>> 招银国际-Fixed Income Daily Market Update -230307
| 上传日期： |
2023/3/7 |
大小： |
733KB |
| 格式： |
pdf 共4页 |
来源： |
招银国际 |
| 评级： |
-- |
作者： |
-- |
| 下载权限： |
无限制-登录即可下载 |
|
|
研究报告全文：FixedIncomeCreditCommentary7Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报Marketsweretwo-wayandcautiousthismorningAsianIGspaceoveralltightened1-3bpsnewissueCBAnarrowed3bpsAT1wasfirmedwithshortGlennKoCFA高志和coveringsandHSBC8keptascendingsinceissuedLGFVwasalsotwo-way85236576235balancedglennkocmbicomhkSJMHOLSJMHoldingsexpectsHKD78bnlossinFY22includingimpairmentchargeofcHKD121bncUSD1535forFY22duetorationalisationprogramofcasinopropertiesSJMHOLswereunchangedbyCyrenaNgCPA吳蒨瑩mid-day85239000801cyrenangcmbicomhkCENCHICentralChinacancelledinvestortripscheduledonFridayCENCHIsdown025-05ptthismorningafter1-15ptsdropyesterdayJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdayAsiaIGspacewasquietbutfirmtostarttheweekasspreadswereunchangedto2bpstighterFlowshadmoretwowayinterestsin24s-28spapersasRMswerestillmorecautiousonthevolatileCT10aheadofNFPthisweekWesawtwo-waysflowsonKoreaT2sskewedtoatouchfirmerWOORIB24sremainedbetterbuyingatT100On5ypaperswehadactivetwo-wayflowsonKBANKSUMIOCBCSP28swithbetterbuyingInChinafinancialsT2stightened2-3bpsandBCHINA524sweretraded3bpstightertoCT28077ChinaTMTSOE10ybenchmarkpaperswereunchangedto2bpstighterTherewassmallbuyingonBBBtechnamesMEITUAWBLENOVOChinaHYspacewereunchangedtoatouchstrongerCOGARDsFUTLANswereup05ptSINOCEswereunchangedCHINSCLVGEM23sweretraded05-15ptshigherYLLGSP26swereindicated2ptshigherHoweverRONXINsfell25-3ptstosub-10levelCENCHIsdropped1-15ptsElsewhereCARINCCHNAAR24sweretraded15-2ptshigherbutEHICAR26swereindicated2ptslowerMacaugamingsectorhadanotherupbeatsessionWYNMACsSTCITYsMPELswereindicatedat1-2ptshigherInIndiaspaceAdanicomplexbondswereupanother05-1ptVEDLNsgained1-15ptsandrenewableswereunchangedto05pthigherInIndonesianspaceLPKRIJ25s26sweremarkedunchangedat8676levelrespectivelyLippoKarawaciannouncedthetenderoffersforthetwoUSDbondswiththeofferpricesat87and77respectivelyTheAsiaAT1PerpLGFVspaceshadastrongdayespeciallyonperppapersasinvestorscoveredtheshortunderweightpositionsindurationaheadofadata-heavyfortnightbeforetheMarFOMCwithPowelltospeakbeforetheSenateBankingPanelonTuesdaynightAT1sandSOEPerpsedgedup0125-025ptledbyrecentnewissuesCTIH64Perpwasup05ptmainlypushedbydealersNewHSBC29NC28PerpwerefirmonPBdemandat101125101375ICBCAS32BOCOM38BCHINA36were0125pthigherPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk17Mar2023asratesretracedaround10bpsfromFridayEODMeanwhileHKFFLPerpsbounced15-25ptsinlightofshortcoveringledbyHYSAN485PerpwhilstsomeholdersalsoseizedthewindowtooffloadpapershereCKINFNANFUNPerpswereup05-15ptsLGFVsflowsstillfocusedonhigh-betanamesTheactivitiesonYunnannamespickedupabitwithsomemoretwo-wayflowsandinterestsOtherhighyieldingnamesTLINVTZHHFGRwerealsoskewedtobetterbuyingassentimentcontinuedtoimprovetowardstheneartermoutlookRemainingflowswereskewedtobettersellinginfrontend23c23papersatmid-5asinvestorsbracedupforpotentiallyfurtherhigherfundingcostsLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeYLLGSP51805202687321EHICAR7092126736-18CARINC93403312495218ROADKG734PERP691-16CHNAAR51203082491617CENCHI765082723455-14HYSAN485PERP79016ZENENT1212042324506-13AIA27PERP87416YUEXIU38012031798-11MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsweredivergentyesterdaySP007Dow012andNasdaq-011fluctuatedasinvestorsarecautiousbeforeFedchairmansspeechandNFPdatawhichwillbereleasedinthisweekTheUStreasuryyieldsslightlyroseyesterdaythe251030yieldsreached489427398392respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFBankofEastAsiaUSD-4NC3-Baa2BBB-NewsandmarketcolorRegardingonshoreprimaryissuancestherewere73creditbondsissuedyesterdaywithanamountofRMB54bnAsforMonth-to-date342creditbondswereissuedwithatotalamountofRMB284bnraisedrepresentinga45yoydecreaseAGILEGuangdongJoin-ShareFinancingGuaranteeInvestmenttoprovideguaranteesforuptoRMB200mncUSD286mncorporatebonds27Mar2023CARINCMoodysaffirmedCARIncB3ratingsandrevisedoutlooktonegativeCENCHIMediareportedthatCCREcancelledChinaCiticBank-organizedFridayinvestortripFUTLANSeazencancelled491mnrestrictedsharesGEELYGeelyFeb23salesrise39yoyto1087kunitsindemandofEVsLVGEMLVGEMChinaRealEstateInvestmentrepurchasedandcancelledUSD275mnofLVGEM12031023MEITUAMeituanplanstoreorganizeandcutstaffatride-hailingbusinessNAGACLSPdowngradedNagaCorptoBfromBonrefinancingriskandplacednegativeoutlookRISSUNRiseSunRealEstateapplicationforuptoRMB3bnprivateplacementofnewsharesacceptedbyShenzhenbourseSJMHOLSJMHoldingsexpectsHKD78bnlossinFY22includingimpairmentchargeofcHKD121bncUSD1535forFY22duetorationalisationprogramofcasinopropertiesSUNACMediareportedthatSunacChinasrestructureplangainedsupportfrommajoroffshoredebtholdersZHPRHKZhenroPropertiesexpectstomisspaymentonSecuritiesMarch2022notesMarch2022RMBnotespreliminaryproposalofoffshoreholisticliabilitymanagementsolutionsavailablebyendofMarchCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublications37Mar2023havinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
|
|
