>> 招银国际-Fixed Income Daily Market Update(7 Sep 2023)-230907
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研究报告全文：FixedIncomeCreditCommentary7Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietthismorningAMCsectorwasthatMoodysreviewedGRWALLfordowngradeGRWALLHRINTHretreatedupto075ptandGlennKoCFA高志和CCAMCLswerec2bpswiderFront-endLGFVswerecontinuedtobeunder85236576235betterbuyingglennkocmbicomhkSHUIONRepurchasedandcancelledUSD2551mnSHUION575111223SHUIONsrose025-075ptthismorningSeebelowCyrenaNgCPA吳蒨瑩GRWALLMoodysplacedGreatWallAMCsBaa1long-termandP-2short-85239000801cyrenangcmbicomhktermissuerratingsaswellasitsb1BaselineCreditAssessmentonreviewfordowngradeGRWALLwereunchangedtodown075ptthismorningTradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdayAsiaex-JPIGspacewaslargelystableOvernightUSTyieldjerrywangcmbicomhkwidened6-8bpsOntheprimaryfrontDBSSPpricedaUSD750mn2YFRNatSOFR61andaUSD750mn2YbondatT53DBSSPsclosed7-8bpstighterHKMTGCpricedaUSD650mn5YbondatT58ChineseTMTSOEbenchmarkswereunchangedto2bpswiderThehigh-betaTMTssuchasMEITUAWB30stightened5-7bpsInfinancialsHRINTHswereunchangedto025pthigherwithmixedtwo-wayflowsAftercloseMoodysplacedGreatWallAMCsratingsonreviewfordowngradeChineseEuropeanAT1swereunderbettersellingInHKIGsHKAA28s33swereunderbetterbuyingHKCorpperpspacemovedhigherNWDEVLPerpswereup125ptsandFWDGHDPerpsup025ptHKChinesepropertieswerestrongerSHUIONsgained225-325ptswhileHPDLFsYLLGSPswereup05ptDALWANsjumped5-75ptsonthereportsonredemptionofonshorebondsofRMB38bnandprogressesofZhuhaiWandasHKIPOLNGFORsFUTLANFTLNHDswereup2-35ptsInindustrialsFOSUNIANTOIL25swereindicated05pthigherInIndianspaceVEDLNsgrinded15-2ptshigherIndonesianSOEsPERTIJsPLNIJslowered05-1ptElsewhereGLPCHI26wasmarked1ptlowerWesawactivetwo-wayflowsinLGFVssinceSepmainlydrivenbythecompressioninonshoreyieldThesentimentwasalsoboostedbytherecentoptimismtowardsLGFVspaceamidChinasmoresupportivepoliciesWeseearobustdemandfrominvestorswhoalsohadRMBaccessexposureforhigher-yieldingLGFVpapersThosehigh-betapapersyielding9suchasGSHIAVCCUDIHKMRLGPnamesweresoughtafterThefront-endofCQLGSTSHUGRPpaperswerebetterbidThatsaidmoreprofittakingflowsemergedfromtimetotimethisweekmostlyinpapersthatusedtoyield9-10andhadcompressedto8-handleWealsoseestrongdemandthisweekfromonshoreQDIImandateswithRMBfundingliabilitysideinthequality2627sLGFVsHEFINDTZCONSZHEBARCDCOMMGZGETHNJYZSOweresoughtafterat6Thehigh-couponpaperswerestillfirmerthanlowcouponseasonedpapersCPDEV2526Perpwerequoted025-PLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk17Sep202305pthigherSOEperpswerequietCHPWCNCHCOMUPerpswereup0125ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeDALWAN71401292470675MDLNIJ3063025317-13DALWAN1102132645951HUAHK5042825935-10GEMDAL49508122447744GLPCHI295032926573-10FTLNHD45810152539733PERTIJ415022560700-09SHUION51206292651232CSCHCN9121124448-08MarcoNewsRecap宏观新闻回顾MacroSP-070Dow-057andNasdaq-106weredownamidworriesaboutpossibleinterestratehikeinNov23asUSAugPMIwasbeyondthanthemarketexpectationThelatestUSISMservicePMIwas545comparedtotheexpectationof525ChinaAugexportimportUSDdenominatedwere-88-73yoybetterthantheexpectationof-98-88yoyUStreasuryyieldsralliedhigheronWednesday251030yieldreachedat501444430437respectivelyDeskanalystcomments分析员市场观点SHUIONRepurchasedandcancelledUSD2551mnSHUION575111223OSUSDmnMaturityAskpriceYTMAskSHUION575111223474491112202393714305SHUION615082424500000824202473644215SHUION55030325489910303202562774144SHUION55062926400000629202653153195SourceBloombergShuiOnLandSOLrepurchasedandcancelledUSD2551mnSHUION575111223Duringinvestorscallon1H23resultsSOLmentionedthatitboughtbackUSDbondsofUSD20-21mninJul23AssumingalltheserepurchasedbondsareSHUION23ShuiOnLandboughtbackanotherUSD4-5mnofSHUION23afterresultannouncementWeexpectmorebuybackonSHUION23SOLpostedstronger1H23resultsasitsoperationsandprojectdeliveriesnormalizedfromthelock-downinShanghaiandothermajorcitiesItscreditprofileremainslargelystableWeconsideritsliquidityprofileadequatesupportedbytheunencumberedvalueofitshighqualityIPsAssumingaLTVof50SOLwillhaveaheadroomofadditionalfinancingofcRMB17bnfromitsIPsSeemoredetailedcommentsonSOLinthedailyon23Aug23WehavebuyrecommendationsonSHUIONswhichrebounded55to125ptspostthe1H23resultsandwere025-075pthigherthismorningOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedToday27Sep2023OffshoreAsiaNewIssuesPipelineSizeIssueRatingIssuerGuarantorCurrencyTenorPricingUSDmnMSFBOCLondonBranchUSD-3yrSOFR105A1AAWuhanJiangxiaAgricultureGroupUSD-3yr72---SBLCbyEvergrowingBankWuhanBranchNewsandmarketcolorRegardingonshoreprimaryissuancestherewere68creditbondsissuedyesterdaywithanamountofRMB73bnAsforMonth-to-date300creditbondswereissuedwithatotalamountofRMB250bnraisedrepresentinga174yoydecreaseANTSPLANTASports-backedAmerSportsmadeaconfidentialIPOapplicationintheUSaimingtoraiseoverUSD1bnCIFIHGMediareportedthatCIFIplanstoimproverepaymentplanforRMB1875bndomesticnotesputtableon14SepwhilepushingforsupportofproposedgraceperiodCQLGSTChongqingInternationalLogisticsHubParkConstructionproposestoofferuptoRMB257mnthree-yearcorporatebondstorepaydebtsDALWANDalianWandahadcRMB7903mnofassetsnewlyaddedtosubjectmatterofenforcementbyDongyingscourtGRNCHGreentownunitschedulesputoptionexerciseforRMB950mn20Lvcheng07bondson8-12SepGRWALLMoodysplacedGreatWallAMCsBaa1long-termandP-2short-termissuerratingsaswellasitsb1BaselineCreditAssessmentonreviewfordowngradeHPDLFHopsonplannedtodistributea1H23bonusissueofsharesonthebasisofonebonussharepertenexistingsharesMONMINMongolianMiningCorppricednewUSD4287mn125seniornotesdue2026andintendedtoissuecUSD180mn1250seniornotesdue2026SHIMAOShimaochairmansMasonGroupfurtherdelayedschemedocumentonHKD00338pershareprivatizationofferto8SepFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertification37Sep2023Theauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGM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