研究报告全文：FixedIncomeCreditCommentary3Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswasactiveandskewedtobetterbuyingthismorningMarketsfocusedonnewissuesNORBK28tightened5bpsHSBC6NC5narrowedGlennKoCFA高志和5-7bpsSUMI28tightenedc10bpsCTIH64Perpsslightlyrosewithstrong85236576235holdingpowerglennkocmbicomhkWYNMACUpsized6NP4CBissuesignalsthere-openingofaccesstocapitalmarketsWYNMACswereunchangedto025ptthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkAsianex-JPUSD2M23grossissuancedown143yoywhileFTZincreased13timesyoySeebelowJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkAsiaIGspaceturnedweakeryesterdayAll-inyieldbuyersinitiallyloadeduppapersflowsturnedtobettersellingafterUST10ybroke4OnnewissuefrontCTIHpricedtheUSD2bnPerpNC5atpartoyield64IPTat675NewSUMITRpricedUSD2bninthreetranchesandperformedwelltightened10-20bpsNewKBANK28sfirsttightened3bpsbutretracedamidratessoldoffandclosedmostlyunchangedataroundT115IGspreadsclosedgenerally2-5bpswiderTMTbenchmarkslikeTENCNTcurvewereunchangedto2bpswiderwhileBBBpaperslikeMEITUAJDwidened3-8bpsSOEswerestableHAOHUA30sclosedunchangedatT194amidtwowayflowsElsewhereHKKoreapaperslikeHKAAKHFCKDBEIBKORwidened3-5bpsPOHANGstilltradedheavilyonthebackofonshoresellingandwere3-5bpswiderintocloseInIGpropertiesVNKRLEstightened5-8bpspostitsannouncementofshareplacementtoraisearoundHKD39bnChinaHYpropertybondsweremixedCENCHI23sralliedanother35-55ptsyesterdaytoclose9-10ptshigherWoWRestofCENCHIswereup15-25ptsOntheotherhandAGILEsGRNLGRsweretradeddown1ptSINOCEsCSCHCNsCOGARDsFUTLANswerealsomarkedanother05-1ptlowerIndustrialandMacaugamingnameswereunchangedCARINCweremarked15pthigherat95levelInIndiaspaceAdanicomplexbondswereunchangedto05pthigherVEDLNsandrenewableswerequoteddown05ptIndonesiannamesLMRTSPsLPKRIJswereindicated025-05ptlowerIntheAsiaAT1PerpLGFVspaceWednesdayseuphoricmooddidnotextendtoyesterdayfollowingovernightUSTyieldsclimbedanother5bpshigherAT1sretracedbyaround045-075ptledbyliquidBig4bankpapersICBCAS32PerpBOCOM38Perpgothitdown05-075ptquotedat9225and95respectivelyICBCAS358PerpBCHINA36Perpweremarkeddown025ptNewHSBC8PerpfadedfromWednesdays101levelbutfoundsupportat0375ptlowerasPBdemandremainedstrongKoreanAT1slowered05ptamidRMandHFsellingdraggedbyratesmovementNon-SOEperpscontinuedtounderperformweigheddownbybroadersentimentPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk13Mar2023acrossthespacesHKFFLPerpslikeLIFUNGCKINFCKPHperpsdroppedanother15-3ptswhileresetPerpsleaked075-1ptonthebackofbettersellingSOEPerpsremainedstaledexceptforaselectivenameslikeSINOCHperpsweremarkeddown0125ptLGFVflowswereoveralltwo-wayskewedtoslightbettersellinginhigh-betanamesyielding7WhilevaluationslookedfairlyrichforsomeofthesenamesclientsfacedthinoffersideliquiditytoredeploymoneyShandongnamessuchasSHGUOHSHDOISwereunchangedto0125pthigherHighyieldingLGFVslikeGXFING23GSHIAV25shadactivetwowaymixedflowsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCENCHI71404242367056CKINF42PERP764-52CENCHI76508272345343LIFUNG514PERP583-29CENCHI7911072340237CKPH312PERP649-20CENCHI73405242435821NANFUN5PERP751-14CARINC93403312495317HYSAN485PERP778-13MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedonThursdaySP076Dow105andNasdaq073wereboostedbyFedofficialsdovishcommentthatinterestratehikemaybesuspendedaftersummerUSlatestweeklyjoblessclaimis190kdownfrom192kinlastweekandlowerthanexpectationof195kTheUStreasuryyieldsclimbedhigheryesterday251030yieldsreached489432408403respectivelyDeskanalystcomments分析员市场观点WynnMacauUpsizedCBissuesignalsnormalizingfundingaccessWynnMacauissued6NP4CBsofUSD600mnforgeneralcorporatepurposesTheconversionpriceisHKD1024sharerepresenting268conversionpremiumbasedon2Mar23closepriceTheissueupsizedfromUSD500mntoUSD600mnWynnMacausCBissuesignaledMacaugamingoperatorsresumptionofaccesstocapitalmarketsWeexpectmorecapitalmarketactivitiesfromthesectorSubsequenttothereopeningofChinasincelastDecgamingrevenueandtouristarrivalsinMacaureboundedsignificantlyThegamingrevenueinFeb23revenuerose331yoytoMOP1032bncUSD128bnand2M23gamingrevenuewasup553yoytoMOP219bncUSD271bnAsperWynnMacauitexpectsits2M23adjustedpropertyEBITDAtoreboundsubstantiallytoUSD94-98mnformonlyUSD45mnin2M22TheUSDbondsofMacaugamingsectorrebounded10-40ptssinceNov22WhiletheconvictionisloweraswediscussedbeforewestillconsiderthesectorofferinggoodcarrywithbondperformancetobesupportedbytheirresumptionofcapitalmarketaccessFromarisk-returnperspectivewepreferMPELsandSTCITYsmostintheMacaugamingsectorTermsContentIssueamountUSD600mnMaturity7Mar29Coupon45Issueprice100oftheprincipalamountofthebondsLock-upundertakings90daysfromthedateoftheOfferingMemorandum23Mar2023ConversionpriceHKD1024shareFXrateHKDUSD78497Conversionpremium268basedon2MarclosepriceRedemptionattheoptionofCompanyBondholderAfter7Mar27WynnMacauUSDbondsOSamountNameUSDmnAskpriceYTMaskNextcalldateWYNMAC56250826281350868878262023WYNMAC512512152910008338412152024WYNMAC55011526100092685432023WYNMAC5510012775088985432023WYNMAC4875100124600964743132023SourceBloombergAsiaex-JPUSDbond2M23grossissuancedown143yoyFTZissuescontinuedtherisingtrendThegrossissuanceofAsiaex-JPUSDbondissuancein2M23wasUSD402bndown143yoyfromUSD469bnin2M23IGissuanceaccountedfor812ofthegrossissuanceIn2M23newissuancefromChinawasUSD82bndown602yoyOutoftheissuancesofUSD82bnfromChina804ofthesewereIGmainlyfinancialsFTZbondsissuancecontinuedtherisingtrendsince2H22increased13timesyoytoUSD29bnin2M23InFeb23FTZissueamountdown500momtoRMB68bncUSD10bnwithweightedaveragecouponrateof464Thecouponraterosefrom451inJan23whilestilllowerthanthe664averagecouponrateofUSDbondissuedbyChinesecompaniesinFeb23Among13FTZbondissuersinFeb237issuershaveoutstandingUSDbondswhilechoosetorefinanceviaFTZbondsAswehavebeendiscussingwithclientsthenewfundingavenuessuchasFTZisamongstoneofthereasonswebelievethatAsiaex-JPUSDbondisashrinkingspaceoverthemediumtermChineseUSDbondsnewissuanceamountUSDbn7061605250464444414239403536302727272418201715100808090910070603020304030300000001000000Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23GrandTotalIGHYNRSourceDealogic33Mar2023ShanghaiFTZbondsnewissuanceamountUSDbnequivalent25192019151410100605050402030201010101010000---00---00--Jul-22Jul-21Apr-22Apr-21Oct-21Oct-22Jan-22Jun-22Jan-21Jun-21Jan-23Mar-22Mar-21Feb-22Feb-21Feb-23Dec-21Nov-21Nov-22Dec-22Aug-21Sep-21Aug-22Sep-22May-22May-21SourceDMIOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFChinaTaipingInsuranceHolding2000PNC56464--BBB6NC511NC1061616254HSBC200022502750T185220210A3A-A21NC206332NorinchukinBank5005yr543T110A1A-SumitomoCorp5005yr555T125Baa1BBB-OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere110creditbondsissuedyesterdaywithanamountofRMB95bnAsforMonth-to-date194creditbondswereissuedwithatotalamountofRMB162bnraisedrepresentinga403yoyincreaseCAPGMediareportedChinaAoyuantodiscloserestructuringplanofoffshoredebtswithinthisweekCHINSCMediareportedChinaSCEplanstosellHongqiaoSCEPlazasbuildingsinShanghaiforcRMB25bncUSD036bn43Mar2023FOSUNIMediareportedFosunInternationaliscontinuingitsrefinancingeffortsforanoriginallyUSD12bn-equivalentthree-yearseniorunsecuredloandueApr23GRNKENMediareportedGreenkoEnergyseekstoraiseUSD700mnviarightrightsissueatUSD7bnvaluationPOLHONPolyPropertyexpectsnetprofittodrop60yoyforFY22PTTGCPTTGlobalChemicalrepurchasesUSD50mnofPTTGC4403302032SHIMAOShimaoGroupunitShimaoJiansheproposestorepaysevendomesticnotesthroughSept2027onetranchethroughJune2028CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnited53Mar2023StatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport6