研究报告全文：FixedIncomeCreditCommentary22Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketsremainedweakthismorningInAsianIGspacenewissueSHCMBKBOCOMtightened8-10bpKRandHKnamesslightlywidenedGlennKoCFA高志和TMTsoverallwidened5-10bpsWesawshortcoveringsonAT1whileSOE85236576235PerpsweremoreonsellingglennkocmbicomhkSHNSUNSHXREGTheskeletonofdebtrestructuringforUSDnoteswasoutSeebelowCyrenaNgCPA吳蒨瑩FOSUNIMediareportedthatFosunssaleofNanjingIronSteel60stake85239000801cyrenangcmbicomhktoShagangforRMB16bnmaynotproceedasplannedascompetitivebiddersemergeFOSUNIsdownc025ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspacehadanotherweakdaywithmarketstillfocusedonfinancialnamesInKoreaspacelowbetapaperssuchasEIBKORKDBKHFCtradedheavyasspreadwidened2-3bpsPrimarymarketcamealiveaswesawSHCMBK10NC5BOCOMHKUSDHKDCNHandMizuhothreetranchesSHCMBKpricedtheUSD350mn10NC5T2atCT2240levelIPTatCT2275areaWhilstonsecondaryfrontflowswereone-waysellingIGspreadswidened5-15bpsacrossChinaTMTT2POEhighbetaSOEsectorTMTbenchmarksTENCNTpaperswere3-5bpswiderandhigh-betanameslikeLENOVOgrinded5-10bpswiderSOEbenchmarksHAOHUASINOCHwere2-5bpswiderunderbettersellingInfinancialsspaceAMCsspacestabilizedbutT2sremainedfragileHRINTHcurveendedunchangedto05ptlowerafteryesterdaysoldoffLeasingfrontendweretradedtwowayandwesawstreetpickedupBOCAVIcurveinblocksizeBOCAVI25s26stightened5-10bpsBankT2spacenotablywidenedanother7-15bpsonthedayafteryesterdayswideningof10-20bpsCCB29-32sweretraded10-15bpswidertoaroundT90areaunderdealerhittingthoughwedidnotseematerialsellingfrombankRMaccountsICBC25s29salsoencounteredFMsellinginthemorningbutfoundsupportafter5bpswiderChinesepropertyspacewentsidewaysVNKRLEsLNGFORswereindicated025-05ptlowerincashpricesSINOCElowered1-2ptsCOGARDsfirstdropped2-4ptsandthenrecovered1ptintolunchtoclose15-3ptslowerAGILEsKWGPROsdrifted1-2ptslowerOntheotherhandCSCHCNsweremarked15-35ptshigheratlow-80slevelROADKGsbouncedback05-15ptsfromyesterdayslossesacrossthecurveCHINSC23swereinitiallytradeddownto7981butclosedat825855levelRestoftheCHINSCswereunchangedIndustrialnameswerequietMacaugamingnamesallunderperformedMPELsSANLTDsSTCITYsWYNMACsweremarkeddown1-3ptsunderstreetETFsellingInIndiaspaceADANEMsADTINsADSEZswere05-1ptlowerVEDLNswerePLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk122Feb2023holdingwellbetweenthehigh-80stolow-90sareaIndonesiannamesweremutedexceptLMRTSPswerebidup1-2ptsIntheAsiaAT1PerpsLGFVspacesperpetualinstrumentsremainedveryweakAT1swere025-075ptloweramidHFsellingasdealersofferedaggressivelytoanybuyinginterestsfromAMPBBOCOM38Perpwasquoteddown025ptto9575levelandICBCASperpsalsoslidto025-05ptlowerNon-SOEPerpsweredown1-2ptsledbyFFLPerpsAIANWDEVLperpsweremarked1-2ptslowerwithlittlebidsupportbeyondshortcoveringWhilstSOEPerpswerelargelystableaswesawChineseAMpickingupselectedshort-dated-to-callpapersonthedipbutoverallremainedheavyaswellLGFVscontinuedtocorrectfromprevioussqueezerichlevelsofmid-to-high-5asbankdemandcameintothesceneagainwithbondstradedbackat6-handleAwayfromthiswesawdecentamountoftractiongoingthroughinTLINVT23sGXFING23sasthepairreached96-handlesortofcashpriceTLINVTperformedratherstableat97levelanditseemedakeypsychologicalresistantlevelherereftoLZINVElastyearwhilstGXFINGseemedtohaveaccumulatedquitesomeshortsandmaypotentiallybefurthersqueezedshouldrecentRMAMbuyinggoonWereckonshortinterestswillre-emergeatperhapscloseto97levelasthebondwillonlymatureinNovmeaningstillalongperiodoftimeduringwhichvolatilitymayspikeElsewhereShandongnamesSHDOISSHUGRPweredown025-05ptOntheprimaryfrontKNMIDIpricedanewUSD220mn2Ybondat98aheadofitsUSD300mn6123maturityon25FebGZUIHGpricedtheUSD160mn3Ybondat77LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCHINSC71404192383633SANLTD438061830857-37CSCHCN907202481032AGILE512051726487-32CSCHCN912112479727COGARD615091725667-32YUEXIU3801203180626MPEL538120429797-31CSCHCN910092480222COGARD27071226562-31MