研究报告全文：FixedIncomeCreditCommentary28Sep2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerequietbeforelongholidayinChinaFront-endIGnameswereunderbetterbuyingBankT2sCHILOV33andTMTbenchmarkstightenedGlennKoCFA高志和2-5bpsLGFVflowsskewedtobettersellingbutshort-datedpaperswerestill85236576235underbetterbuyingglennkocmbicomhkHRINTHSizeablebuybackcontinuesHRINTHswereunchangedto02pthigherSeebelowCyrenaNgCPA吳蒨瑩PINGREMoodysplacedPingAnRealEstatesBaa2andPingAnReal85239000801cyrenangcmbicomhkEstateCapitalsBaa3issuerratingonreviewfordowngradePINGREsmoved-05to025ptthismorningJerryWang王世超85237618919Tradingdeskcomments交易台市场观点jerrywangcmbicomhkUST10yryieldswidened5bpsto461overnightYesterdaythenewKOLAHO25sclosed1-2bpstighteratT68despitesomeprofittakingflowsThenewANZFRN25sweretradedinactivetwo-wayflowsandhoveredunchangedatROInChinesefinancialsAMCswerefirmHRINTHsweretradedunchangedto025pthigherCCAMCL24s25s27s31sgrinded3-5bpstighterSeebelowforcommentsforfurthersizeablerepurchasesofHRINTHsThehigh-betaTMTswereunderbetterbuyingLENOVOMEITUA30sedged2-5bpstighterInChineseSOEsHAOHUA27-28swereundersmallsellingwhilethecurvewasunchangedTherewasdemandinthefront-endofSINOPECNPCCHCMHICICCHKpapersCHILOV33sedged3bpstightertoT132130HKChinesepropertiesremainedweakLNGFOR27-32smoved275-325ptslowerROADKGsFTLNHDsdropped1-3ptsGRNCH25sCHINSC24swere25-325ptslowerSHUIONYLLGSP24-26sweredown125-225ptsPINGREswereamongtheexceptionstobetraded1-3ptshigherwithsomedipbuyingMoodysplacedratingsofPingAnRealEstateandPingAnRealEstateCapitalonreviewfordowngradeInindustrialsAACTECswere03-06pthigherInMacaugamingnamesWYNMACSANLTD26-28swereup025-05ptInIndianspaceADSEZ24s31swereup05-1ptafterthecompanyannouncedapartialtenderoffertopurchaseuptoUSD195mnofitsoutstandingdue-2024sVEDLNswereunchangedto05ptlowerdespiteMoodysonenotchdowngradeIndonesiannamesLPKRIJsLMRTSPsweredown05ptAPLNIJ24swere6ptshighertocloseat775postmediareportedthedeveloperhascompletedthesaleofitsmallunitsforcUSD929mntopartiallyrepayitsdebtsTheLGFVsperformedmixedamidlightflowsheadingintoquarterendHZCONI25QDHTCO24were0125pthigherWealsosawmoreprofittakingflowsfromRMsintherichlyvalued7LGFVpapersWhereasselectedhigher-yieldingissuescontinuedtobewell-bidunderscatteredPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk128Sep2023buyingGSHIAV3524CQLGST5324wereup03-04ptWhilstCQNANA26swere01ptlowerElsewhereSOEperpsweretradedstableatlow-to-mid-6Thetwo-wayflowswereskewedtobetterbuyingCHPWCN355PerpCHCOMU3425Perpwereup01-02ptFRESHK2525was02pthigherHoweverZHONANSUNSHG26swere0125ptlowerLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeAPLNIJ59506022476860GRNCH565071325827-33CHGRAU9109PERP96649LNGFOR338041327598-33CHIGRA91801302492139LNGFOR412011628575-31PINGRE23407292479031LNGFOR385011332440-31PINGRE31406232563216LNGFOR395091629495-29MarcoNewsRecap宏观新闻回顾MacroSP002Dow-020andNasdaq022weremixedonWednesdayOilpriceralliedtothehighestlevelsince2H22thatBrentWTIcrudeoilpricereachedUSD943937perbarrelastightsupplyUSdurablegoodsordersincreased02mominAugcomparedtothemarketexpectationof-05momTheUSTyieldscontinuedtorallyhigheryesterday251030yieldreachedat510467461473respectivelyDeskanalystcomments分析员市场观点HRINTHFurtherbuy-backofUSD163mnlong-datedbondspostMoodysreviewfordowngradeHRINTHSizeablebuybackcontinuesFurthertoannouncementson19Sepand21SepHuarongannouncedanothersizeablebondrepurchasestotaledUSD16305mninprincipalamounton27SepTherepurchasesremaintargetingonlongerdatedbondswithlowercashpricesExceptfortherepurchasesofHRINTH55042747ofUSD21554mnwhichcouldbeconductedoveralongerperiodwebelievethattheremainingrepurchasesofUSD1415mnhadbeenconductedsince21SepSofarHuarongannouncedbondrepurchasesandcancellationstotaledUSD7417mnequivalentalthoughwewouldnotbesurprisedifHuaronghasrepurchasedotherbondsbuttheamountisyettohitthedisclosurethresholdAccordingtothelistingrulesofHKEXissuershavetodiscloseredemptionsandcancellationsexceeding10andeverysubsequent5intervalofissuesassoonaspossibleAsdiscussedbeforethesizeableandcontinuousrepurchasesoflonger-datedbondssignalHuarongsconfidenceonitsnear-termliquidityaheadofthematurityofHRINTH212509302osUSD600mnon30Sep23AdditionallythesizeablerepurchasesofbondsatdiscountswillhelpcutnetdebtsandimproveitscapitaladequacyWeestimateHuarongsexceptionalprofitonbondrepurchasestobecUSD175mncRMB13bnThiscomparedwithnetlossesofRMB6bnin1H23andtotalequityofRMB39bnasatJun23Webelievethattheserepurchaseswillcontinuetosupportthenear-termperformanceofHRINTHsandpapersofotherAMCsHRINTHshavebeenourtoppicksofthesectorWealsolikeGRWALL395Perpcallable073124aftertherecentpricecorrectionandCCAMCL44Perpcallable031126asalowbetaplayPlease228Sep2023refertoourpreviouscommentsonHuarongpublishedon20Sep22Sepand26SepHRINTHswereunchangedto02pthigherHRINTH4HRINTH3HRINTH338HRINTH3HRINTH55HRINTH495HRINTH38Ticker120529297811132902243058093030042747110747110725TotalCurrencyUSDUSDUSDUSDUSDUSDSGDIssuesizemn700500700350200700400Repurchasedamtmnas2879875250041000723320at19Sep8ofissuesize1411050011700103110Incrementalrepurchased2907023014103200087900amtmnasat21Sep9ofissuesize1046201910012600Incrementalrepurchased1630000108515021618000amtmnasat27Sep1ofissuesize0000155431082600Totalrepurchases741105775524958802161782320disclosedmn7ofissuesize151151356251108255110OSmn5943424545052620178452183680Offerprice800792791792751714875YTM918375757875106SourceBloombergCompanyfillingsOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFChangdeUrbanConstructionandUSD1003yr61--AInvestmentGroupCoLtdNewsandmarketcolorRegardingonshoreprimaryissuancestherewere58creditbondsissuedyesterdaywithanamountofRMB32bnAsforMonth-to-date1761creditbondswereissuedwithatotalamountofRMB1574bnraisedrepresentinga154yoyincrease328Sep2023MediareportedthatChinacentralgovernmentasked12provincialgovernmentsincludingTianjinYunnanGuizhouandChongqingetctoreportallassetsthatcanbemonetizedandtakemeasurestorepaytheirdebtsAPLNIJAgungPodomorounitsellsmallunitsforcUSD92mnCARINCCARInccompletedredemptionofalloutstandingUSD155mnCARINC975033124MoodysaffirmedCarIncsB3ratingandchangedoutlooktostablefromnegativeDFINVHYanchengOrientalInvestmentDevelopmentissuedRMB500mnthree-yearMTNsat42coupontorepaydebtsEVERREMediareportedthatHuiKaYaniscurrentlyunderpolicecontrolChinaEvergrandeChinaEvergrandeNewEnergyVehicleGroupEvergrandePropertyServicesGroupwereinsharetradinghaltonthemorningof28SepGRNLGRGreenlandannouncedthatitobtainedrequisitemajorityofvotesinconsentsolicitationfornineoffshorebondstotaledUSD31bnGSHIAVLGFVGansuProvincialHighwayAviationTourismInvestmentGrouptoissueRMB186bn39due-2026greenbondsHYUELEMediareportedthatUSauthoritiesareexpectedtoextendawaiverexemptingSKHynixandSamsungElectronicsfromchiptraderestrictionsrelatedtoChinaKAISAGKaisaGroupswinding-uppetitionhearingfurtheradjournedto9OctPINGREMoodysplacedPingAnRealEstatesBaa2andPinganRealEstateCapitalsBaa3issuerratingonreviewfordowngradePTTGCFitchaffirmedPTTGlobalChemicalsAAratingandrevisedoutlooktonegativeRISSUNMediareportedthatRiseSunobtainedsufficientconsentsofUSD7306mnoffshorebondsfor45yearextensionfromSep23VEDLNMediareportedthatVedantaLtdisnearingadealtospinoffitsvariousbusinessintomultiplelistedentitiesFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12months428Sep2023TherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5