研究报告全文：FixedIncomeCreditCommentary5Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketssentimentrecoveredafterUSTdownAsianIGbenchmarkstightened1-3bpsandwesawprofittakingsonfront-endnamesAMCsectorGlennKoCFA高志和wasunderbetterbuyingthatHRINTHsrose05-1ptCHINSCisexploring85236576235holisticdebtmanagementpostthenon-paymentofsyndicatedloanglennkocmbicomhkCHINSCswereunchangedt0-04ptSeebelowAACTECFurtherrepurchasesofUSDbondsmaintainbuyAACTECswereunchangedto03ptthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkLIFUNGRaisedthetendercaponLIFUNG5081825byUSD100mntoUSD2725mnLIFUNG25wasunchangedandLIFUNGPerpdown02ptthismorningSeebelowJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayUST1030yryieldswidenedupto10-15bpsto481and495respectivelypostthestronger-than-expectedUSlabor-marketdataThesentimentremainedweakonthebackofhigherrateslevelAsiaex-JPIGspreadswere1-5bpswiderTherecentnewBBLTB28s33swidened5-8bpsChineseSOETMTbenchmarkswere1-3bpswiderThehighbetaTMTssuchasLENOVOWB30swidened5-10bpsInChinesefinancialsHRINTHcurvewastraded025-1ptlowerChinesebankT2sweretradedwithmixedtwo-wayflowsBCHINA24sCCB29sremainedbetterbidWhilstICBCASNANYAN29swereundersmallbettersellingAmongChineseAT1sBCHINA36PerpICBCAS358Prepweredown015-025ptCHOHINBNKEAPerpsedged05ptlowerThaiKRAT1shadachoppysessionBBLTBKBANKPerpsweredown050-1ptInEuropeanAT1sHSBC8PerpSTANLN775Perpwere05ptlowerHKCorpperpsremainedactiveNWDEVL48PerpCKPH35Perplowered05-1ptHKChinesepropertiesremainedweakSHUION25sYLLGSP26swere075-1ptlowerLNGFOR27-32sdropped15-175ptsDALWAN24sCHJMAO26sweredown1-15ptsCHINSCsclosed15ptslowertocloseatsingle-digitspostChinaSCEsannouncementonexploringholisticdebtrestructuringCSCHCNsCOGARDslowered075ptInindustrialsWESCHIEHICAR26sedgeddown025ptMacaugamingspacewasstillsubduedMPELSTCITYWYNMAC28-30sweredown125-175ptsInIndianspaceVEDLN25s26sdeclined05-1ptInIndonesianSOEsthelong-endofINDOISsIDASALsweresubduedIntheLGFVPerpspacesflowscontinuedtobelimitedamidChinalongholidayThemarketsidelinedamidhigherratesandpersistingUSDstrengthLGFVsremainedstablewithonshoreaccountsoutShandongChongqingnameswerefirmCPDEV25weredown1ptWesawbettersellingfromPBsandoffshoreChineseAMsinCPDEVThehigher-yieldingLGFVpapersweremixedGSHIAV24wasup05ptYUNINV25wasdown15ptsInSOEperpsCHPWCN355PerpCHCOMU3425Perpwere015-02ptlowerPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk15Oct2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRWALL37808312786320INDOIS38062350696-18TAISEM41204225283409MPEL538120429807-17GZHRCB59PERP95709INDOIS355060951665-17CSSSHI302133079308IDASAL6757111548891-17GEMDAL49508122443308LNGFOR385011332387-17MarcoNewsRecap宏观新闻回顾MacroSP081Dow039andNasdaq135reboundedonWednesdayUSSepADPemploymentwas89kdownfrom180kinAugandwaslowerthantheexpectationof153kUSSepMarkitservicePMIwas501belowtheexpectationof502TheUSTyieldsretreatedyesterdaytheyieldcurvebullflattenedand251030yieldreachedat505472473487respectivelyDeskanalystcomments分析员市场观点CHINSCExploringholisticdebtmanagementpostnon-paymentofsyndicatedloanOn4Oct23ChinaSCEannouncedthenon-paymentofUSD61mnamortizationofsyndicatedloandue28Sep23Thenon-paymenthastriggeredaneventofdefaultofChinaSCEsUSDbondswithoutstandingamountofUSD18bnThesyndicatedloanfacilitieswereprovidedbyHSBCBOCHKandHangSengBankinMar21comprisedofHKD351mnandUSD3425mnandoriginalfinalmaturityisinSep24On21Sep23MediareportedthatChinaSCEobtainedverbalagreementfromalllenderstoeffectivelyextendthematurityoftheexistingfacilitiesby16-monthNonethelessthepressureforloanamortizationremainstobechallenginggivenitsweakpropertysaleswhichslumped42yoytoRMB237bnin8M23AdditionallyChinaSCEisyettopaythecouponofcUSD134mnonCHINSC595092924due29Sep23ChinaSCEwillappointanexternaladvisorforaholisticdebtrestructuringAACTECFurtherrepurchasesofUSDbondsmaintainbuyIssueOutstandinOfferRepurchaseUSDmnsizegUSDmnpriceYTM13Oct22Jan23Jun23Sep-Oct23damt951--AACTEC3112724388002768187751111821112853AACTEC2580602263000023125419047396111935687703-AACTEC3340602313500029215319313392722925782378Tenderpriceorestbuybackprice--AACTEC3112724880-AACTEC25806022675884686384825Oct2023-AACTEC334060231747713696AACTTechannouncedfurtherrepurchasesitsUSDbondsThefocusesinthelatestrepurchasesfrom28Sep23-4Oct23wereonAACTEC26and31WeestimatethepricesforlatestrepurchasesofAACTEC26and31tobe848and696respectivelyOverthelast12monthsAACTechthroughtenderofferandopenmarketrepurchaseshasearlyredeemedUSDbondstotaledUSD2378mninprincipalamountincludingUSD1112mnofAACTEC24WeestimatetheproceedsforearlyredemptionssofartobecUSD193mnTheestimatedredemptionpricesforAACTEC2426and31are88758-863and696-747respectivelyAACTECswereunchangedto03ptthismorningWemaintainbuyonAACTECsinviewofAACTechssufficientliquidityprofileourexpectationoffurtherbondrepurchasesandtheyieldpick-upoverbondsoffellowIGindustrialsuchasSUNOTGAsofJun23AAChadRMB71bncashonhandwhileitsshort-termdebtswasRMB16bnWearenottooconcernedonMoodysnegativeratingoutlookposttheannouncementofacquisitionofPSSOnapro-formabasisweestimateAACTechsdebtEBITDAtobe33xvsdowngradetriggerof35xafterthepaymentofthefirsttrancheofacquisitionconsiderationsandconsolidationofPSSoperationsWeexpectAACTechsrevenueandprofittoimprovealongwiththerecoveryofglobalconsumerelectronicsmarketLIFUNGRaisedthetendercaponLIFUNG5081825byUSD100mntoUSD2725mnLiFungraisedthetendercaponLIFUNG5081825byUSD100mntoUSD2725mnThesubsequenttenderconsiderationisincreasedto94from91AsoftheearlydeadlineUSD1913mnwasacceptedforpurchaseandtheoutstandingamountofthebonddecreasedtoUSD3312mnfromUSD5225mnTheexpirationdatewasextendedto19Octfrom16OctLiFungonlyhastwoUSDbondsoutstandingLIFUNG5081825ofUSD3312mnandLIFUNG525PerpFFLperpofUSD650mntotaledUSD11725mnIftherevisedmaximumacceptanceamountofUSD2725mnisreacheditwillrepresentc23decreaseintotalUSDbondstoUSD900mnMeanwhiletogetherwiththeUSD775mnofLIFUNG5081825repurchasedinthetenderofferinNov22theamountofdebtsreductionwouldalsoexceedtheUSD250mnplansetbyLiFunglastyearBondLIFUNG5081825OsamtafterearlytendersettlementUSD331226mnRevisedmaximumacceptanceamtUSD272485mnAcceptedamtinearlytenderUSD191259mnMaximumamtcouldbeacceptedinsubsequenttenderUSD81226mnSubsequenttenderconsiderationUSD94Expirationdate19OctPxask935YTMask89SourceBloombergCompanyfilling35Oct2023OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorOnshoreprimaryissuancessuspendduringtheNationalDayHolidayCHINSCChinaSCEGroupannouncedtoexploreholisticsolutionafternon-paymentofsyndicatedloancauseseventofdefaultDEXICNDexinChinafurtherdelayedcircularonsaleofparkingspacerightsandHuzhouhoteltoDexinServicestoonorbefore24Oct23ESRCAYESRGrouptoexerciserighttoredeemalloutstandingUSD06mn15CBsdue2025INDYIJIndikaEnergyunitsecuredUSD20mnloanfromBankKBBukopinMEDCIJMedcoEnergiaimstoreduceconsolidatednetdebtto2018levelofUSD22bnbytheendof2023andplansUSDbondsbuybackFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesor45Oct2023enterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5