>> 招银国际-Fixed Income Daily Market Update(6 Sep 2023)-230906
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研究报告全文：FixedIncomeCreditCommentary6Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报FlowsfromonshorewereactivethismorningHigh-yieldingLGFVswith8yieldandqualitynamesatlow-6werebutterbuyingfromonshorebuyersGlennKoCFA高志和HRINTHcurvedown05-15ptsandCCAMCLswere2-5bpswiderAT1s85236576235werealsoweakasrateralliedhigherglennkocmbicomhkCHNAARCALCcommencesatenderoffertorepurchaseitstwooutstandingUSDbondsCHNAARswereunchangedthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkDALWANMediareportedthatDalianWandapreparedfundsfor11SeptputofRMB38bndomesticbondsandthecompanyexpectedtoobtaindomesticregulatoryapprovalforZhuhaiWandaIPOassoonasnextmonthDALWANsrose025to1ptthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkYesterdaytheChineseTMTSOEbenchmarkssuchasTENCNTHAOHUA30swereunchangedto2bpwiderTheBBB-ratedTMTsperformedmixedMEITUA30sXIAOMI31swidened5bpsOntheotherhandLENOVO30sedged5bpstighterafterSPsone-notchupgradetoBBBInfinancialsAMCsweretradedsofterHRINTH29s30sweretraded1-15ptslower15-20bpswiderChineseAT1swerefirmThaiSGAT1swerewell-biddespitelightflowsBNKEA5875PerpBNKEA5825Perpweremarked15-175ptshigherHKCorpperpsperformedmixedLIFUNGHYSANPerpswereindicated025-1pthigherwhileNWDEVL5125PerpNWDEVL4125Perpweremarked25-35ptslowerProfittakingemergedinHKChinesepropertiesSHUION23-26sdeclined15-5ptsacrossthecurveYLLGSP24s26sdown125-225ptsFUTLANsFTLNHDsdown3-5ptsLNGFORsdown2-35ptsandDALWANsdown3-4ptslowerdespitethereportonregulatoryapprovalforZhuhaiWandaIPOwouldcomesoonAGILEsCHINSCsGRNLGRsweredown05-15ptsandCOGARDswere05-1ptlowerdespiteCOGARDcuredthemissedcouponstotaledUSD225mnInindustrialsWESCHI26wastraded125ptslowerpostFitchsonenotchdowngradetoBB-FOSUNIsTAISEMslowered05-1ptMacaugamingnamesweremutedInIndianspaceVEDLNswerequoteddown025-075ptIndonesianSOEsPLNIJsPERTIJsweremarked05-1ptlowerElsewhereGLPCHI24sweredown125ptsHigher-yieldingLGFVsremainedgenerallysought-afterWesawbidsforLGFVssuchasCCUDIH24YYCCIG26DFINVH25whichveryfewclientslookedatCPDEV26weremarked15ptslowertocloseathigh-70sThefront-endofShandongChongqingnamesperformedmixedCQLGSTSHUGRP24swereindicated025pthigherHoweverCQNANASHDOIS24swerequoted025ptlowerThelow-6qualitynamesremainedbetterbidmainlydrivenbydemandfrominvestorswithRMBfundingthankstoattractiverelativevalueontheFX-hedgedbasisThewereloosebondsonPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk16Sep2023recent26sissueswereslowlyabsorbedAgainstastrongeronshoreratesbackdropthequalitySOEperpswerealsounderbetterbuyingflowsfromRMandstreetshortcoveringHAOHUA335PerpHUADIA3375Perpwerequoted01pthigherElsewhereFRESHK25s26sweremarked075ptlowerWhilstZHONAN25s26swereindicated015pthigherLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeBNKEA578PERP87118FTLNHD412050226324-50BNKEA5825PERP81716SHUION512062926480-48CHGRAU9109PERP52013SHUION512030325578-46HUAHK504282594010FUTLAN445071325366-43YYCCIG34811242687010DALWAN714012924634-40MarcoNewsRecap宏观新闻回顾MacroSP-042Dow-056andNasdaq-008wereweakonTuesdaySaudiArabiaandRussiaannouncedtoextendtheoiloutputcutforc13mnbarrelsperdaytillDec23Euro-zoneMarkitAugservicePMIwas479downfrom509inJulandwaslowerthantheexpectationof483UStreasuryyieldsralliedhigheryesterday251030yieldreachedat494437427438respectivelyDeskanalystcomments分析员市场观点CHNAARCALCcommencesatenderoffertorepurchaseitstwooutstandingUSDbondsChinaAircraftLeadingGroupCALCcommencesatenderoffertodaytorepurchaseitsCHNAAR55030824andCHNAAR485122324forcashThepurchasepriceforCHNAAR5524is982andCHNAAR48524is935Theexpirationdeadlinewillbeon14Sepandthemaximumacceptanceamountforthetwonoteswillbeannouncedon15SepCALCwillfundthetenderofferthroughoperatingcashflowandcashonhandAsatJun23CALChadcashofHKD54bnincreasedfromHKD36bnasatDec22Substantialincreaseincashbalancewasattributableto656increaseinEBITDAandoperatingcashinflowduring1H23benefitedfromthestrongrecoveryofglobalairpassengerdemandMeanwhiletheinterestexpensesfor1H23increased42yoyduetohigherinterestrateand19increaseintotaldebtsNotableincreaseininterestexpensesduringthe1H23withstrongercashbalancecouldbethecatalystforthecompanytorepurchasethebondsby05-13yearsearlierthanmaturitiesThetenderofferfortheUSDbondsispartofthecompanysstrategytoreducetherelianceonoffshorefinancinggiventhemorestableinterestrateenvironmentandlowerfundingcostonshoreInJun23onshoreandoffshorebondstotaledHKD85bnaccountedfor16oftotalinterest-bearingdebtsofCALCThe4USDbondstotaledHKD28bnrepresents33oftotalbondsoutstandingCHNAARswereunchangedthismorningpostthetenderofferannouncementBondISINAmtosUSDmnTenderpricePriceaskYTMaskCHNAAR55030824XS157482114319969829790988CHNAAR485122324XS23966154819189359775668Total2914Expirationdeadline14Sep26Sep2023MaximumacceptanceamountTobeannouncedonoraround15SepSourceBloombergCompanyfillingOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFCommonwealthBankof9002yr5499T55Aa3AA-AAustraliaNYCommonwealthBankofSOFR63600175025yr59755071Aa3AA-AAustraliaNYSOFRMS92DBSGroupHoldings7507502yr54795955T53SOFR61Aa2-AA-MitsubishiHCFinanceAmerica5005yr5807T143A3A--LLCSumitomoMitsuiFinancialGroup1100900510yr57165808T135155A1A--OffshoreAsiaNewIssuesPipelineSizeIssueRatingIssuerGuarantorCurrencyTenorPricingUSDmnMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere59creditbondsissuedyesterdaywithanamountofRMB47bnAsforMonth-to-date233creditbondswereissuedwithatotalamountofRMB179bnraisedrepresentinga322yoydecreaseBTSDFHealthHappinessrepurchasedUSD41mnofBTSDF135062626outstandingamountofthebondsisUSD1798mnCHNAARChinaAircraftLeasinglaunchedtenderoffersforUSD200mnCHNAAR55030824andUSD100mnCHNAAR485122324COGARDMediareportedthatCountryGardenformallylaunchedathree-yearamortizingextensionproposalforanothersixdomesticbondtranchespayableby2023DALWANMediareportedthatDalianWandahaspreparedfundsfor11SeptputofRMB38bndomesticbondsandthecompanyexpectstoobtaindomesticregulatoryapprovalassoonasnextmonthforHKIPOFUTLANSeazenHoldingsscheduledinterestpaymentforRMB1bn22XinchengkongguMTN002noteson13SepLENOVOSPupgradedLenovoonenotchtoBBBandplacedstableoutlookMONMINMongolianMiningexchangeofferforoutstandingMONMIN92504152024satisfiedminimumacceptanceamount36Sep2023SOFTBKSoftbankschipdesignerArmHoldingsplanstoraiseuptoUSD523bninUSIPOVEDLNMediareportedthatVedantaResourcesisintalkswithStanChartforuptoUSD13bnloanFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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