>> 招银国际-Fixed Income Daily Market Update(19 Sep 2023)-230919
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研究报告全文：FixedIncomeCreditCommentary19Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报NewissuesLGENSOsweretradedatre-offerlevelwithtwowayflowsHYNMTRswidened3-5bpsthismorningHRINTHcurveretreated05-1ptGlennKoCFA高志和postyesterdaysrallyTMTbenchmarksBABATENCNTwere0-2bpstighter85236576235glennkocmbicomhkSUNACProposedoffshoredebtrestructuringschemewasapprovedbyrequisitemajoritiesofschemecreditorsCourtsanctionhearingwillbeon5Oct23ThecapofMCBwasfurtherincreasedtoUSD275bnfromUSD22bnSUNACswereunchangedtodown05ptthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkGEMDALGemdaleisindiscussionswithshareholderShenzhenFutianInvestmentovercreditenhancementforsecuritiesofferingGEMDAL24rosec05ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkAsiaIGspacewasstableyesterdayTherecentnewBBLTB510ypapersopened2-3bpswiderbutclosedunchangedinspreadInChineseSOEsHAOHUAswereunchangedto2bpstighteramidbalancedtwo-wayflowsTMTbenchmarkssuchasBABA31sBIDU30sgrinded1-3bpstighterTENCNT28-30stightened3-5bpsThehighbetaTMTssuchasWBMEITUA30swereunchangedto5bpstighterInfinancialsHRINTHcurvewastradedup15-3ptswhileotherAMCpeerswerequietChinesebankT2swerestillbetterbidandclosed1-2bpstighterHKIGssuchasCKHHHKLSP33swidened5-6bpsHKCorpperpssuchasNWDEVLCKPHPerpslowered075ptHKChinesepropertiesweresubduedSHUION24-26sweretradeddown1-15ptsLNGFORsVNKRLEsdeclined05-1ptCHJMAO26sGRNLGR25sweredown25-35ptsROADKG25s26swere05-15ptslowerLastFridayMoodysloweredtheratingofROADKGonenotchtoB2andrevisedtheratingoutlooktonegativeInindustrialsEHICARWESCHI26swerebidup05-1ptMacaugamingpaperssuchasMPELSANLTD29-30swerequoted05pthigherIndianspacewasmutedVEDLN24s25swereup025-05ptIndonesiannamesMEDCIJswereup05ptMEDCIJsecuredaIDR525tnloanfromBankMandiritorefinancebondsElsewhereGLPCHI24s26sweremarkeddown1-3ptsTheLGFVspacewasfirmandflowswerelightaheadofFOMCthisweekThesentimentremainedupbeatShandongChongqingremainedwellbidSHDOIS23CQLGST24werebidup01ptThehigh-6paperssuchasHKIQCL25JNHITE24weremarked0125pthigherElsewherethoseused-to-bedouble-digit-yieldingnamescontinuedtoedgetowards9GXFING23sGSHIAV24swerequoted01-02pthigherKMRLGP24wasmarked025pthigherZHHFGR425Perpwasup02ptSOEperpssuchasCHMETLCHALUMCHSCOIPerpswerebetterbidFRESHKZHONAN25s26sweremarkedanother075pthigherPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk119Sep2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeHRINTH33802243077429GLPCHI295032926637-31HRINTH35809303077429CHJMAO32040926826-24HRINTH51204274770727GLPCHI4974022624909-18HRINTH43404272783223ROADKG518072626405-15HRINTH41205292979822SHUION615082424713-15MarcoNewsRecap宏观新闻回顾MacroSP007Dow002andNasdaq001closedwithlittlemovementonMondaybeforeFOMCmeetingmarketsexpectFedwillholdthe525-550interestrateunchangedinthemeetingMarketsalsoexpectthatPBOCwillkeep15yrLPRat34542unchangedinSepsLPRquotationTheUStreasuryyieldsralliedhigheryesterday251030yieldreachedat505446432440respectivelyDeskanalystcomments分析员市场观点SUNACProposedoffshoredebtrestructuringschemewasapprovedbyrequisitemajoritiesofschemecreditorsSunacsproposedoffshoredebtrestructuringschemewasapprovedattheschememeetingheldon18SepCreditorsholding973ofthetotalvalueofoutstandingclaimsattendedandvotedatthemeetingand983ofthecreditorsvotedinthemeetingvotinginfavouroftheschemeiecreditorsrepresenting956oftheschemeclaimsagreedwiththeschemeTheschemewithtotalclaimsofUSD102bnwasthenapprovedwithrequisitemajoritiesSunacwillproceedtoseektheapprovalandsanctionofthecourtinrespectoftheschemeandthepetitionseekingsanctionwillbeheardon5OctRecalledthattherestructuringconsiderationinvolvesissuanceofnewnotesCBMCBandsharesofSunacServicesSunacfurtherincreasedthecapoftheMCBtoUSD275bnfromUSD22bnapprovedinEGMoriginalcapofUSD175bninRSATheMCBcarriesnointerestandwillbemandatorilyconvertedintoordinarysharesofSunacinfullatamaturityof5yearsIncreasingtheamountofMCBissuancewillreducetheamountofnewnotestobeissuedbythecompanyandalsothedebtlevelOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFHyundaiCapitalAmerica700800500357yr5956162T125165183Baa1BBB-LGEnergy40060035yr5625575T100130Baa1BBB-OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineToday219Sep2023NewsandmarketcolorRegardingonshoreprimaryissuancestherewere93creditbondsissuedyesterdaywithanamountofRMB89bnAsforMonth-to-date909creditbondswereissuedwithatotalamountofRMB831bnraisedrepresentinga192yoyincreaseBEIENTBeijingEnterprisesaccepteduptoRMB7bnthree-yeartermloanfacilityletterforrefinancingCGSHCOMoodyswithdrawnCountryGardenServicesratingsforbusinessreasonsCIFIHGCIFIHoldingsannouncedtosellequityinterestsinZengchengprojectinGuangzhoutoHendersonLandDevelopmentforRMB2403mnthecompanywillapprovetheFY22and1H23resultsattheboardmeetingtobeheldon28SepCOGARDCountryGardensaidThailandsubsidiaryRislandprovidedlandrealestateascollateralfortwolocalbondstoreplaceparentasbondguarantorFWDGRPFWDGrouphasdecidednottoproceedtheproposedUSD10yrbondsandthecompanysaidthatitlooksforwardtore-engagingwithinvestorsinthefutureGEMDALGemdaleannouncedthatitisindiscussionswithshareholderShenzhenFutianInvestmentovercreditenhancementforsecuritiesofferingGRNKENGreenkotogetcUSD731mnloanfromstate-ownedREClimitedtosetupapumped-storageprojectLMRTSPLMIRTtrusteeannouncednottopaySeptemberdistributionforSGD140mnandSGD120mnperpsLOGPHLoganGroupwinding-uppetitionhearingfurtheradjournedto30OctMEDCIJMedcoEnergisignedcUSD340mndue2028loanfromBankMandiritorefinancebondsMONMINMoodysaffirmedMongolianMiningCorporationsB3ratingsandplacedstableoutlookNIONIOannouncedtoofferuptoUSD115bnconvertibleseniornotesfordebtrepurchasePOLYREPolyPropertyGroupproposedtoofferuptoRMB10bncorporatebondstorepaydebtsandboostworkingcapitalSINOCEMediareportedthatSino-OceanGrouphaspaidinitial10principleinstallmentonrestructuredoriginallyRMB2bn4noteson18SepFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreport319Sep2023BesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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