>> 招银国际-Fixed Income Daily Market Update -230324
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研究报告全文：FixedIncomeCreditCommentary24Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietthismorningAsianIGwidened2-3bpswithsellingonshort-endnamesAT1sweredraggedbythenon-callofGermanybanksGlennKoCFA高志和HSBC8perpdown15ptsto955ShorttermSOEbondsandLGFVwere85236576235overallbetterbuyingglennkocmbicomhkDALWANIssuedRMB15bncUSD220mnunguaranteed3NP2MTNswith68coupontorepaydebtsDALWANsdown025ptbymid-dayWehavebuyrecommendationsonDALWANsandthesuccessfulIPOofZhuhaiCyrenaNgCPA吳蒨瑩WandawillbethecatalystforDALWANstoperform85239000801cyrenangcmbicomhkVEDLNVedantaResourcesdeniedthe10stake-saleinVedantaLtdwhichalsodeniedthatitsownerconsiderssellinglessthan5ofitsstakeVEDLNsdown05to2ptsthismorningJerryWang王世超85237618919jerrywangcmbicomhkTradingdeskcomments交易台市场观点YesterdayAsiaIGspaceweresidewaysafteranother25bpsratehikeTreasuriesnotablybull-steepenedandUST2yyieldswerearound20bpstighterInChinaSOEsTMTsbenchmarkpapersweretradedinaround5bpsrangeandcloseunchangedTENCNT30stightened6bpstoT170HAOHUAswereunchangedandskewedtobetterbuyingInfinancialsspaceHRINTHcurverecoveredslightlyfromWednesdayHRINTHsclosed05-1ptshigher20-40bpstighterwithclientstradingactiveonfront-endcurveChinaT2spacewerefirmerBenchmarkBCHINACCBgrinded5bpstighterICBCAS29sSHCMBK33stightenedaround20bpstoT170andT308respectivelyAwayfromChinaWOORIBtightened5-10bpsWesawSGnamesUOBSPOCBCSPT2sweretradedintwo-wayflowsOveralltoneinthefront-endspacewasstillheavygiventhevolatilityinCT2yieldsChinapropertyspaceremainedlacklusterSINOCEsFUTLANsFTLNHDsmoved1-25ptslowerROADKGsweretradeddown1-4ptsposttheannouncementofweakFY22resultsAGILEsCENCHIsweredown05-15ptsHoweverGRNLGR25sweremarked1-45ptshigherIndustrialnamesFOSUNIsWESCHIsweredownaround05ptMacaugamingnameswereunchangedto05pthigherIndianspacewasgenerallyweakerledbyAdanicomplexbondsthatADSEZsADANEMsADTINsweretraded1-3ptslowerVEDLNsweremarkeddown1-35ptsRenewablesGRNKENsRPVINswerequoteduparound1ptIndonesiannamesLMRTSPslowered025-05ptTheAsiaAT1PerpLGFVspaceshadafairlyhecticdaypost-FOMCWesawChineseaccountsbusilybuyingfront-end23s-25spapersacrossLGFVsSOEPerpsinattempttolockshorttermyieldinananticipationofpeakingfundingratesWhilewesawsellingoutofinternationalandrepo-sensitiveaccountstoraisecashortakeprofitflowsremainedoverallunderbetterbuyingInAT1spaceHSBC8Perpgrindedbacktoaround97withPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk124Mar2023steadyPBdemandChinesebig5banksAT1sclimbed025-05ptICBCASperpsedgedup025-0375ptandBOCOMBCHINAperpsweretraded05-0625pthigherElsewhereHKPerpswerebetterbidGEELYPerpwasindicated05pthigherpostthecompanyreporteditsrevenueinFY22gained456yoyCHJMAOandSOFTBKPerpswereunderbettersellingLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNLGR61804222551041ROADKG518072626667-40GRNLGR63403032642019VEDLN618080924629-37PRUFIN478PERP84714ADANEM3949021230702-34ZHHFGR414PERP91814VEDLN1378012124815-29HRINTH49511074758211ADSEZ42080427784-27MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP030Dow023andNasdaq101ralliedasUSTreasurySecretaryreiteratedthatshepreparestotakefurtheractionstoensurethesafetyofAmericansbankdepositsTheUStreasuryyieldsoveralldownyesterdaythe251030yieldsreached376339338366respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere139creditbondsissuedyesterdaywithanamountofRMB126bnAsforMonth-to-date1888creditbondswereissuedwithatotalamountofRMB1752bnraisedrepresentinga257yoyincreaseADSEZFitchaffirmedAdaniPortsatBBB-andstableoutlookCRHZCHChinaResourcesLandobtainsRMB3bnterm-loanwhichdueinthreeyearssincefirstdrawdownDALWANDalianWandaCommercialManagementissuesRMB15bncUSD220mnthree-yearMTNstorepaydebts224Mar2023GCLNEGCLNewEnergysettlespurchaseofferfor10seniornotesdue2024USD2481mnremainoutstandingfollowingofferSHUIONShuiOnLandrevenuedrop11toUSD23bnandgrossprofitdown7toUSD966mnforFY22SUELINSuzlonEnergyintendstoredeemoutstandingamountUSD359mnof4due-2032CBson2MaySUNACSunacChinaexpectslossofuptoRMB28bnforFY22VEDLNVedantaResourcesdeniedthe10stake-saleinVedantaLtdwhichdeniedthatitsownerconsiderssellinglessthan5ofitsstakeCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethatthe324Mar2023analystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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