>> 招银国际-Fixed Income Daily Market Update(21 Sep 2023)-230921
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研究报告全文：FixedIncomeCreditCommentary21Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报AsianIGbenchmarkstightened1-5bpsafterratesupthismorningHRINTHsretreated05-1ptpostyesterdaysrallyLGFVsectorwasstablewithmoreGlennKoCFA高志和sellingonshort-termbonds85236576235glennkocmbicomhkChinaPropertiesGuangzhoufurtherrelaxedhomepurchaserestrictionsSeebelowVEDLNMediareportedthatVedantaResourcesisinadvancedtalkswithCyrenaNgCPA吳蒨瑩CerberusBainothersforUSD1bnsyndicatedloanVEDLNswere85239000801cyrenangcmbicomhkunchangedto025pthigherthismorningTradingdeskcomments交易台市场观点JerryWang王世超TheFedheldratesunchangedlastnightasexpectedbutthedotplotsareat852376189195125atDec24and3875atDec2550bpshigherthanthelevelsinmidjerrywangcmbicomhkJun23implyinghigherforlongerYesterdayAsiaIGspacewasfirmaheadoftheFOMCMarketfocuswasonAMCsectorpostHRINTHsannouncementoftherepurchasesofcUSD288mnequivalentofitsUSDandSGDbondsTheHRINTHcurvewastraded15-3ptshigherdespitesomeprofittakingathighOtherAMCswerequietGRWALLswere025pthigherThefrontendofCCAMCLswereunderbetterbuyingChineseSOETMTbenchmarkssuchasHAOHUATENCNT30sgrinded2-3bpstighterThehigh-betaTMTssuchasXIAOMILENOVO30stightened6bpsTherecentnewissuesBBLTB28s33sstabilizedandtightened2bpsThenewLGENSO26s28salsoedged1-2bpstighterfromTuesdaycloseHKCorpperpssuchasNWDEVLPerpsweretradeddown125-25ptsHKChinesepropertiesremainedweakWesawsomelooseSOEpropertybondssuchasVNKRLEYUEXIUCHJMAOCHIOLIcomingoutYLLGSP24s26slowered25-3ptsandSHUIONsweredown125-225ptsGEMDAL24notablyslumped575ptstocloseatmid-40sLNGFORsCHJMAOsDALWANsdropped15-3ptsFUTLANsFTLNHDsweredown1-2ptsCOGARDsdeclined05-1ptGRNLGR24s25sweretraded35ptslowerInIndustrialsperformedsoftlyFOSUNIEHICAR24sweretraded05-08ptlowerMacaugamingnamessuchasMPELMGMCHISTCITY26-29swerebidup03ptInIndianspaceADSEZsADTINswerequoted05-075pthigherIndonesiannamesLPKRIJsweremarkeddown03ptElsewhereGLPCHI24s26sweretraded15-2ptslowerTheLGFVPerpspacehadanotherquietsessionaheadoftheFOMCLGFVswerelargelystableaftertherecentyieldcompressionShandongChongqingnameswerefirmSHUGRP424CQNANA46624werequoted015-05pthigherSomelower-yieldingnamesgrindedfurthertightertowards6QDJZWD25HZCONI26werequoted02pthigherHoweverCPDEV2526Perpweremarked175-225ptslowerWecontinuetoseebuyingflowsinc24SOEperpsatlow-6CHPWCN43PerpCHCOMU365Perpwereindicated01-02pthigherElsewherethePLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk121Sep2023flowsweremostlycashparkingatshort-dated-to-callpaperssuchasCIMWLB523PerpCMHI35PerpSINOCH3PerpTherewerealsosmallbetterbuyinginhigh-betaIGnamessuchasFRESHKsFRESHK24-26sweretraded05-125ptshigherZHONAN25s26swasup025ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeHRINTH51204274774029GEMDAL495081224455-57HRINTH414PERP85725GRNLGR634062524113-35HRINTH37811132979523GRNLGR61804222581-33HRINTH33802243079623YLLGSP518052026626-30HRINTH35809303079622DALWAN11021326412-29MarcoNewsRecap宏观新闻回顾MacroSP-094Dow-022andNasdaq-153reversedthegainpostFOMCDespiteinterestrateunchangedtheFedindicatedtheremayhaveonemorehikebeforetheendof2023andfewercutsthanpreviousexpectationinnextyearTheUStreasuryyieldmovementsweremixedyesterdaythatlongtermyieldsdownwhileshorttermyieldsralliedhigher251030yieldreachedat512452435440respectivelyDeskanalystcomments分析员市场观点ChinaPropertiesGuangzhoufurtherrelaxedhomepurchaserestrictionsGuangzhougovernmentrelaxedthehomepurchaserestrictionsHPRinfoursuburbandistrictsHuangpuPanyuHuaduandpartofBaiyunPreviouslythegovernmentonlyallowedregisteredresidentsofGuangzhouGZiewithHukoutobuyuptotwohousingunitsinninedistrictsincludingtheabovementionedfoursuburbandistrictsAftertherelaxationregisteredresidentsofGZarenotsubjecttoHPRsinthesefourdistrictsGZwasdividedinto11districtsThereisnoHPRinConghuaandZengchengforregisteredresidentsofGZFornon-registeredresidentstheywillcontinuetosubjecttotheHPRsofbuyingamaximumofonehousingunitinallelevendistrictswithproofofpersonaltaxorsocialinsurancepaymentinGuangzhouprecedingtwoyearsbeforethedateofhousingpurchaseAtthesametimethegovernmentalsoshortenedtheexemptionperiodofvalueaddedtaxonpersonalsecond-handhousingsalesfromfiveyearstotwoyearstoboostsecond-handhometransactiontheexemptionperiodwasextendedtofiveyearsfromtwoyearsinApr21tosubdueoverheatedrealestatemarketsSofartherearearound30citiesrelaxedthehomepurchaserestrictionssuchasDongguanFoshanShenyangDalianNanjingZhengzhouTianjingetcThemovesinGuangzhousignalgreatereffortsinstimulatingpropertydemandWecouldseemorerelaxationsinotherT1citiesAswediscussedpreviouslyweexpectsomeyoypick-upincontactsalesin4Q23inviewofthelowbasefiguresandmoresupportivepropertypoliciesChartGuangzhousecond-handhometransactionGFAinthousandsqm221Sep2023SourceWindOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFJinshineInternationalCoLtd3903yr6565---GuaranteedbyXZETDZOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere121creditbondsissuedyesterdaywithanamountofRMB95bnAsforMonth-to-date1153creditbondswereissuedwithatotalamountofRMB1074bnraisedrepresentinga261yoyincreaseADANIGMediareportedthatAdaniGreenEnergywillgetUSD300mninvestmentfromFrancesTotalEnergiestoformanewJVCHNAARChinaAircraftLeasingannouncedsettlementoftenderoffersforUSD200mn55guaranteedbondsdue2024andUSD100mn485guaranteednotesdue2024COGARDCountryGardenannouncedcompletionofextensionofeightonshorebonds321Sep2023HKIQCLQingdaoCityConstructionInvestmentreceivedShanghaibourseapprovalforuptoRMB1161bncorporatebondofferingHRINTJiangsuHanRuiInvestmentreceivesShanghaibourseapprovaloverRMB284bncorporatebondofferingSOFTBKSPaffirmedSoftBanksBBratingandchangedoutlooktopositiveafterArmsIPOVEDLNMediareportedthatVedantaResourcesisinadvancedtalkswithCerberusBainothersforUSD1bnsyndicatedloanFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingapore421Sep2023ThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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