>> 招银国际-Fixed Income Daily Market Update -231006
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研究报告全文：FixedIncomeCreditCommentary6Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketswerecautiousbeforetonightsNFPdataandflowsweremixedtwo-wayIGspacewerestablewhileLGFVsectorwereactiveandwesawbuyingGlennKoCFA高志和flowsondue2024names85236576235glennkocmbicomhkHRINTHGoodaccesstoonshorefundingsupportscontinuousbondrepurchasesSeebelowYUNINVSouthwestSecuritiesInternationalSecuritiessoldUSD3mnofCyrenaNgCPA吳蒨瑩YUNINV65030225atconsiderationofUSD281mnYUNINVwaslargely85239000801cyrenangcmbicomhkunchangedthismorningTradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdayovernightUSTyieldstightened6-10bpsAsiaIGspreadproductsjerrywangcmbicomhkgrinded1-3bpstighterwhilesentimentwasabitfirmerInChineseSOETMTbenchmarksHAOHUATENCNTBABA30s31swereunderbetterbuyingInthefrontendofIGpaperswesawsomeprofittakingonSOE24sBOCAVICTIH23spaperswerealsobetter-offeredInfinancialsHRINTHcurverecoveredfromWednesdaylowsandbounced025-125ptsChinesebankT2sremainedstableHoweverKoreaspacewastradedinaweakertoneLGENSO26sedged3bpswiderGSCCOR28swidened5bpsInSGbankT2sDBSSPOCBCSPpaperswidened3-5bpsHKCorpperpspacestayedrange-boundNWDEVL615PerpCKINF485Perpwereup075-1ptWhilstLEEMAN55PerpNANFUN5Perpweredown05ptHKChinesepropertiesremainedweakYLLGSP24lowered125ptsGEMDAL24dropped2ptsROADKG26sCSCHCN24sweredown1-125ptsROADKGswere05-1ptlowerFUTLANsFTLNHDsedgeddown05ptInindustrialsAACTEC26s31swereup015-035ptAACTechfurtherrepurchasedUSD935mnof2625due-2026sandUSD2295mnof375notesdue-2031sEHICARWESCHI26swereup025-05ptMacaugamingspacewasfirmMPELWYNMAC28-30swereup075-1ptInIndianspacerenewablesGRNKENsRPVINswereup05ptIndonesianSOEsFRIDPT52sIDASAL50swerebetterbidMEDCIJ25-28swere05pthigherMediareportedMedcoEnergiplannedtorepurchasesomeofitsoutstandingUSDnotesviaanothertenderofferasperitsCFOduringthe1H23earningcallElsewhereGLPCHI24s26swereunchangedto05pthigherpost1H23resultsIntheLGFVPerpspacemarketstayedcautiousandflowswerelightamidratesvolatilityChongqingShandongnamesweresubduedCQLGST24sCQNANA26sedged025-035ptlowerSHUGRP24sSHGUOH26swerebetterofferedSelected7-8LGFVswerebetterbidJMUDIV25GZDZCD26were0125pthigherCPDEV26wasdown125ptsZHHFGR25wasdown025ptInSOEperpsCHPWCN345PerpCHCOMU3425PerpCCBINT3329Perpwere01-02pthigherPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk16Oct2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeFRIDPT6204145281114GEMDAL495081224432-19HRINTH41411072783312YLLGSP68022724907-12HRINTH43404272785411ROADKG52011226372-12NWDEVL615PERP73010CSCHCN9062624477-10HRINTH47811222686509DALWAN11021326358-04MarcoNewsRecap宏观新闻回顾MacroSP-013Dow-003andNasdaq-012wereweakonThursdayThelatestUSinitialjoblessclaimwas207kslightlyhigherthanlastweekdataof205kwhilelowerthantheexpectationof210kUS30yrmortgageratereachedthehighestlevelsince2000as749TheUSTyieldswerestableyesterday251030yieldreachedat503468472489respectivelyDeskanalystcomments分析员市场观点HRINTHGoodaccesstoonshorefundingsupportscontinuousbondrepurchasesOn5Oct23mediareportedthatatradingdesktradedmorethanUSD40mnHuarongbondsThislargetradingvolumeinagenerallyquietsessioncouldrevealfurtherUSDbondrepurchasedbyHuaronginourviewOn16Aug23Huarongraised3-yearonshorefinancialbondsofRMB20bncUSD27bnatacouponrateof31Thegoodaccesstolow-costonshorefundingoffersHuarongthefinancialflexibilitytocontinuetherepurchasesofitsoffshorebondsIndeedweexpectHuarongaswellasotherChineseAMCstobuybacktheiroffshorebondsatdiscounttodeleverageandbringdownfundingcostsRecalledthatHuarongannouncedthesuccessiverepurchasesoflonger-datedUSDbondswithlowercashpricesanSGDbondstotaledUSD7417mnequivalentinprincipalamountsince19Sep23SincethentherepurchasedUSDbondsmoved025to175ptshigherWeestimatethatatleastUSD290mnoftheserepurchaseswereconductedsince19Sep23Takingcuesfromthemodestpricingmovementafterthesizeablerepurchaseswesuspectthatasignificantpartoftherepurchaseswereconductedthroughdirectrepurchasesfrommajorholdersinsteadofon-marketrepurchasesHRINTHsremaintobeourtoppicksoftheChineseAMCsectorWithintheHRINTHcurveourpreferencesareHRINTH375052924HRINTH55011625andHRINTH425Perpcallable093025WealsolikeGRWALL395Perpcallable073124aftertherecentpricecorrectionandCCAMCL44Perpcallable031126asalowbetaplayOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFUzbekistan6605yr81258125---26Oct2023OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorOnshoreprimaryissuancessuspendduringtheNationalDayHolidayCHINSCMoodysdowngradedChinaSCEsratingstoCaCandmaintainednegativeoutlookMEDCIJMedcoEnergisaidtocontinuerepurchasingbondsviaanothertenderSHIMAOShimaochairmansMasonGroupHKD00338pershareprivatizationofferexpectedtobecomeeffectiveon10NovsubjecttofulfillmentofconditionsFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdom36Oct2023ThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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