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP-200Dow-206andNasdaq-250recordedlargestdailydropsinceDec22USFeb23MarkitmanufacturingservicePMIreleasedas478and505bothhigherthanexpectedthestrongeconomicdatamayprolongtheperiodwithhighlevelinterestrateTheUStreasuryyieldswereedgedhigheryesterdayyieldcurvesbearsteepenedand251030yieldsreached467416395398respectivelyDeskanalystcomments分析员市场观点SHNSUNSHXREGTheskeletonofdebtrestructuringforUSDnoteswereoutInbrieftherestructuringplanforits5USDbondswithtotaloutstandingamountofUSD640mnistoextendmaturity3-5yearsTheupfrontrepaymentis1ptandcashcouponfornewbondswillbecutto55cashor65PIKThecouponpaymentincashorPIKwillbeatsolediscretionofShinsunShinsunwilldecideaftertheearlyconsentfeedeadlineandbaseconsentfeedeadlineon27Feb23and20Mar23respectivelywhethertherestructuringplanwillgothroughtheroutesofexchangeofferconsentandschemeThecompanydidnotindicatetheminimumacceptancelevelforanexchangeofferTheconsentthresholdwillbedifferentfordifferentbondsgiventhedifferencesingoverninglawsTheapprovalthresholdfortheschememeetingwill50inheadcountand75inprincipalWeshallprovidemoreupdatesaftertheconsentfeedeadlines222Feb2023DetailsofdebtrestructuringOSAmtUpfrontConsentNewBondNewBondKeytermsUSDmncashfeeMaturity-Interestrate55or65PIKforthreenewnotesSHXREG12501232219SHXREG552806ptearly5yrsince1pt-OnshoreCollateralforNoteA015ptbaseissuanceNewequityinterestsinfouronshorenotesAcompanieswithtotaledSHXREG13011723134RMB815mnregisteredcapitalSHNSUN1301172386-RepurchasemandatoryredemptionforNoteAThecompanywillrepurchaseredeematleastofSHNSUN120818231025405570100200ofnewnotesbefore243642485460monthsfromissuedate-RepurchasemandatoryredemptionforNoteBIISHNSUNrepurchaseredeematleast405526ofnotesince4yearsfromissuedateNewnotesBIUSD200mn-RepurchaseredemptionforatmostthreenewnoteswithproceedsfromSpecifiedAssetupto06ptearly35yrsince1ptUSD30mnonpro-ratabasis015ptbaseissuanceSHNSUNamountnetproceedsof205528fromShanghaiShinsunHongkouProject25fromsixNewprojectsoutsideShanghaiSHNSUN10060722200notesBIIrestofthree-OptionalRedemptionforNotebondsBIIIAfter2436monthsofNoteBIissuanceissuermayatitsdiscretiontoredeem4555ofprincipalamountofNoteBIAtanytimebeforematurityofNewNoteBIIissuermayatitsoptiontoredeem100noteBIIinwholeorinpart-Earlyconsentdeadline27Feb23-Expirationdeadline20Mar23-Longstopdate31Dec23322Feb2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFBOCOMHKBranch6003yr4875T57A2--GanzhouUrbanInvestmentSBLCby6235mth589859--BBB-PSBCJiangxiBranchGanzhouUrban1603yr7777--BBB-InvestmentKunmingIndustrial2202yr9898---ShanghaiCommercial35010NC56375T240A3-BBBBankOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFCICCUSD-3yrT160Baa1--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere107creditbondsissuedyesterdaywithanamountofRMB88bnAsformonth-to-date855creditbondswereissuedwithatotalamountofRMB819bnraisedrepresentinga232yoyincreaseChinasCSRClaunchespilotschemeonrealestateprivateequityfundstosupportrealestatesectorAGILEAgileunitschedulesRMB145bncUSD211mn21Panya01bondputoptionexerciseon24-28Feb23FOSUNIMediareportedthatFosunssaleofNanjingIronSteelstaketoShagangforRMB16bnmaynotproceedasplannedascompetitivebiddersemergeGMRLINGMRHyderabadInternationalAirportofferstopurchaseuptoUSD100mofits5375notesdue2024and475notesdue2026SHIMAOMediareportedthatShanghaiShimaosoundsoutholisticrestructuringofalleightexchange-listeddomesticbondstotaledRMB137bnproposedtoextend4-5yearsTPHLTimesChinaspeedsuppaymenttermsforsixmonthstofouryearsforitsdomestic-notesrestructuringprovidescollateralforrestructuringVNKRLEVankepostponesEGMtoconsideruptoRMB15bnnon-publicissuanceofAsharesto8MarXINHUZXinhuZhongbao10staketobeacquiredbyXinanCaitongforRMB227bnYUEXIUYuexiuPropertyissuesbondswithRMB700mn315five-yeartrancheandRMB12bn35seven-yeartrancheCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291422Feb2023fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5