>> 招银国际-Fixed Income Daily Market Update(24 Aug 2023)-230824
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研究报告全文：FixedIncomeCreditCommentary24Aug2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerestablethismorningNewissuesBOCOM26wereunchangedGlennKoCFA高志和to1bpstighterIGbenchmarksopened2-5bpstighterinthemorningwhile85236576235retreatedtounchangedbymid-dayHRINTHcurvewere0-1pthigherMediaglennkocmbicomhkreportedthatVedantaengagedadvisortoidentifyholdersofVEDLN2425VEDLNsdown1-2ptsthismorningCPDEVOfferevenbetterrisk-returnprofilesamongLGFVsinhigh-tiercitiesCyrenaNgCPA吳蒨瑩aftertherecentunjustifiablepricemovementWepreferCPDEVPerpmost85239000801withinthecurveSeebelowcyrenangcmbicomhkSYNGENSino-chemownedSyngentaraisedRMB3bnvia1-yeardomesticnoteswith225couponJerryWang王世超85237618919jerrywangcmbicomhkTradingdeskcomments交易台市场观点Asiaex-JPIGspacehadaconstructivesessionTherecentnewissuessuchasBOCVAICKHH33swereunchangedto3bpstighterChineseSOEsweresought-afterTMTbenchmarksTENCNT30sBIDU31sgrinded3-4bpstighterThehighbetaTMTssuchasLENOVOMEITUA30swereunderbettersellingbutclosedlargelyunchangedWB30sedged5bpstighterandXIAOMI30stightened10bpsInfinancialsAMCsperformedwellHRINTHcurvewastraded075-175ptshigherCCAMCLcurvealsotightened5-10bpsCCAMCL27swastraded10bpstightertoclosearoundT185areaChineseAT1ssuchasICBCASBCHINAperpsweremarked025pthigherChinesebankT2swereroughlyunchangedKORELEDAESEC26sedged2-4bpstighterSGbankT2swereunderbetterbuyingHKChinesepropertiesweremixedSHUION23s24swerebidup1-3ptsLNGFOR27-32sgainedanother1-25ptstoclose6-7ptshigherWTDOntheotherhandROADKG7PerpROADKG775Perpdropped05-35ptsbutROADKG795Perpwas32ptshigherCHJMAOsFTLNHDsdeclined05ptIndustrialssuchasFOSUNIHILOHO24swereindicated05pthigherInMacaugamingMPELSTCITYWYNMACs26-29sweretraded1-2ptshigherInIndianspaceADSEZADANEM27-31smoved05pthigherIndonesiannamesMEDCIJswerebidup05ptTheLGFVPerpspaceswerestablewithlightflowsaheadofJacksonHoleonFridayOntheprimaryfrontZHEBARpriceda3YUSD200mnbondatpartoyieldat585Thereweretwo-wayflowsonthefront-endofLGFVsThequality6-75LGFVpapersweresought-afterQDTHCOWHREST24swerebetterbidThehighyieldingpapersremaineddemandedandpriceswerestableChongqingnamesCQLGST24CQNANA26wereunchangedto0125ptlowerElsewhereCPDEV2526Perpweretradeddownanother04ptSOEPerpssuchasHUADIACHPWCNperpswerequoted0125pthigherHKCorpspaceperformedsoftlyNWDEVL48PerpNWDEVL4125PLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk124Aug2023Perpmoved125-175ptslowerNWSZFCKPHPerpsdeclined05-075ptLIFUNG25Perpweremarked075-125ptslowerInHKcrossoverpapersFRESHK24-25sweretraded025ptlowertoclosebetweenhigh-80sandlow-90sto0125ptlowerElsewhereCPDEV2526Perpweretradeddownanother04ptSOEPerpssuchasHUADIACHPWCNperpswerequoted0125ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeROADKG795PERP16632ROADKG7PERP126-35SHUION53411122388528NWDEVL48PERP399-17LNGFOR41201162861424LIFUNG5081825916-13MPEL53812042982521NWDEVL418PERP521-11MPEL53407212887120NWSZF575PERP980-08MarcoNewsRecap宏观新闻回顾MacroSP110Dow054andNasdaq159reboundedledbytechsectoronWednesdayUSAugMarkitmanufacturingservicePMIwas470510bothwerelowerthanthemarketexpectationof493523EurozoneAugMarkitmanufacturingservicePMIwas437483comparedwiththemarketexpectationof426505UStreasuryyieldsretreatedyesterday251030yieldreachedat495436419427respectivelyDeskanalystcomments分析员市场观点CPDEVOfferevenbetterrisk-returnprofilesamongLGFVsofhigh-tiercitiesPreferCPDEVPerpTable1CPDEVUSDbondsosamountRatingAskpriceUSDmnNextcalldateYTCMaturityYTMMSFCPDEV575PERP500749111420243217-1527--BBCPDEV385071425450761--071420251964--BBB-CPDEV465011926500741101920252007011920261