研究报告全文：FixedIncomeCreditCommentary5Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报PropertysectorwasquietthismorningafteryesterdaysrallyCOGARDsaidGlennKoCFA高志和ithaspaiddue7Aug23couponofCOGARD4226andCOGARD483085236576235withingraceperiodwhileCOGARDswereunchangedMediareportedglennkocmbicomhkZhuhaiWandaconductedIPOpricingroadshowinHKDALWANsdown15-35ptsbymid-dayGRNLGRAnotherroundofconsentsolicitationtoextendthematuritiesby4CyrenaNgCPA吳蒨瑩yearsSeebelow85239000801cyrenangcmbicomhkAsiaex-JPUSDbondsissuance8M23grossissuancedown268yoytoUSD985bnSeebelowJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkAsiaIGspacewasfirmyesterdayTheChineseTMTSOEbenchmarkssuchasTENCNTHAOHUA30sgrinded2-5bpstighterThehighbetaTMTssuchasMEITUAWB30stightened10-20bpsInfinancialsAMCswereunderbetterbuyingHRINTH25-27sweretraded1-2ptshigher20-50bpstighteronRMchasingGRWALL29Perpwerealsotradedup1ptCCAMCLsedged5-10bpstighterHKIGswerebetterofferedwithsomeprofittakingflowsHKLSPHKAA33swidened3bpsHKCorpspacecontinuedtomovehigherNWDEVLPerpsontheotherhandgainedanother225-45ptsNWSZF575Perpwerequoted125ptshigherHYSANNANFUNPerpswerebidup1-3ptsCKPHPerpwasamongtheexceptiontobemarked1ptlowerHKChinesepropertiesperformedstronglyYLLGSP24s26sjumped3-7ptsandHPDLF24s26swereup25ptsFUTLANsFTLNHDsclosedanother325-575ptshigherCSCHCNsgained4-55ptsCHJMAOsROADKGsweretradedup125-575ptsCOGARDsCHINSCswere125-375ptshigherInindustrialsFOSUNIsweretraded15-3ptshigherANTOILsEHICARswerequotedup075-15ptsMacaugamingwasmutedInIndianspaceVEDLNswereup1-15ptsIndonesianspacewasmixedMEDCIJsLPKRIJswereindicated05-1pthigherWhilstICBPIJ31s32sweremarkeddown1-15ptsElsewhereGLPCHI24s26swereup1ptTheLGFVflowsturnedtoallbuyingthankstoasentimentboostfromChinasnewsupportivepoliciesinreal-estatesectorShandongChongqingpaperssuchasSHDOIS23sCQNANA26sweremarked015pthigherHKIQCL25sSHGUOH26swereindicated015-02pthigherCPDEV25Perpgained25-3ptstoclose6-7ptshigheroverthepastweekCPDEV26wasmarked55ptshigherathigh-70sThedemandforLGFVbondsremainedrobustthanksalsotoafavorableonshoreratesoutlookthatboostedbuyingnotonlyintheusualhigh-yieldingnamesbutalsointhe6-handlepapersThevaluationofthesepaperslooksrichrelativetoUSDfundingcostsbutstillattractiveforthosewithRMBontheliabilitysidefromaFX-hedgedperspectiveaftertherecentyieldcompressioninonshoreLGFVpapersnewPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk15Sep2023issuesTherecentnewquality26sLGFVswereparticularlysought-afterastheyprovidedbothattractiveyieldsinFX-hedgedtermsandalsoahighcouponrateforcarryElsewhereFRESHKSUNSHG24-26sweremarked05-08pthigherwithbuyingfromAMsalthoughsomeprofittakingsellingflowsemergedfromPBsandHFsAMsinthePMsessionLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeYLLGSP51805202671769PINGRE345072926662-18GEMDAL49508122444566ICBPIJ3398060931825-15FUTLAN608122464458CHIOLI638102943965-11ROADKG51807262641657CKPH38PERP619-09CSCHCN906262451055ICBPIJ3541042732826-09MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsclosedyesterdayChinaCaixinAugservicePMIwas518downfrom54inJulandwaslowerthantheexpectationof535WTIBrentcrudeoilrosetothehighestlevelsinceNov22atUSD8689perbarrelonprospectofOPECextendsupplycutUStreasuryyieldswereunchangedduetopublicholiday251030yieldstayedat487429418429respectivelyDeskanalystcomments分析员市场观点GRNLGRAnotherroundofconsentsolicitationtoextendthematuritiesby4yearsGreenlandlaunchesconsentsolicitationonits9USDbondswithoutstandingamounttotaledcUSD3bnItproposestoiextendthematuritydateofeachofthebondby4yearsfromtheoriginalmaturitydateiipostponethedatesscheduledforredemptionof5ofoutstandingprincipalby3yearsonGRNLGR67525GRNLGR67526GRNLGR72527andGRNLGR587526iiiforeachofthebondPIKinterestof1perannumabovethecurrentinterestrateonanyinterestpaymentdatefallingbetween1Jul23to30Jun25bothinclusivewillbepaidandivtowaiveanydefaultthatmayoccurormayhaveoccurredrelatingtotheproposedamendmentsforallofthebondsRecalledthatGreenlandhascompletedconsentsolicitationinrespectofthesebondsinNov22toextendthematuritiesby1-2yearsIthasalsocompletedtwospecifiedassetsalesinlate2022andearly2023StillthecompanyhasnotpayinterestorredemptiononsomeofthebondsInlasttwomonthsGreenlandsuspendedtradinginGRNLGR67524duetofailuretopayredemptionof5principalaswellasGRNLGR587526andGRNLGR72527duetonon-paymentofinterestsGreenlandmayconsidertolaunchaschemeiftheconsentisnotconsummatedasalternativedebtrestructuringplanOntheotherhandGreenlandspropertysalesfor2023YTDislesslikelytoprovidesufficientsupportfortheinterestorprincipalrepaymentFor7M23Greenlandscontractsalesrecorded14yoydecreasecomparedto7M22rankedthe10thintermsofsalesgrowthamong35developersunderourradar25Sep2023AmtosScheduled5principalNew5principalBondISINNewmaturityUSDmnredemptiondateredemptiondateGRNLGR67506252439814XS2016768439062528--GRNLGR5611132432874XS2076775233111328--GRNLGR6251216242554XS2188664929121628--GRNLGR5902122525692XS1760383577021229--GRNLGR612504222536045XS2207192191042229--GRNLGR67509262547547XS2055399054092629092623092626GRNLGR67503032629935XS2108075784030330030324030327GRNLGR7250122272460XS2207192605012231012225012228GRNLGR58750703265985XS1081321595070330070324070327Total29891Earlyconsentfee01ptsBaseconsentfee005ptsEarlyconsentfeedeadline18Sep23Votingdeadline22Sep23Noteholdermeetings26Sep23AmendmenteffectivedateNolaterthan28Sep23SourceCompanyfillingAsiaex-JPUSDbondsissuance8M23grossissuancedown268yoytoUSD985bnThegrossissuanceofAsiaex-JPUSDbondissuancein8M23wasUSD985bndown268yoyfromUSD1346bnin8M22theyoydeclinenarrowedfrom296in7M23OnabrightersidethegrossissuanceinAug23increased83yoytoUSD108bnfromUSD99bninAug22Aug23isthefirstmonthrecordedyoyissuancegrowthYTDDuringAug23ChinaUSD52bnPhilippinesUSD42bnandIndiaUSD09bnareamongstthelargestcontributorstotheissuanceandIGsaccountedfor876ofthegrossissuanceBysectorfinancialsremainedtobethelargestissuerswithtotalissuanceamountofUSD861bnSincePBOCtightentherulesforcommercialbankstoinvestinFreeTradeZonebondFTZbondinMay23LGFVshavetoshyawayfromFTZissuanceandreturnedtoUSDbondmarketforoffshorefinancingThenewissuesfromLGFVshascontinuouslyincreasedsinceMay23WeexpecttoseeUSDbondsissuedbyLGFVtopickupfromthelowlevelduringJan-Apr2335Sep2023ChineseUSDbondsnewissuanceamountUSDbn60525047464442393940393930272727242320201817171514141310091008090908080606040405030100020000000000000000-0000Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23GrandTotalIGHYNRSourceDealogicChinaLGFVUSDbondsnewissuanceamountUSDbn20191816161514121008080706060606060404020101-Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23SourceDealogicOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSF45Sep2023NoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineSizeIssueRatingIssuerGuarantorCurrencyTenorPricingUSDmnMSFCommonwealthBankofAustraliaNYUSD-2T80Aa3AA-ACommonwealthBankofAustraliaNYUSD-25yrSOFREquiv95Aa3AA-ADBSGroupHoldingsUSD-2yrSOFREquivT80Aa2-AA-MitsubishiHCFinanceAmericaLLCUSD5005yrT165A3A--NipponLifeInsuranceCoUSD-30NC10-A3A--SumitomoMitsuiFinancialGroupUSD-510yrT165185A1A--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere82creditbondsissuedyesterdaywithanamountofRMB68bnAsforMonth-to-date178creditbondswereissuedwithatotalamountofRMB133bnraisedrepresentinga422yoydecreaseBABAAlibabacloudunitweighsraisinguptoUSD28bninpre-IPOfundingroundCARINCSPaffirmedCARIncB-ratingsandrevisedoutlooktopositivefromnegativeCOGARDMediareportedthatCOGARDsaidithaspaiddue7Aug23couponofCOGARD4226andCOGARD4830withingraceperiodItproposedextensionforsevenonshorebondstotaledRMB103bnduein20232024ThecompanycompletedshareissuetoKingboardHoldingsforpartialoffsettingofloanCQLGSTChongqingInternationalLogisticsHubParkConstructionissuedRMB300mncUSD41mnfour-yearMTNstorepaydebtsDALWANZhuhaiWandaCommercialManagementconductedIPOpricingroadshowinHongKongDalianWandaCommercialManagementscheduledRMB210mninterestpaymentforRMB38bnonshorebondson11SepFRESHKFarEastHorizonrevenueup37toRMB184bnandpre-taxprofitrose95yoytoRMB5bnGRWALLFitchdowngradedChinaGreatWallAMCInternationaltoBBBfromA-andmaintainednegativewatchNWDEVLNewWorldDevelopmenttotalcontractedsalesinJulyAugustrose1385yoytomorethanRMB41bnSUNACSunacwasincludedinShanghai-HongKongStockConnectbyShanghaisecurityexchangeWESCHIFitchdowngradedWestChinaCementonenotchtoBB-andplacednegativeoutlookduetoitsaggressivecapexoutofChina55Sep2023ZHLGHDZhongliangHoldingsannouncedconsentingcreditorsholdingapproximately79ofschemedebtsaccededtoRSAFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport6