>> 招银国际-Fixed Income Daily Market Update -231004
| 上传日期： |
2023/10/4 |
大小： |
891KB |
| 格式： |
pdf 共5页 |
来源： |
招银国际 |
| 评级： |
-- |
作者： |
-- |
| 下载权限： |
无限制-登录即可下载 |
|
|
研究报告全文：FixedIncomeCreditCommentary4Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswereweakthismorningafterUSTratesupInAsianIGspaceChinabenchmarknameswidened1-5bpsandHRINTHsdown05-1ptGlennKoCFA高志和HKThailandnameswidened2-5bps85236576235glennkocmbicomhkAsiaex-JPUSDbondsissuance9M23grossissuancedown238yoytoUSD1135bnSeebelowVEDLNMediareportedthatVedantaResourcesisinadvancedtalkswithCyrenaNgCPA吳蒨瑩StandardCharteredBankJPMorganforUSD3bnrefinancingVEDLNsdown85239000801cyrenangcmbicomhk02to075ptthismorningTradingdeskcomments交易台市场观点JerryWang王世超YesterdayovernightUSY10yryieldswidened10bpsto469Asiaex-JP85237618919IGspacewasquietgiventheChineseGoldenweekOntherecentnewissuejerrywangcmbicomhkfronttheBBLTB28s33swidened1-3bpsOnthesecondaryfrontIGspreadswereunchangedtoatouchwiderTheflowswerebalancedtwo-wayInChineseSOEsthelong-endofCHGRIDsSINOPEsweresubduedTMTbenchmarksTENCNT30swidened3bpsInfinancialsAMCswereunderbettersellingHRINTHsweretraded03-05ptlowerKoreaspacewasunderbettersellingLGENSOSHINFNCITNATWOORIBKOEWPWpapersedged1-2bpswiderTheSGbankT2salsowidened2-3bpsChineseAT1ssuchasBCHINAICBCASPerpswerestableThaiEuropeanAT1swerebetterofferedbyPBsBBLTBKBANKPerpsweredown07-1ptHKCorpperpsremainedactiveNWDEVLPerpsgainedanother17-43ptsafterbouncing1-4ptsonlastFridayafterNWDmentioneditsintentiontobuybackbondsandperpslastFridayNWSZF575PerpHKCGAS475PerpwereunderbetterbuyingaswellHoweverFFLperpssuchasLIFUNG525PerpCKPH38Perpweredown12-23ptsChinesepropertiesmovedlowerLNGFORVNKRLE27s28sdeclined22-28ptsCHJMAO26-29sweredown15-2ptsOntheotherhandPINGRE25s26swereamongtheexceptionsgained08ptCSCHCN24swereup05-25ptsIndustrialswerefirmEHICAR26sANTOIL25sAACTEC31swereupc07ptMacaugamingnamesperformedsoftlySANLTDsSTCITYsWYNMACswere1-2ptslowerInIndianspaceVEDLN24-26sdropped2-25ptsIndonesiannamesLMRTSP24s26swereup05ptKIJAIJ27wasup15ptsTheLGFVPerpspaceshadanquietsessionwithonshoreaccountsoutforholidayTheflowsinLGFVsweremutedexceptforscatteredsellingfromoffshorePBRetailaccountsinsmallsizesShandongChongqingnamesweresubduedSHDOIS24sSHGUOH25sCQNANA26sweredown01-03ptThehigher-yieldingKMRLGPWFURCD24swere03-04ptlowerOntheotherhandGSHIAV23s24swereup01ptZHHFGR25Perpwere01-03pthigherSOEperpswerefirminlightofChinesePBbuyingCHPWCN425PerpCHALUM41PerpRLCONS397PerpCHINEV38Perpwereup01-02ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk14Oct2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeNWDEVL514PERP63543VNKRLE312111229587-37NWDEVL418PERP53136CHGRID485050744880-30NWDEVL615PERP75525TAISEM412042252830-29NWDEVL614PERP53221CHGRID4050447764-29NWDEVL48PERP43117LNGFOR412011628533-27MarcoNewsRecap宏观新闻回顾MacroSP-137Dow-129andNasdaq-187retreatedonTuesdayUSjobopeningunexpectedlyincreasedinAugthatJOLTSreportshowedtherewere961mnjobopeningincreasedfrom892mninJulandwashigherthantheexpectationof88mnTheUSTyieldscontinuedtorallyhigheryesterday251030yieldreachedat515480481495respectivelyDeskanalystcomments分析员市场观点Asiaex-JPUSDbondsissuance9M23grossissuancedown238yoytoUSD1135bnInSep23thegrossissuanceinSep23increased37yoytoUSD150bnfromUSD144bninSep22Sep23isthesecondmonthrecordedyoyissuancegrowthYTDfollowingAug23SouthKoreaUSD64bnChinaUSD47bnandSingaporeUSD15bnareamongstthelargestcontributorstotheissuanceandIGsaccountedfor844ofthegrossissuanceBysectorfinancialsremainedtobethelargestissuerswithissuanceamountofUSD128bncontributing851oftotalissuanceThegrossissuanceofAsiaex-JPUSDbondissuancein9M23wasUSD1135bndown238yoyfromUSD1491bnin9M22TheyoygrowthingrossissuanceinAugandSep23helpsnarrowtheYTDissuancedeclinefrom-296yoyinJul23PostFreeTradeZonebondFTZbondissuancewastightenedbyPBOCinMay23wesawtheLGFVsreturnedtotheUSDbondmarketforoffshorefinancingdespitetheissuanceinSep23droppedfromthehighlevelinAug23SinceChinesePolitburomeetingproposedtodefuselocalgovernmentdebtriskinJul23theChinesegovernmenthastakensuccessiveandforcefulactionstoaddressthelocaldebtburdensForexampleInnerMongoliamunicipalgovernmentwillissuethreebondstotaledRMB663bncUSD91bndue2026-2030on9Oct23tosettlethepayablesduetolocalenterprisesincludingLGFVsDespitethelimitationonLGFVsrefinancingchannelsweexpecttoseemoresupportivemeasuresfromthecentralgovernmenttorelievethefinancialconditionsLGFVs24Oct2023SourceDealogicSourceDealogic34Oct2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorOnshoreprimaryissuancessuspendduringtheNationalDayHolidayGRNLGRGreenlandHoldingGroupresumestradingoffourUSDbondsJIAYUAMoodyswithdrewJiayuanInternationalsratingsduetoinsufficientinformationMEDCIJMedcoEnergi1H23revenuerose07toUSD112bnandnetprofitdown585toUSD1303bnNWSZFNWSHoldingsobtainedBermudaMonetaryAuthorityapprovalinconnectionwithHKD915shareconditionalvoluntarygeneralcashofferfromCTFESHIMAOShimaochairmansMasonGroupshareholdersapproveHKD00338pershareprivatizationofferatcourtmeetinggeneralmeetingSINOCHSinochemendedanagreementtocooperateasshareholderofhigh-endItaliantiremakerPirelliVEDLNMediareportedthatVedantaResourcesisinadvancedtalkswithStandardCharteredBankJPMorganforUSD3bnrefinancingVedantaLtdsaidOaktreeCapital-backedentitiessubscribedUSD300mn-equivalentINRbondsissuedlastweekFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12months44Oct2023TherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
|
|
