>> 招银国际-Fixed Income Daily Market Update(27 Sep 2023)-230927
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研究报告全文：FixedIncomeCreditCommentary27Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietthismorningRecentnewissuesKOLAHO25ANZswereunchangedInLGFVSOEPerpsspacewesawtwowayflowsfromGlennKoCFA高志和offshoreChinawhileonshoreflowsfocusedonhigh-yieldingnames85236576235glennkocmbicomhkADSEZAdaniPortcommencedatenderoffertopurchaseuptoUSD195mnofADSEZ3375072424SeebelowCHJMAOChinaJinmaoannouncedtofullyredeemUSD300mnCHJMAOCyrenaNgCPA吳蒨瑩4875PERPon6Nov23CHJMAOsmoved-05to025ptthismorning85239000801cyrenangcmbicomhkTradingdeskcomments交易台市场观点JerryWang王世超Asiaex-JPIGspacewasfirmyesterdayOnthenewissuefrontKOLAHO8523761891925swerepricedatCT275andweretradedstableatT70areaThenewjerrywangcmbicomhkANZfixed-rateandfloating-ratenoteswerepricedatCT255andSOFR64respectivelyTheANZFRN25stightened3bpstoSOFR6361rangewithactivetwo-wayflowsInChinesefinancialsthelong-endofHRINTHsweretraded05-1ptlowerwhilethefront-endstillheldupwellpostMoodysreviewfordowngradeChinesebankT2tightened1-3bpsWecontinuedtoseebetterbuyingflowsonBCHINA524CCB42529papersInnon-ChinaspaceDBSSP25swereunderone-waybiddingfromclientsSMBCAC28s33swereunderbettersellingElsewhereinAsianAT1sBBLTB5PerpKBANK5275Perpwerebetter-offeredbyPBsEuropeanAT1sHSBC8PerpSTANLN43Perpweredown03ptamidmixedflowsChineseSOETMTbenchmarksedged1-2bpstighterInthehighbetaTMTsXIAOMI30stightened5bpsWB30sgrinded10bpstighterHKChinesepropertiesweremixedCHJMAOPerpweretraded25ptshigherpostthecompanyannouncedtofullyredeemUSD300mnCHJMAO4875Perponfirstcalldateon6Nov23CHJMAO24wasup05ptOntheotherhandFUTLANFTLNHD25sandLNGFOR28-29sdeclined125-175ptsGRNLGR25sCOGARD24swere15-175ptslowerNWDEVLPerpsweredown075-125ptsSHUIONsweredown05ptInMacaugamingMPELSANLTD28-30sweremarked05pthigherInIndianspaceVEDLNswerebidup05ptIndonesiannamesLPKRIJ24s26sweredown05ptIntheLGFVPerpspacesmarketbecameabitdirectionlessaftertherecentyieldcompressionsinceAugasclientsfoundvaluationsgotquiterichWesawawaveofsellingacrossthespacesaheadofquarter-endamidvolatilityinratesThoselow-yieldingLGFVsSOEperpsthatweretradingatmid-6werestillunderbettersellingfromnon-ChineseaccountswhileChineseaccountsweregenerallyhappytocatchsomeoftheshort-dated-to-callSOEperpsbuthadmoremixedtwo-wayflowsinterestsinLGFVsTheyieldsretracedbyaround10-15bpswideracrossthesepapersingeneralasliquiditygraduallythinnedupwithmoreonshoreclientssidelinedaheadoflongholidayInthehigher-yieldingLGFVsWFURCD24was04pthigherPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk127Sep2023GSHIAV23s25swereup0125ptInSOEperpsHUADIA4PerpCHPWCN345Perpwere015-02pthigherLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCHJMAO478PERP99426GRNLGR61804222582-17CHGRAU9109PERP91824FTLNHD458101525287-17CHJMAO406212494106COGARD8012724116-16VEDLN89503112574106LNGFOR395091629523-16WFURCD2609272492404PBRXIJ758123125411-14MarcoNewsRecap宏观新闻回顾MacroSP-147Dow-114andNasdaq-157weredownonTuesdayUSSepconsumerconfidenceindexissuedbyConferenceBoardwas1030downfrom1087inAugandlowerthantheexpectationof1055USAugnewhomesalesfell87momcomparedto80mominJulTheUSTyieldscontinuedtorallyhigheryesterday251030yieldreachedat504462456470respectivelyDeskanalystcomments分析员市场观点ADSEZAdaniPortcommencedatenderoffertopurchaseuptoUSD195mnofADSEZ3375072424AdaniPortannouncedatenderoffertopurchaseuptoUSD195mnofADSEZ3375072424ThetenderofferwillbefundedfromitscashreservesInMay23AdaniPorthaspurchasedUSD130mnforcashandplannedtopurchase20ofthetotalprincipalissuedineachofthenextfourquartersThecurrenttenderofferisthesecondtrancherepresenting30oftheprincipalamountissuedRepurchaseofADSEZ337524bytrancheshelptosmoothoutAdaniPortsliquidityneedsoverayearIfthemaximumamountofUSD195mnisacceptedforpurchaseitwillfurtherreducethetotaloutstandingamounttoUSD325mnie50oftheoriginalissuedamountBesidesAdaniPortdoesnothaveotherUSDbonddueuntilJul27afterADSEZ337524dueinJul24BondADSEZ3375072424AmountissuedUSD650mnAmountoutstandingUSD520mnEarlytenderpremiumUSD1EarlytenderconsiderationUSD975TenderconsiderationUSD965MaximumacceptanceamountUptoUSD195mnEarlytenderdeadline11OctExpirationtime26OctPriceask9618YTMask827SourceCompanyfilling227Sep2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere138creditbondsissuedyesterdaywithanamountofRMB97bnAsforMonth-to-date1693creditbondswereissuedwithatotalamountofRMB1541bnraisedrepresentinga234yoyincreaseCHGRAUChinaGrandAutoannouncedtoredeemalloutstandingUSD261mnCHGRAU9109PERPon30OctCHINSCMediareportedthatChinaSCEGrouphasnotdecidedwhetheritwillpayontimethe29SepcoupononUSD450mnCHINSC595092924CHJMAOChinaJinmaoannouncedtofullyredeemUSD300mnCHJMAO4875Perpon6Nov23CIFIHGCIFIHoldings1H23revenuerose54yoytoRMB313bncUSD43bnandpre-taxlossofRMB68bncUSD932mnCOGARDMediareportedthatCountryGardenpaidinitialuptoRMB100kprincipalaccruedinterestontermed-outpandabondsEVERREMediareportedthatsomeoffshorecreditorsmayconsiderjoiningwinding-upcourtpetitionifnonewdebtrestructuringplansubmittedby30OctFUTLANSeazenGrouptosellChangzhouHengxuanConsultingManagementCotoPAGforRMB137bnQDJZWDQingdaoJiaozhouBayDevelopmentGroupannouncedtheissueofRMB800mn55due-2026bondsVEDLNMoodysdowngradedVedantaResourcesCFRonenotchtoCaa2andmaintainsnegativeoutlookXINHUZSPaffirmedXinhuZhongbaoBratingwithnegativeoutlookFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhk327Sep2023CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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