>> 招银国际-Fixed Income Daily Market Update -230228
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研究报告全文：FixedIncomeCreditCommentary28Feb2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereweakthismorningInAsiaIGspacelong-termnameswidened1-2bpswhileshort-termbondswerebetterbuyingRecentnewissueGlennKoCFA高志和CICCHKcontinuedtobeactivelybought85236576235glennkocmbicomhkCARINCRefinancingriskisnotablylowermaintainBuyonCARINC975033124ThebondspricewasunchangedthismorningSeebelowDALWANWandaCommercialtappedDALWAN11021326foradditionalCyrenaNgCPA吳蒨瑩USD100mnthroughasmallclubdealtofullyutilizetheremainingNDRC85239000801cyrenangcmbicomhkquotaexpiringsoonDALWAN11021326wereindicatedat915925andDALWANsmoved-025to025ptbymid-dayJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspaceclosedonasofttonewithlimitedflowsIGspreadsbroadlyclosed1-3bpswiderNewCICCHKCHEVBKHDFCB26stightened2-3bpswithall-inyieldbuyersloadingupInfinancialsChinaBankT2sespeciallyonBCHINA24swasactivelytradedFront-endedleasingpaperswerechasedafterbyglobalRMaccountsBOCAVIcurvetightened3-8bpsTMTswerelargelyunchangedtoatouchwideronbenchmarksbuthighbetanameslikeLENOVOwere2-5bpswiderWesawthebuy-sellratiowasroughly21onthedayacrossChinaleasingBankT2TMTandKoreaTHFinsspaceKorealowbetanamesgrinded1-3bpstighteronEIBKORKDBKHFCcurvesChinaHYpropertyspacewasbroadlyup1-2ptswithbenchmarkshavingbetterdemandDALWAN26swereunchangedat92levelaftertheUSD100mntapofDALWAN11021326tofullyutilizeitsexpiringNDRCquotathroughasmallclubdealCOGARDsCHINSCsROADKGsgainedanother15-35ptsacrossthecurveSINOCEsFTLNHDswereup05-1ptLVGEM23swerequoted4ptshigherat96levelpostthedeveloperannouncedpartialbuybackofitsdue-2023syesterdayAGILEsCENCHIswereup15-35ptsOntheotherhandCSCHCNsloweredanother1-25ptstobelow90levelandallits24swerequotedathigh-80sIndustrialnamesFOSUNI26-27swereup1-2ptsMacaugamingnameswerelargelyfirmMPELsSANLTDswere05-1pthigheracrossnamesamidtwo-wayflowsIndianspaceperformedslightlymixedADSEZsADANIGswereindicated05-15ptslowerVEDLNs23sheldsteadywhilstrestofVEDLNsweremarked25-35ptsloweronstreetGRNKENswerebidup05-1ptThemediareportedGreenkoEnergyisreadytoprepayitsnearestmaturitytheUSD500mntrancheGRNKEN478081623IndonesiannamesLMRTSP24s26sweremarked2-3ptsloweronthedaydespitemediareportedLippoKarawacishallhelpintroduceitsassociateLMIRTtolocalbanksforrefinancingitsupcomingloanmaturitiesPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk128Feb2023TheLGFVPerpAsiaAT1spacewaslargelystableskewedtoatouchweakerLGFVshadmixedtwo-wayflowsacrossnamesyielding9todouble-digityieldsWhileontheotherendofthecreditcurvetherich6paperswerebetterofferedamidrisingratesPerpswerearound025ptlowerwithFFLPerpsleadingsellflowsNWDEVLNANFUNFFLperpswere025-05ptlowerThestep-upPerpshadsporadicPBdemandathigh-single-digityieldsAT1sweremixedacrossspaceswith5-handleChinesenamesdropped025-05ptinlightofRMsellingChinesebenchmarksICBCAS32PerpBOCOM38Perpweretradeddown025ptWhilstThainameslikeBBLTB5PerpKBANK5275Perpweresqueezed05-1pthigheramidPBRetailbuyingElsewhere23sc23sAT1paperscontinuedtoseetwo-wayflowsacrossspacesatmid-to-high-5forliquiditymanagementLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeLVGEM1203102396740VEDLN895031125682-33CENCHI76508272340238VEDLN1378012124828-32AGILE51204212560438LMRTSP712020926629-31COGARD51801142764234CSCHCN9100924868-26ROADKG51807262677431VEDLN618080924661-25MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaySP031Dow022andNasdaq063technicallyreboundedamidunchangedeconomyfundamentalUScorecapitalgoodsorderincreased08mominJan23andwaslargestgaininlastfivemonthsECBchiefplanstoincrease50bpsinterestrateinMarchTheUStreasuryyieldsslightlydownyesterday251030yieldsreached478417392393respectivelyDeskanalystcomments分析员市场观点CARINCRefinancingriskisnotablylowermaintainBuyCARIncboughtbackUSD94964mnofCARINC975033124throughthetenderofferSubsequenttothecompletionoftenderoffertheoutstandingamountofCARINC975033124willreducetoUSD155036mnfromUSD250mnThetenderedamountwascUSD5mnlowerthanthemaximumacceptanceamountofUSD100mnThisreflectsinourviewholdersconfidenceonCARIncandtheimprovingmarketsentimentCARINC975033124isthecompanysonlyoutstandingpublicUSDbondsitsosCBsofUSD175mnplacedtoMBKwillmatureinDec25andbeputtableinDec24WebelievethatthetenderofferandtheexpectedstrongrecoveryofoperatingperformancetonotablyreduceCARIncsrefinancingriskAt944CARINC975033124istradingataYTMof155wemaintainBuyonthebondsWealsohaveBuyrecommendationsonEHICARsCARINC24wasunchangedandEHICARsdown025ptthismorningThetenderofferwouldbefundedwithitscashonhandWhileits4Q22resultswouldbeaffectedbythesurgeinCOVID-19casesinChinathenandseasonalityweunderstanditscashflowandEBITDAYTDhaverecoveredsignificantlyCARIncexpects10-20EBITDAgrowthinFY23andsalesproceedsofusedvehicleofoverRMB1bnInLTMendedSep22itsEBITDAwascRMB18bnWebelievethattherefinancingriskofCARINC975033124ismanageable228Feb2023PriceYTMOSamountRatingMSFCARINC975033124970161250B3B--EHICAR775111424810214450--B-EHICAR7092126729175300--B-SourceBloombergOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFGuizhouShuanglongAirport573yr7070---DIGroupAdditionalissueOffshoreAsiaNewIssuesPipelineSizeIssueRatingIssuerGuarantorCurrencyTenorPricingUSDmnMSFSumitomoMitsuiFinancialGroupUSD-35710yrT12516017519---KasikornbankUSD-5yrT1600Baa1-BBBNanyangCommercialBankUSD-PNC5765Ba2--HSBCUSD-PNC585---NewsandmarketcolorRegardingonshoreprimaryissuancestherewere70creditbondsissuedyesterdaywithanamountofRMB57bnAsformonth-to-date1250creditbondswereissuedwithatotalamountofRMB1133bnraisedrepresentinga44yoyincreaseCHFOTNCFLDwaswarnedbyNAFMIIforinformationdisclosurefailureDALWANWandaCommercialtappedDALWAN11021326foradditionalUSD100mnEVERREMediareportedChinaEvergrandehasoverRMB273bncUSD39bnofassetssubjecttoenforcementFOSUNIFosununitcompletesredemptionofonshoreRMB1bncUSD140mnnotesGALCLDBohaiLeasingunitAvolonsecuredUSD810mnsyndicatedloanJPFAIJJapfaComfeedplanssharebuybackwithabudgetofIDR350bncUSD23mnThecompanyalsoplansprivateshareplacementwithupto10ofissuedsharestheplanneedsapprovalfromEGMLENOVOFitchaffirmedLenovoatBBBandplacedstableoutlookPOLYREPolyPropertytograntloansofRMB184bntoHuizhouBaozhiandSZChinaMerchantsforpropertydevelopmentprojects328Feb2023SINOCESinoOceantousefundingfromRMB475mnsaleandleasebackdealwithwithChinaChengtongforrefinancingCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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