>> 招银国际-Fixed Income Daily Market Update -230328
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研究报告全文：FixedIncomeCreditCommentary28Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietwithcautionthismorningForAsianIGmarketsfocusedonKOROILandittightened10-15bpsAT1SOEPerpsLGFVwerelessGlennKoCFA高志和activeCTIH64weretradedupto102pts85236576235glennkocmbicomhkCENCHIMediareportedthatCentralChinaisseekingmaturityextensionsforthreeUSDbondsUSD897mndue2023CENCHIsdown05-3ptsthismorningafter1-2ptsdropyesterday吳蒨瑩CyrenaNgCPAKWGPROMediareportedKWGsaiditisabletorepayontime85239000801cyrenangcmbicomhkRMB4805mndomesticnotesregisteredfor28MarsputKWGPROsdown025-075ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkAsiaIGspacehadacautiousopeningasclientflowsremainedbettersellingOnprimaryfrontKOROILpricedthetwotranches3Y5YatT120T135respectivelyAnotherKoreaquasi-sovereignKOMRMRannouncedmandateaswellChinaTMTSOEbenchmarknamesedged2-4bpswiderandfront-endpaperswereunderheavysellingInfinancialsT2sectorwere3-5bpswiderAMCspacewidenedaround5bpsandHRINTHsloweredanother1ptunderRMssellingWealsosawmultiplesellersonGRWALLCCAMCLacrossthecurveChinapropertyspaceremainedfragileLNGFORs28-32sweremarked45-55ptslower100bpswiderDALWANslowered15-4ptsSINOCEsplungedanother7-9ptsCOGARDsFUTLANsFTLNHDsdropped25-45ptsCENCHIsweretradedatlow-20sMediareportedCCREspotentialmaturityextensionsforitsthreedue-2023sIndustrialnamesFOSUNIsmoved05-3ptslowerMacaugamingnamesMPELsSANLTDsWYNMACsloweredanother1-2ptsInIndianspaceADSEZsADANEMswereunchangedto1pthigherAZUPOEsweredown1-2ptsaftermediareportedAzuresnewpossiblefurtherdelayinFY22resultsIndonesiannamesLPKRIJsMEDCIJsweremarkeddown075-15ptsIntheAsiaAT1PerpLGFVspacessentimentremainedcautiousaheadofquarterendasmarketwasstillreassessingweekendheadlineaboutthesuddenjumpofDBsCDSInAT1stherewassomeshortcoveringinHSBC8PerpinthemorningTheHSBCAT1wasbidup075ptto94125aroundthesamewithAsiahourlevelonFridayFlowsweredominatedbytwo-waycashmanagementneedsinfront-endLGFVsandChineseAT1sOvernightUSTyieldsgraduallyedged10-15bpshigherandwesawthecurrentlong-shorttechnicalsweremoredrivenbyprevailingfundingcostsratherthansentimentElsewhereperpsinpropertysectorhadsomejittersCHJMAOperpsweresubjecttosellingfromRMwhilewesawsomebuyingatthedipontheshort-datedCHJMAO4875PerpSINOCEperpmoved25ptslowertomid-20sPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk128Mar2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeTIANFS403152496410SINOCE27011325461-91YNPOWE412PERP96610SINOCE314050526441-87GRNLGR63406252452309SINOCE434080529341-83PCGIHD41208232690809SINOCE595020427424-79ZHHFGR414PERP92308SINOCE434011430345-73MarcoNewsRecap宏观新闻回顾MacroUSstockmarketswereweakyesterdaythatSP016Dow060andNasdaq-047weredivergentFinancialsectorreboundedasmediareportedthatFristCitizensBancplanstoacquireSVBTheUStreasuryyieldsoverallralliedhigheryesterdaytheyieldcurvesbearflattenedand251030yieldsreached394359353377respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFHyundaiCapitalAmericaUSD-357yrT210230255Baa1BBB-HyundaiCapitalAmericaUSD-3yrSOFRBaa1BBB-BankMandiriPerseroTbkPTUSD-3yrT225Baa2BBB-BBB-NewsandmarketcolorRegardingonshoreprimaryissuancestherewere103creditbondsissuedyesterdaywithanamountofRMB104bnAsforMonth-to-date2106creditbondswereissuedwithatotalamountofRMB1986bnraisedrepresentinga272yoyincreaseAZUPOEMediareportedthatAzurePowerhasaskedbanksforanextensionuntil30AprtoreleaseitsFY22resultsBABAMediareportedthatAlibabaseeksunanimouslenderconsenttoextendUSD4bnbulletloansmaturitybyfiveyearsto2029CENCHIMediareportedthatCentralChinaisseekingmaturityextensionsforthreeUSDbondsUSD897mndue2023228Mar2023CHIWANConcordNewEnergyintendstoredeemalloutstandingUSD90mnCHIWIN1075092423on26AprCOGARDCountryGardenunits20Bidi01bondholdersexerciseRMB34bnputoptionGEELYGeelyissuedRMB15bncUSD022bn179-daybillstorepaydebtsboostworkingcapitalKWGPROMediareportedthatKWGsaiditisabletorepayontimeRMB4805mndomesticnotesregisteredfor28MarsputSHIMAOMediareportedthatShimaoGroupputsFourPointsbySheratonHongKongupforsaleforHKD65bnSKYFAMSkyfameRealtyexpectstoturntolossofRMB33-38bnforFY22YLLGSPSPaffirmedYanlordBB-ratingandplacedstableoutlookCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStates328Mar2023CMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliateso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