>> 招银国际-Fixed Income Daily Market Update -230322
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研究报告全文：FixedIncomeCreditCommentary22Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketssentimentsstabilizedthismorningAsianIGtightened3-8bpsduetoshortcoveringsAT1spaceoverallrose05ptForLGFVwesawdemandsGlennKoCFA高志和ondue2324bonds85236576235glennkocmbicomhkSINOCEDeferredUSD206mnperpsdistributionSINOCEswereunchangedto025ptthismorningafteryesterdays7-15ptsslumpSeebelowCyrenaNgCPA吳蒨瑩ROADKGRoadKingrevenuedown305toUSD22bnandpre-taxprofit85239000801cyrenangcmbicomhkdown743toUSD140mnforFY22ROADKGsmoved-025to025ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspaceopenedinafirmtoneOvernightUST2yyieldsclimbed14bpstojustbelow4atTueopenasbankingcrisisfearseasedChinaTMTsandHAOHUAperformedstronglyonshortcoveringBenchmarkpapersTENCNT30sBABA31sledthemovetoclose5-8bpstighteratT170andT158respectivelyHAOHUAtightened10-15bpsacrossthecurvewhileitsfront-endspaceremainedveryheavyasmostofclientflowswerelookingforbidsElsewhereinSOEswesawsellersonlowbetaSOEssuchasCHGRIDSINOPEYANTZEChinafinancialsweretradedatouchsofterInleasingnamestherewereactivesellingflowsonBOCAVICMINLE23s-26sICBCIL25sCCBL26swidened5-10bpsInT2swesawactivetwo-wayflowsinSHCMBKWOORIBBCHINAICBCASOCBCSPwhileBNKEA27stightened10bpsChinapropertyspaceremainedfragileSINOCEPerpplunged15ptsto295postSino-Oceanannouncedtodeferthesemi-annualdistributionfortheUSD600mnSINOCE6876PerpOtherSINOCEbulletsslumped7-11ptsacrossthecurveCOGARDsFUTLANsFTLNHDslowered1-15ptsROADKG25s26sweretradeddown1-25ptsAGILEsGRNLGRsdrifted1-2ptslowerIndustrialsHONGQIsWESCHIsweredown05-1ptMacaugamingnamesMPELsSANLTDsSTCITYsgained1-2ptsInIndianspaceVEDLNsbouncedback2-5ptsafterfalling3-6ptsonMonRenewablesGRNKENswerebidup05-15ptsIndonesiannamesMEDCIJswere05ptlowerIntheAsiaAT1PerpLGFVspacemarketreboundedmildlySentimenttowardstheAT1spacerecoveredsignificantlyfollowingstatementsTuesdayeveningfromtheSRB-EBA-ECBBankingSupervisionTheBOEreassuredinvestorsthatAT1sshouldbearlossesafterequitiesNewHSBC8Perpthatclosedat8990onMonopenedat9294areaItwastradedup6ptsfromAsiacloseor25ptsfromNYcloseamidtwo-wayflowsamongregionalRMTheHSBCAT1softenedatouchintolunchaheadofLondonopeningbutclosedat9596backtothelevelsbeforeCSwrite-offeventTherestofPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk122Mar2023HSBCandSTANLNAT1papersweresought-afterbyregionalPBsWesawlargelybetterbuyingflowsdespitesmallprofittakingfrompropaccountsonthesetwonamesElsewhereChineseAT1ssuchasBCHINAICBCASperpsbouncedup1-15ptsWesawChineseRMbuyingBig5CINDBKAT1satthedipandHFpropcoveringshortsinBNKEACHOHINperpsBNKEA5875Perpnotablyjumped45ptsThaiKoreaSGAT1sclimbedaround2ptsinlightofPBandRMbuyingInLGFVsSOEPerpsbuyingflowswerefront-end-centricfromChineseAMasclientssoughttoparkcashinlessvolatilepapersWhereasontheotherhandwealsosawLGFVSOEperpscomingoutofcross-borderflowspossiblyonlybecauseofmandatefundrebalancingflowsaheadofquarterendLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeHSBC8PERP96256SINOCE6876PERP299-158VEDLN137801212486151SINOCE595020427565-107BNKEA578PERP87346SINOCE314050526574-103VEDLN89503112567645SINOCE434011430476-96VEDLN61808092466737SINOCE434080529484-95MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsgotanotherreboundyesterdaySP130Dow098andNasdaq158ralliedandfinancialsectorrecoveredalotThesectorwassupportedbyUSTreasurySecretaryYellensspeechinwhichshevowstoprotectdepositorsofsmallbanksandinterveneifneededTheUStreasuryyieldsoverallroseyesterdaythe251030yieldsreached417373359373respectivelyDeskanalystcomments分析员市场观点SINOCEDeferredUSD206mnperpsdistributionSino-OceandeferredthedistributiononitsUSD600mn6876perpsscheduledon21MarMediareportedthatthecompanyaimstopayboththedeferreddistributionandthenextdistributiononthenextdistributiondateon21SepBasedontheofferingcircularthedeferraloftheperpdistributiondoesnotconstituteaneventofdefaultastheissuerhasthesolediscretiontodeferthepaymentThedividendstopperclausestopsthecompanyfrompayinganydividendsonparityorjuniorobligationsuntilithassatisfiedalltheoutstandingamountinfullTheFY22finaldividendifanywillbeannouncedon30MarSino-OceanhasbeensellingitsassetstorefinancematuringdebtsandreplenishworkingcapitalThescheduleddistributionamountingtoUSD206mncRMB1417mnthedeferralsignalsthecompanystilllackofsufficientliquiditytomeettheobligationduesInFeb23itcashedoutRMB475mnfromthesaleandleasebackonfacilitiesindatacenterswithChinaChengtongInDec22itissuedRMB13bnREITsproductonShanghaiStockExchangeItalsosolditsentire50stakeinTaikooLiChengdutoitsprojectpartnerSwirePropertiesatRMB555bnitshouldhavereceivedRMB1bnby3JantoreceiveRMB59mnby31MarandremainingRMB45bnby30AprApartfromassetdisposalsSino-OceanisindiscussionswithCBICLoveraguaranteeforadomesticissuanceandalsowithICBConpossiblyUSD300mnoffshoreloanwithapledgeofcommercialprojectinBeijingWhileitstayscurrentonitsoffshoreandonshorebondsitwillfacecouponduesonitsSINOCE3825andSINOCE32526in1H23totalingUSD103mncRMB708mnAssumingthefundingconditiondoesnotimproveinAprtheRMB45bnproceedsfromTaikooLiChengduby30Aprshallenableittopaythecoupon222Mar2023onabovetwobondson26Aprand5MayRegardingtheoperatingperformancethecompanyscontractsalesfor2M23isRMB836bnits2growthyoyalreadyoutperformedc75ofits37peersunderourradarAfterthenewsSINOCEPerpplunged15ptswhileSINOCEs24-30sdropped7-11ptsyesterdaySINOCEswereunchangedto025ptthismorningPxbidYTMbidAmountosUSDmnSINOCE6073024738311700SINOCE27011325604338520SINOCE38042625681241200SINOCE325050526568236400SINOCE595020427560240500SINOCE475080529478194600SINOCE475011430470189400SINOCE6876PERP293236600Total3920SourceBloombergOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFDoubleDragon20235yr7258---OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFKoreaNationalOilUSD-3510yr----NewsandmarketcolorRegardingonshoreprimaryissuancestherewere106creditbondsissuedyesterdaywithanamountofRMB154bnAsforMonth-to-date1633creditbondswereissuedwithatotalamountofRMB1511bnraisedrepresentinga271yoyincreaseAGILEMediareportedAgileclarifiesdefaultonRMB126bnoverduetrustthatthetrustfundwasinvestedinanequityinvestmentprojectandhasnorelationwithcompanysdebtCENCHIMediareportedCentralChinasaiditplanstocurethemissed27FebcoupononCENCHI765082723withinthegraceperiodbefore29MarCHINSCChinaSCEannouncedthatitmaygetcRMB300mnlossforFY22DALWANWandaCommercialgetssubscriptionsattopendofRMB15bntargetfor3NP2bondscouponsetat68its21DalianwandaMTN001noteholdersexerciseRMB740mnputoptionGRNCHGreentownproposestoofferuptoRMB1bntwo-yearcorporatebondstorepaydebts322Mar2023KWGPROMediareportedKWGsaidithascuredthemissedFebcoupononUSD400mnKWGPRO63021326andKWGPRO6081426LASUDELaiSunexpectstogetHKD8-9mnlossfor6Mended31Jan23LVGEMLVGEMexpectstogetRMB650-800mnlossforFY22PWRLNGPowerlongRealEstateexpectsprofitdropc75yoytoRMB16-2bndropforFY22ROADKGRoadKingrevenuedown305toUSD22bnandpre-taxprofitdown743toUSD140mnforFY22TPHLMediareportedTimesChinaextendedvotingdeadlinefordomesticbondABSrestructuringforthirdtimeto27MarCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStates422Mar2023CMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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