasroughlystableCOGARDswere05-15ptslowerSINOCEsFUTLANsROADKGswereuchangedto05ptlowerOntheotherhandCHINSC24-25sloweredanother05-1pttoaroundmid-40samidMoodysdowngradetoB3Caa1IndustrialnamesFOSUNIswereup05-1ptMacaugamingnameslikeMGMCHIsSTCITYsWYNMACsloweranother05-15ptsInIndianspaceAdaniGroupsIGbondsopened2ptshigherposttheinvestorcallbutADANEMsADSEZsclosedbacktounchangedto1ptlowerADGREG24sandADANIG24sweremarkedat94and84respectivelylastprintat91and80respectivelybeforethecallAdanistatedthatitwouldhavearefinancingplanwithcashorunderwrittenfinancinginplacebyend-JuneRestofthespacewasunchangedtoslightlylowerincashpricedbondsamidratesmoveVEDLNsPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk120Feb2023moved05-15ptslowerIndonesianHYswerelargelystableIndonesiannamesweremutedexceptLPKRIJsMEDCIJsweredown05-1ptThePerpAsiaAT1LGFVspacesalldriftedlowerassofteningsentimentcontinuedwithperpswerenotablymarkeddownat0251ptlowerwhileLGFVsperformedmixedAT1sopenedonapositivenotebutthetonequicklyfadedintheafternoontoclose025ptloweramidtheratesmoveICBCAS32PerpBCHINA36Perpweredown025-05ptBNKEA58255875perpswerenotablymarkeddown1-2ptsSOEperpsareoverall0125ptlowerbutstillrelativelyfirmasgenerallyalllowerbidswerewellabsorbedWealsosawamassiveroundofperpnamessell-offbeforecloseasCT2spikedNon-SOEperpslikeNWDEVLperpsweredown05-1ptCKINFperpwasmarked2-4ptslowerLGFVswerelargelystableShandongnamesoutperformedwithHKIQCLwasmarked15ptshigherSHUGRPSHDOIS24swerebidup05-1ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeADGREG61412102494133GRNLHK1021PERP474-40TSINGH53801312344521CKINF4PERP747-39CITLTD48504254694619CPDEV465011926881-27CITLTD448509074690018ADANIG438090824831-19CITLTD50704184899016PERTIJ47073049810-19MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsremainedweakonlastFridaySP-028Dow039andNasdaq-058downamidworriesaboutfutureinterestratehikepacewhichisexpectedtobe25bpsormoreinMarandMayrespectivelyUSimportpricesfallinJan23fortheseventhmonthsconsecutivelyChinaimplementedregistration-basedIPOsincethisweekTheUStreasuryyieldsoveralldownonFriday251030yieldsreached460403382388respectivelyDeskanalystcomments分析员市场观点CARINCannouncedtenderofferforCARINC975033124CARIncannounceduptoUSD100mntenderoffertodayforitsonlyUSDbondCARINC975033124withpurchasepriceof100ThetenderofferreflectsthatCarIncsliquidityisimprovingafterChinarelaxedCovid-19controlsin4Q22AsperCARInctheorderandutilizationrateduringChineseNewYearholidayshaveexceededthehistoricalhighTheutilizationratewascloseto90EHiontheotherhandannouncedthatitsorderincreasedclose40yoyduringChineseNewYearIndeedwenoticedthatthe3Q22operatingstatsofbothcompanieshadalreadyreboundedtolevelsclosetoifnotexceededthepre-pandemiclevelsAswediscussedinourAsiaCreditOutlook2023bothCARIncandEHiaredirectbeneficiariesofthere-openingofChinaWehavebuyrecommendationsonCARINC24andEHICAR24and26CARINC24weretradedat97andEHICARsrose05ptthismorningTenderofferdetails220Feb2023BondOSPurchaseMaximumacceptanceBondDeadlineUSDmnpriceamountUSDmnCARINC97503312425010010027Feb23Chinesenationwidetourismmarketrecoveredalotinthebeginningof2023AccordingtoMinistryofCultureandTourismthenumberoftouristduringChineseNewYearholidaywasaround308mnrepresenting231yoyand886of2019ItislikelythatthewholemarketwillgraduallyrecovertowithinthisyearandChinacarrentalnameswillbenefitsfromtheresumptionPriceYTMOSamountRatingMSFCARINC975033124938161250B3B--EHICAR775111424810214450--B-EHICAR7092126729175300--B-NumberoftouristduringCNYholidaymn40034835030830025625025022120015010050020192020202120222023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPipelineTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFAozoraBankUSD-3yr--BBB-CreditAgricoleUSD-10NC552Baa1BBBA-ShanghaiCommercialUSD-10NC5-A3-BBBBank320Feb2023NewsandmarketcolorRegardingonshoreprimaryissuancestherewere52creditbondsissuedlastFridaywithanamountofRMB56bnAsformonth-to-date661creditbondswereissuedwithatotalamountofRMB673bnraisedrepresentinga526yoyincreaseMediareportedthatChinawilltightenlendingrulestolimitbankexposuretocash-strappeddevelopersCARINCSPaffirmedCARIncB-ratingsandmaintainednegativeoutlookontightliquiditydespitestrongoperationalrecoveryCHINSCMoodysdowngradedChinaSCEsratingstoB3Caa1andmaintainednegativeoutlookCIFIHGMediareportedthatCIFIislikelytoissuedelayeduptoRMB15bnCBICL-guaranteedbondsbyMar23JINGRUJingruiHoldingssuspendspaymentdueforJINGRU145021923notestobedelisteduponmaturityLENOVOLenovo3Q23revenuedrops24yoytoUSD153bnandoperatingprofitdown20yoytoUSD750mnLVGEMMediareportedthatLVGEMisintalkswithlargeUSDbondholdersofLVGEM12031023toswapintonewprivatetrancheandcontinuestryingtorefiremainderXINHUZXinhuZhongbaoproposestoofferuptoRMB3bncorporatebondsYUEXIUYuexiuPropertytoissueuptoRMB19bncorporatebondswithcouponof315-35ThecompanyalsoproposetoissueuptoRMB5bnbondstorepaydebtZHLGHDZhongliangHoldingsintendstoimplementholisticsolutionforoffshoredebtsbywayofschemeofarrangementexpectstoturntolossforFY22CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesor420Feb2023enterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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