>> 招银国际-Fixed Income Daily Market Update(22 Sep 2023)-230922
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研究报告全文：FixedIncomeCreditCommentary22Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报HRINTHcurverose05ptpostfurtherrepurchasethismorningGRWALLincreasedupto075ptwhileCCAMCLsORIEASswereunchangedNewGlennKoCFA高志和issuesINDKOR28tightenedc5bpsandLGENSO2628werec2bpstighter85236576235OthersectorswererelativelyquietglennkocmbicomhkHRINTHsAnotherroundofsizeablebondbuy-backSeebelowCHINSCChinaSCEobtainedverbalagreementonsyndicatedloantorollCyrenaNgCPA吳蒨瑩overfor16monthsCHINSCswereunchangedtodown15ptsthismorning85239000801cyrenangcmbicomhkSeebelowTradingdeskcomments交易台市场观点JerryWang王世超Asiaex-JPIGspacewaslargelyfirmyesterdayHRINTHcontinuedtothe85237618919focusHRINTHsweretraded025-05ptloweramidmoremixedtwo-wayjerrywangcmbicomhkflowsLastnightHuarongannouncedfurtherbondrepurchasesofUSD2909mnTheseonceagainfocusedonlonger-datedandlower-cash-pricebondsSeebelowforcommentsOnrecentnewissuesBBLTB28s33stightened1-3bpsTheothernewLGENSO26s28sclosed2bpstighterOnChineseSOETMTSINOCH31sBIDU30swidened2bpsThefront-endofChinesebankT2sweretradedtwo-waywithbetterbuyingon24scalledwhilebettersellingonlongercalledpapersThefrontendofCCBsBCHINAstightened2-5bpsChineseAT1ssuchasBCHINA36PerpICBCAS32Perpwere0125ptlowerHKlow-betapaperssuchasCKHHswerebetterbidHKCorpperpssuchasCKPH38PerpCKINF485Perpwere05-1pthigherHKChinesepropertiesremainedlacklusterCOGARD24sdeclined05-15ptsCSCHCNswere075-15ptslowerMoodysrevisedtheratingoutlookofCHIOLICRHZCHYUEXIUGRNCHstonegativedespiteaffirmedtheirratingsMoodysalsoplacedCHJMAOVNKRLEsratingsonreviewfordowngradeIndustrialssuchasEHICAR26sFOSUNI27sedgeddown075-125ptsMacaugamingnamessuchasMPELSANLTD28-30sweredown05ptInIndianspaceVEDLNswereup025-05ptIndonesiannamesAPLNIJsLMRTSP24sweremarked075-15ptshigherElsewhereGLPCHIswereup025ptThePerpLGFVspaceshadaquietsessionSOEperpssuchasHAUDIA4PerpCHPWCN345Perpwerequoted01-015ptlowerasrateswidened10-15bpsovernightOverallthebidsinSOEperpsremainedsupportiveFlow-wisewesawclientscontinuedtolookforshort-termcarryinc23SOEperpsand24sLGFVsThefrontendofQDJZWDJMUDIVpaperswerebetterbidWhilsttheoffersideliquidityofhigh-yieldinghigh-betanamessuchasSHUGRPSHGUOHremainedscarceChongqingnamessuchasCQNANA46624CQLGST5324werequoteddown015ptCPDEV2526Perploweredanother025-05ptThehigh-betaIGpaperssuchasSUNSHGZHONAN26swereunderbettersellingFRESHK25s26sweremarked025-125ptslowerPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk122Sep2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNLGR63406252413017CITLTD507041848879-18APLNIJ59506022472416SINOPE414050346812-18PINGRE31406232570408TAISEM412042252864-18LMRTSP71406192463708SINOPE414041247809-17AZUPOE56512242489408TAISEM31092351652-17MarcoNewsRecap宏观新闻回顾MacroSP-164Dow-108andNasdaq-182continuedtodownafterstronglabormarketdatathatthelatestinitialjoblessclaimwas201kthelowestlevelwithin2023andlowerthantheexpectationof225kThelongtermUSTyieldsralliedhigheronThursdayand10yryieldincreasedtothehighestlevelsince2007251030yieldreachedat512461449456respectivelyDeskanalystcomments分析员市场观点HRINTHsAnotherroundofsizeablebondbuy-backLastnightHuarongannouncedadditionalbondrepurchasesandcancellationofUSD2909mnRecalledthatHuarongannouncedon19Sep23therepurchasesandcancellationsofbondsequivalenttocUSD288mnSofarHuarongdisclosedthatitboughtbackbondsofcUSD580mnequivalentThismorningHRINTHsrose05ptGRWALLroseupto075ptCCAMCLsORIEASswereunchangedOutofthelatestrepurchasesofUSD2909mnwebelievethattherepurchasesofHRINTH3375022430couldbedoneoveralongerperiodoftimeandtherepurchasedamountfinallyexceededthedisclosurethresholdTheremainingcUSD150mnontheotherhandshouldbedonesince19Sep23Takingcuesofrecentmarketflowswesuspectthatasignificantpartoftherepurchaseswereconductedthroughdirectrepurchasesfrommajorholdersinsteadofon-marketrepurchasesAsperHKEXlistingrulesissuershavetodiscloseredemptionsandcancellationsexceeding10andeverysubsequent5intervalofissuesassoonaspossibleThelatestrepurchasesdisclosedcontinuedtobeonlonger-datedandlowercashpriceHRINTHbondsdespitewewouldnotbesurprisedifHuaronghasrepurchasedotherbondsbuttherepurchasedamountisyettohitthedisclosurethresholdNonethelessthesereinforcedthesignalofHuarongsconfidenceonitsnear-termliquiditygiventhesizeablerepurchasesoflonger-datedbondsaheadofthematurityofHRINTH212509302osUSD600mnon30Sep23Webelievetherepurchaseswillcontinuetosupportthenear-termperformanceofHRINTHsandpapersofotherAMCsAsperdiscussionsinourcommentsChinaAMCsRepaymentmattersmorethanreportingpublishedon8Sep23anddailyon20Sep23HRINTHshavebeenourtoppicksofthesectorWealsolikeGRWALL395Perpcallable073124aftertherecentpricecorrectionandCCAMCL44Perpcallable031126asalowbetaplay222Sep2023SourceBloombergCompanyfillingsCHINSCVerbalagreementonsyndicatedloanroll-overpermediareportAspermediareportChinaSCEobtainedverbalagreementfromallofitslendersofitsUSD388mnamortizingsyndicatedfacilitydueSep24torollintoanewfacilityThenewsyndicatedfacilityisalsoindue-currencycomprisesofHKD3133mnandUSD3057mnanddueinJan26effectivelyextendingmaturityby16monthsThenewloanrequiresapaymentof5oforiginalamortizationamounttobepaidon30SeppartofitssharesinaHK-listedSCEIntelligentCommercialManagementHoldingsarealsopledgedforthenewloanTheeventualsigningofthenewsyndicatedfacilitywillhelprelievethenear-termrefinancingpressurethoughtheamortizationsofoffshoreloanscouldstillbechallenginggiventheweakcontractsalesIn8M23itscontractsalesdropped42yoytoRMB237bnRecentlyChinaSCEachievedsomeprogressesinrefinancingunderaverychallengingmarketenvironmentIthasrefinancedtheHSBCandHSBfacilitiestotaledcUSD122mninJul23andissuedRMB700mn3-yearCBICL-backedMTNsinAug23WetakeadditionalcomfortthatChinaSCEdoesnothaveonshoreoroffshorebondmaturityfortherestof2023ThenextoffshorebondmaturitywillbeCHINSC737524osUSD500mninApr24AsforonshorebondsthenextmaturitywillbetheosRMB506mnbonddueinJul24AmtosUSDmnPxaskYTMaskCHINSC7375040924500148100112CHINSC5950929244501214000CHINSC70502255001012443CHINSC6020426350891668Total1800SourceBloombergOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFIndustrialBankofKorea6005yr5375T85Aa2-AA-OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolor322Sep2023Regardingonshoreprimaryissuancestherewere125creditbondsissuedyesterdaywithanamountofRMB122bnAsforMonth-to-date1283creditbondswereissuedwithatotalamountofRMB1199bnraisedrepresentinga199yoyincreaseIndiatobeincludedinJPMorganEMIndexfrom28Jun24CHJMAOMoodysplacedChinaJinmaoBaa3issuerratingonreviewfordowngradeCIFIHGMediareportedthatCIFIunitpaid14SepcoupononRMB1875bndue-2025sduringthegraceperiodobtainedlastweekGDPOLYBeijingEnergyissuedRMB1bncUSD137mn368notestofundexpansionplansGEMDALGemdaleshareholderShenzhenFutianInvestmentseekstoappointglobaljointcoordinatorsforplanneduptoUSD500mnoffshorebondissueGRNCHMoodysaffirmedGreentownsBa3CFRandrevisedoutlooktonegativeROADKGRoadKingInfrastructurechairmanZenWeipeubuysUSD3mnofcompanysUSDbondssincelateAugustSUNACSunacscreditorswithUSD399bninclaimsselecttoreceiveMCBsinrestructuringplanVEDLNMediareportedthatVedantalimitedsaiditsboardcommitteeapprovedtoraiseuptoUSD301mninoneormoretranchesthroughdebtsecuritiesVNKRLEMoodysplacedChinaVankesBaa1issuerratingsonreviewfordowngradeYUEXIUMoodysaffirmedYuexiuPropertyBaa3ratingandchangedoutlooktonegativeYuexiuPropertysignedHKD600mnone-yeartermloanfacilityagreementZYAMCLZhongyuanAssetManagementproposedtoofferRMB500mnthree-yearMTNstorepaydebtsFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassets422Sep2023orothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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