>> 招银国际-Fixed Income Daily Market Update(25 Sep 2023)-230925
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研究报告全文：FixedIncomeCreditCommentary25Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报RecentnewissuesINDKOR28tightenedc2bpsInAsianIGspacewesawbuyingflowsonlowbetaChinaSOEsandotherdue2526bondsFront-endGlennKoCFA高志和HRINTHsandGRWALLcurvewereupto04pthigher85236576235glennkocmbicomhkEVERRESchememeetingspostponedwithoutarevisedtimelineSeebelowCAPGResumptionofsharetradingwhileRSAremainspendingAfterCyrenaNgCPA吳蒨瑩tradingresumptionthismorningAoyuanssharesslumpedc72toHKD03385239000801cyrenangcmbicomhkpershareattimeofwritingItsUSDbondsmoved-01to02ptthismorningSeebelowTradingdeskcomments交易台市场观点JerryWang王世超85237618919LastFridayovernight10yrUSTyieldswidened8bpsto4496OnthenewjerrywangcmbicomhkissuefrontnewINDKOR28swerepricedatCT585andtightened8bpsatcloseLGENSOEIBKOR28swerealso1-2bpstighterOnthesecondaryfrontHRINTHpriceactionremainedtobethemarketfocuspostthecompanysfurtherbuybackactiononthelonger-datedbondsHRINTHswere05-15ptshigherGRWALLswereup05-075ptCCAMCL24-28stightened5-10bpsChinesebankT2stightened1-3bpsChineseAT1ssuchasICBCASBCHINAPerpswerebetterofferedTheEuropeanAT1ssuchasSTANLN43PerpHSBC8Perpweretraded03-05ptlowerInChineseSOEsHAOHUAcurveclosedunchangedto2bpstighterChineseTMTbenchmarksedged1bpwideramidtwo-waybalancedflowsThehighbetaTMTssuchasXIAOMIMEITUA30swereunchangedto5bpstighterHKIGssuchasCKHHHKLSP33swereunchangedto2bpswiderThehigh-betaHKperpssuchasCKPH35PerpNWDEVL48Perpweretradedup04-06ptundersporadicbuyingfromPBsHKChinesepropertiesweremixedSHUION23YLLGSP24werequoted02-05pthigherGEMDAL24sandVNKRLE25-27smoved125-275ptshigherLNGFOR27-32sgained15-25ptsHoweverCHJMAO26DALWAN24declined125ptsFUTLANsFTLNHDsweretraded075-1ptlowerInindustrialsAACTEC26s31swereup05-35ptsMacaugamingnamessuchasMPELSANLTD28-30sweretraded05-1pthigherInIndianspaceVEDLN24s25swereup125-275ptsIndonesiannamesAPLNIJsICBPIJsweretraded1-15ptslowerElsewhereGLPCHI24s26swereup075-125ptsTheLGFVPerpspacehadauneventfulsessionTheflowswerelightwithactivitiesinfront-end23s24sLGFVpapersdrivenbycashpositioningneedsChongqingShandongnamesremainedactiveCQNANA45626gained03ptSHDOIS24SHGUOH25werebetterbidThe6LGFVscontinuedtobebetterbidYWSOAO25GZDZCD26wereup01-015ptSOEperpsperformedsoftlyCHPWCN425PerpCHSCOI4PerpHUADIA4Perpweredown01-02ptFRESHK25s26swereup025-075ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk125Sep2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeAACTEC33406023170034APLNIJ595060224718-14GEMDAL49508122447527DALWAN714012924650-13VEDLN89503112573027ICBPIJ4745060951697-12LNGFOR33804132764624CHJMAO32040926798-12ROADKG7PERP23118ICBPIJ3541042732804-09MarcoNewsRecap宏观新闻回顾MacroSP-023Dow-031andNasdaq-009wereweakonlastFridayamidseveralFedofficialshawkishcommentsaboutfutureinterestrateadjustmentpaceUSSepMarkitmanufacturingservicePMIwas489502comparedtotheexpectationof480506TheUSTyieldsmovedslightlyloweronFriday251030yieldreachedat510457444453respectivelyDeskanalystcomments分析员市场观点EVERRESchememeetingspostponedwithoutarevisedtimelineChinaEvergrandepostponedtherestructuringschememeetingsofitselfTianjiandSJscheduledtodayandtomorrowItconsidersthecurrentsalesofthegroupwerenotinlinewithitsexpectationandplanstoreassessthetermstomeetthecreditorsdemandAtthesametimeitisunabletomeetthequalificationfortheissuanceofthenewnotesundertheproposedrestructuringasitsprincipalsubsidiaryHengdaRealEstateGroupisunderinvestigationItisthesecondpostponementoftheschememeetingsaftertherespectiveCourtsdirectedtoconvenetheschememeetingsinJulThemeetingsoriginallyscheduledon22-23Augweredelayedto28Augandthento25-26SepChinaEvergrandedoesnotsetarevisedtimefortheschememeetingsafterthelatestpostponementRecalledthatChinaEvergrandesrestructuringinvolvesissuanceofnewdebtsandequity-linkedinstrumentsconversionChinaEvergrandemayneedtoamendtherestructuringtermssignificantlyiftheyarenotallowedtoissuenewdebtsduetoHengdaRealEstateTheinvestigationonHengdaRealEstateisstillongoingitcouldfurtherdelaytherestructuringbeyondthelongstopdateon15Dec23InviewofthenarrativesofthelatestpressreleaseweshouldalsoexpectthattherestructuringplancouldberevisedinanunfavourablemannerfromabondholdersperspectiveCAPGResumptionofsharetradingwhileRSAremainspendingAoyuanmanagedtoresumethetradingofitssharespriortothedelistingtimelineon30SepdespiteitsRSAremainspendingTheproposedRSAdeadlineis31Augbutthereisnoupdateontherestructuringsince10AugThecompanysaiditwasmakinggoodprogressonagreeingtheformoftherelevantdocumentationandispreparingtherelevantcourtfilingsRecalledthatthereistwodifferentschemesandapprovalthresholdis75foreachschemeOn10Aug23thelatestofRSAapprovalis7589oftheoutstandingprincipalamountofitsexistingbondsAstheclaimsofUSDbondsaccountforc83oftheICAschemethatmeansapproval225Sep2023ofc70ofnonUSDbondholdersinprincipalamountwillbesufficientfortheICAschemetosecuretheapprovalthresholdof75Throughoutourdiscussionswithclientswecanfeelalotofpush-backfortherestructuringplanThatsaidwebelievethattheroomformaterialsweeteningislimitedespeciallyafterthesharetradingresumptionAoyuanisnolongerundertimepressuretosortouttheRSAwithcreditorsChinaAoyuanstocksslumpedc72toHKD033pershareattimeofwritingandCAPGsmoved-01to02ptthismorningOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFXianAerospaceHigh-TechIndustry1003yr7171---DevelopmentGroupCoLtdOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere129creditbondsissuedlastFridaywithanamountofRMB147bnAsforMonth-to-date1418creditbondswereissuedwithatotalamountofRMB1351bnraisedrepresentinga267yoyincreaseADEINMediareportedthatAdaniGroupislikelytodemergeAdaniAirportsHoldingsintoaseparateentityandgetitlistedby2025orearly2026BABAMediareportedthatAlibabaslogisticsunitCainiaoisplanningtoraiseatleastUSD1bninHKIPOThecompanyplanstofilefortheIPOasearlyasthisweekCAPGChinaAoyuanannouncedthatitssharewillresumetradingon25SepCHIOLIMoodyschangedChinaOverseasLandInvestmentoutlooktonegativefromstableCIFIHGCIFIHoldingsre-scheduledboardmeetingtoapproveFY221H23financialresultsto26SepCRHZCHMoodyschangedChinaResourcesLandoutlooktonegativefromstableGERLGeoEnergyResourcessecuresUSD220mtermloanfacilitiesfromBankMandiriforacquisitionsworkingcapitalandothercapexrequirementsINDYIJIndikaEnergyrepurchasedUSD2931mnINDYIJ5875110924outstandingamountofthenotesisUSD2936mnitsunitsecuredUSD50mncreditfacilityfromBankDBSIndonesiaforsyndicatedloanrepayment325Sep2023REDSUNMoodysdowngradedRedsunsCFRtoCaandplacednegativeoutlookSHARAOShangraoCityConstructionInvestmentDevelopmentreceivedShanghaibourseapprovalforRMB25bncorporatebondofferingVEDLNMediareportedthatVedantaResourcesproposedbondrestructuringencounteredinvestorresistanceFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap425Sep2023289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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