849--BBBSourceBloombergCPDEVsdropped8-12ptsoverpastthreeweeksduemainlytothespillovereffectofCOGARDWeconsiderthepricereactionnotjustifiableasCPDEVshouldnotbeconsideredasapureresidentialpropertyplayAdditionallyWetakecomfortthatCPDEVsimmediateparentBCCDanditsultimateparentBCGcontinuetohaveasmoothaccesstoonshorefundingdespitethedeterioratedfundingenvironmentforpropertydevelopersBCGandBCCDraisedRMB15bnandRMB255bnrespectivelywithcouponranging305-425sinceJul23SeeTable2belowAtcurrentvaluationweviewCPDEVsofferinggoodrisk-returnprofilesamongLGFVsofhigh-tiercitiesWithinthecurvewepreferCPDEVPerpwhichiscallableat14Nov24Iftheperpisnotcalledthecouponwillberesetto5yrUST8066iecouponstep-upof400bpsBasedonthecurrentUSTtheresetcouponwillincreasetoc125from575WestillbelievethatthechanceofthisperpbeingcalledishighCPDEVcalledits2previousperpsonApr18Dec19ontheirfirstcalldatesTable2BCGandBCCDonshorebondsissuancessinceJul23osamountPutdateRMBmnMaturityCoupon224Aug2023BEICAP305072426150007242026-305BJCAPD4250811286300811202808112026425BJCAPD39081126420081120260811202539BJCAPD39807182810000718202807182026398BJCAPD3620718265000718202607182025362Total4050SourceWindsRecalledthatBeijingCapitalLandBCLwasprivatizedinSep21andtheUSDbondsissuingentityCPDEVhasbecomea100ownedsubsidiaryofBeijingCapitalCityDevelopmentBCCDratedBBB-byFitchandanindirectwholly-ownedsubsidiaryofBeijingCapitalGroupBCGwhichinturniswhollyownedbyBeijingSASACThe3USDbondsissuedbyCPDEVswerecredit-enhancedviakeepwellEIPUbyBeijingCapitalGroupBCGWeexpectthewillingnessofBeijinggovernmenttosupportBCCDCPDEVtobehighgivenitsstrategicimportanceinthecityshousingpolicesBCCDwasestablishedinJun21toconsolidateBCGsproperty-relatedoperationsincludingBeijingCapitalLandandJinzhongwhichfocusedonpolicy-drivenlanddevelopmentandsocial-housingprojectsaswellasrentalhousingandinfrastructureconstructionBCGhasadiversifiedbusinessscopethatc50ofitsrevenuewasgeneratedbynon-property-relatedbusinessincludingutilitiesandfinancialIn1Q23therevenueproportionofcitydevelopmentfurtherdroppedto43Table3BeijingCapitalGrouprevenuespilt202120221Q23GrossGrossGrossRevenueProportionmarginRevenueProportionmarginRevenueProportionmarginSegmentRMBbnRMBbnRMBbnWaterandEnviromentProtection22531630322438831844484336CityDevelopment37552611230853314139430175Financial263661330526460670452Others8712236116285620116502Total71320457824790277SourceCompanyfillingsOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFBankofCommunicationsHK5003yrSOFR60SOFR60A2--OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere117creditbondsissuedyesterdaywithanamountofRMB106bnAsforMonth-to-date1570creditbondswereissuedwithatotalamountofRMB1337bnraisedrepresentinga6yoyincrease324Aug2023ADROIJAdaroEnergyrevenuedown2yoytoUSD348bnandoperationalEBITDAdown40yoytoUSD139bnin1H23CGSHCOFitchdowngradedCountryGardenServicestoBBfromBBB-andplaceditonnegativewatchGEELYGeelyexpecteddeliveriesofhigh-endEVZeekrtodoubleat140kinFY23KAISAGKaisaGroupHoldingsexpectedtorecordnetlossofRMB6-7bnin1H23narrowedfromRMB78bnlossin1H22RDHGCLRadianceHoldingsraisedRMB800mnviadomestic3-yearnoteswith4couponrateSDEXPRShandongHi-SpeedGroupissuedRMB15bnextendablecorporatebondsSYNGENSino-chemownedSyngentaraisedRMB3bnvia1-yeardomesticnoteswith225couponVEDLNMediareportedthatVedantaengagedMorrowSodalitoidentifyholdersofthreedue202425USDbondstotaledUSD315bnYUNINVYunnanProvincialInvestmentscheduledredemptionofRMB15bnbillson27AugFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGM424Aug2023AdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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