研究报告全文：FixedIncomeCreditCommentary24Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketsoverallshowedtwowaythismorningInAsianIGspacenewissueCHEVBKstabilizedatreofferpriceandHDFCBtightened7bpswithbuyingGlennKoCFA高志和fromPBsInTMTTENCNTslightlytightenedWealsosawbuyingflowson85236576235SOEPerpsfromChinesebuyersglennkocmbicomhkLOGPHHolisticrestructuringplantobereleasedinearly-midMar23LOGPHsrosec025ptthismorningSeebelowCyrenaNgCPA吳蒨瑩NWDEVLNWSZFThedeleveragingplansofNWDEVLandPandabonds85239000801cyrenangcmbicomhkusingplanofNWSZFNWDEVLsNWSZFswereunchangedto025ptbymid-daySeebelowTradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdayAsiaIGspacehadaquiteconstructivedayasbenchmarknamesjerrywangcmbicomhkwereunchangedskewedtobetterbuyingLowbetaKoreaHKpapershadabetterbuyingsessionKoreanamesEIBKOREIBKORKHFCgrinded2-3bpstighterHKINTLHKAAtightened3-5bpsOnnewissuefrontHDFCBgaveIPGatT155areafortheUSD750mn3YUSDbondandpriceditatT125leveltoyield5686NewCICCHK26spricedatCT3110toyieldat5493CT280openedinastrongtoneamidbankaccountschasingandtightenedupto10bpstoCT271levelthenpushedback5bpstillcloseclosinglevelat7674levelSHCMBKtightenedanother5bpstoT210levelInChinafinancialsChineseBankT2sweretraded1-5bpstighteronthedayT2benchmarkslikeCCB29-32stightened3-7bpsBCHINAICBCAST2sedged1-3bpstighterInTMTsBABATENCNT10ypaperswereunchangedto5bpstighterWesawoveralltwo-waybalancedflowsintechnameswhilsthighbetanamesMEITUAXIAOMIunderperformedbywidening2-6bpsOtherBBBnamesLENOVOWB30swerealsounderbettersellingChinaHYspacestayedcautiousaheadofGDPdataonThursdaynightBenchmarkpropertynamesbouncedup05-15ptsonthedaySINOCEsbouncedback15-25ptsacrossthecurveafterlowering05-15ptsonWednesdayCOGARDsweretradedup1-2ptsacrossthecurveCHINSC23-24swerequotedup1-2ptsCSCHCNsgained1-3ptsonthedayandwerequotedathigh80stolow90spostthenewsofprogressingnewsyndicatedfacilitiesofatleastRMB3bnRecentunderperformerLVGEM12due-2023sbouncedback5ptsto9193levelfrom87levelonTuesdayFUTLANsFTLNHDsAGILEswereup05-1ptIndustrialnamesFOSUNIswereup05-1ptMacaugamingnameswereunchangedto05pthigherInIndianspaceAdanibondswereunchangedwhilesteelnameJSTLINsweredown025-125ptsIndonesiannamesMEDCIJsweredown025ptElsewhereGLPCHIsGLPSPsmoved05-1ptslowerIntheLGFVAsiaAT1PerpsspacesmarketexperiencedaratherhecticdayespeciallyinLGFVswithdecenttwo-wayflowsandinterestsgoingthroughPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk124Feb2023asvaluationscameofffromsqueezedlevelsIngeneralbondsyielding7-9remainedbetter-bidwithsupportfrombuyersdespitesomeprofittakingflowsfromonshoreholdersMeanwhilemostpapersbelow6weretradedfurtherwiderwithonly23sandseveralshortcoveringcandidatesstillseeingdemandathigh-5ShandongnameslikeSHDOISSHUGRP24swere025-05ptloweronthedayAwayfromLGFVsAT1srecoveredslightlyonthebackofHFshortcoveringandPBtryingtopickuprarelyseenpapersegThainamesBBLTBsBNKEAAT1swerequotedup1-15ptsBCHINAICBCASAT1swerebidup0125ptElsewhereHKPerpsdriftedlowerdespitesomeRMstriedintopickupcheapoffersonseveralqualitypapersNWDEVL48Perpwasquoted3ptslowertocloseat6566levelHYSANNANFUNperpsweremarked1-2ptslowerSOEPerpswererelativelyquieterduetogenerallyloweryieldlevelsdespitebuyinginterestswouldstillemergeabove6BenchmarksHAOHUASINOCHHUADIAperpsmoved0125ptlowerLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeLVGEM1203102392649NWDEVL48PERP659-31CSCHCN912112489525NANFUN5PERP770-20SINOCE43408052960625TYANLI514PERP875-18CHINSC71404192387123HYSAN485PERP823-18COGARD801272485320REGH612PERP640-15MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedonThursdaySP053Dow033andNasdaq072technicallyreboundedafterwholeweeksdownUSweeklyjoblessclaimwas192kdecreasedfrom195kinlastweekandlowerthanforecastof200kTheUStreasuryyieldsslightlydownyesterday251030yieldsreached466409388388respectivelyDeskanalystcomments分析员市场观点LOGPHHolisticrestructuringplantobereleasedinearly-midMar23LoganhostedcallswithdifferentclassesofcreditorsyesterdaywithlimiteddetailsbeingdisclosedAsperourdiscussionswiththecompanyitexpectstoannouncethefinalrestructuringplaninearlymidMar23IthassettledtherestructuringofonshorebondsofcRMB20bnthroughmaturityextensionof3-4yearsItwillproceedthedifferentrestructuringplansforoffshorepublicandprivatebondsinviewofthedifferencesinclaimsTherestructuringofUSDpublicbondswillbeproceededthroughschemeonanaggregatebasisasitsUSDbondsaregovernedbyNewYorklawunanimousconsentfrombondholdersarerequiredforchangesinmajortermsTheskeletonofrestructuringistoextendtheUSDpublicbondmaturitiesupto7yearswithamortizationstartingfrom33thmonthsandtheoffshoreassetswillbeusedtocovertheoffshorerepaymentsAsperthecompanythereare2offshoreassetstheSingaporeanandApLeiChauprojectsthenetproceedsfromthesalesofthese2proceedswillbeabletocoverc20ofitsoffshoreliabilitiesWeshallprovideupdatesandmoredetailedanalysisonNPVandassetcoveragewhentherestructuringplanandrelevantdetailswillbeannounced224Feb2023NWDEVLNWSZFThedeleveragingplansofNWDEVLandPandabondsusingplanofNWSZFNewWorldDevelopmentNWDannouncedthe1H23resultsyesterdayits1H23revenueincreased13yoytoHKD40bnwhilethenetprofitdropped15yoytoHKD12bnduetocontinuedCOVID-19disruptionsLookingaheadNWDshallbenefitfromthereopeningofborderbetweenHKandmainlandChinaThecompanytabledfourdeleverageplansincludingCAPEXoptimizationnon-coreassetdisposalsdividendresetandtreasurymanagementIttargetstodisposeofHKD10bnnon-coreassetsinFY23andexpectstodisposalofnon-coreassetsforHKD15bninFY24During1H23ithasbookedHKD56bnassetdisposalsandweviewitisontracktoachieveHKD10bntargetbyFY23asdiscussedinourrecommendationspublishedlastweekAsatDec22itsnetgearingratiowas469andthecompanytargetstolowertheratiotomid-low40byJun23andfurtherdowntolow-40byJun24TheassetdisposalstogetherwithlowerCAPEXspendingwouldprovidethecompanysufficientliquiditytorefinancetheobligationscomingdueaswellastoreplacetheperpswithcouponresetandstep-uptominimizetheinterestexpensesMeanwhileitssubsidiaryNWSHoldingsappliedtotheregulatorfortheissuanceofRMB5bnPandabondsanditplanstoissueRMB1-2bnasthefirstbatchbetweenMar-Apr23ThecompanyplanstousetheproceedstorefinanceitsHKD-andUSD-denominateddebtsTheissuanceofPandabondwouldenableNWSHoldingstoperformtenderofferorrepurchasetheoutstandingUSDbondsatthesecondarymarketinparticularwebelieveNWSZF575PerpwouldbeacandidateasthefirstcalldateoftheperpwillbeinJan24withcouponstep-upto5yUST8205fromcurrently575AsdiscussedinourpieceonHKcorpperpslastweekwehavebuyrecommendationsonNWDEVL615PerpNWDEVL4125PerpandNWSZF575PerpamongHKcorpsastheircouponswillberesetandstep-upuponthefirstcalldateandwebelievethatNWDandNWSarestronglyincentivizedtocalltheseperpsontheirrespectivefirstcalldatestoavoidsignificantincreaseininterestexpensesCoupledwiththe5yUSTreached409asof23FebwebelievetheconvictionnowisevenhigherBesidescomparedtotheaskpxlastweekNWDEVL615PerpandNWDEVL4125Perpdroppedby05and46respectivelynowitisabetterentrypointtobuyinourviewNWDEVL615PerpNWDEVL4125PerpNWSZF575PerpYTC8610377Askpx955768985Yeartocall215310Firstcalldate031625031028013124Couponstep-up5yUST62015yUST58585yUST8205OutstandingUSDmn500120010191SourceBloombergOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFChinaEverbrightBank4003yr4994T57-BBBBBBHKHDFC7503yr5686T125Baa3BBB--324Feb2023OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere107creditbondsissuedyesterdaywithanamountofRMB90bnAsformonth-to-date1071creditbondswereissuedwithatotalamountofRMB1001bnraisedrepresentinga9yoyincreaseZhengzhougovernmentannouncedtoensuretimelyrepaymentofoffshorebondsbydevelopersbondsbySOEsADANIGMediareportedthatAdaniGreenEnergytospendoverUSD400mnontwowindfarmsinSriLankaADTINFitchaffirmedAdaniTransmissionsrestricted-groupnotesatBBB-outlookstableBABAAlibaba3Q23revenueedgedup2yoytoUSD359bnandadjustedEBITDAupyoytoUSD86bnCCAMCLMediareportedthatChinaCindalaunchesUSD200mn-equivalentUSDHKDfive-yearSLLEXCECPExcellenceCommercialPropertiesraisesRMB400mnviaMTNtofundprojectdevelopmentrepaydebtsRISSUNRiseSunRealEstateDevelopmentschedulesEGMon13MartoreviewproposalsonuptoRMB3bnprivateplacementSHUIONShuiOnLandfullyrepaysUSD365mnloandue23FebCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassets424Feb2023orothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5