>> 招银国际-Fixed Income Daily Market Update(9 Oct 2023)-231009
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研究报告全文：FixedIncomeCreditCommentary9Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报FlowsweremoreactivethismorningpostonshoreholidaysAsianIGspacewereunchangedto2bpswiderafterUSTratesincreaseLGFVspacewereGlennKoCFA高志和two-waybalancedandfront-endnameswerecontinuedtobesoughtafter85236576235glennkocmbicomhkNWDEVLNWSZFAllpre-conditionsunderCTFEsconditionalvoluntarygeneralcashofferaresatisfiedNWDEVLsroseanother15-3ptspost1-2ptsrallyonlastFridayNWSZFswereunchangedthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801PTTGCPTTGlobalChemicalrepurchasedUSD36mnof298seniornotescyrenangcmbicomhkdue2031PTTGCsmoved-02to03ptmorningTradingdeskcomments交易台市场观点JerryWang王世超85237618919LastFridayAsiaex-JPIGspacestayedrange-boundaheadofNFPdatajerrywangcmbicomhkreleaseandthelongweekendJapanUSholidayonMondayInfinancialsHRINTHsweretraded025pthigherwithsmallbuyingflowsonfrontendChinesebankT2sweretradedinmixedtwo-wayflowswithbetterbuyingonBCHINA24sICBCAS25swhilstbettersellingonCCB29sBOCOHK31sChineseAT1swerewellbidInChineseSOEsHAOHUAswerealsomixedHAOHUA30stightened2bpswhileits28s29swere1-2bpswiderChineseTMTswerestableWBLENOVO30swerebetterbidHKCorpperpswerefirmNWDEVLPerpsweretraded1-2ptshigherwithPBbuyingCKINF485PerpCKPH35Perpwereup1ptHKChinesepropertiesweretradedfirmerSHUIONYLLGSP24-26swereup05-075ptLNGFOR27-32sgained2-4ptsCHJMAO26sVNKRLE27swere15-25ptshigherCSCHCN24sGRNCH25swereup15ptsDALWANLASUDE26swereamongtheexceptionstoclose1-15ptslowerInindustrialsEHICAR24s26sweredown025-05ptMacaugamingnamesperformedmixedMPELsSANLTDswereup05pttwhileSTCITYWYNMAC28-31sweredown05-1ptInIndianspaceVEDLN24-26swere025ptlowerIndonesiannamesLPKRIJLMRTSP26sweredown025-05ptElsewhereGLPCHI24s26swere1-2ptshigherTheLGFVPerpspaceswerestableaheadoftheUSjobdataTheflowsremainedlightwiththemajoritybeingoffshoreChineseAMsparkingcashin24sLGFVsc24sSOEPerpsInthe7-8LGFVsQDHTCO24sJMUDIV25sGZDZCD26swere01pthigherInShandongChongqingnamesSHGUOH25sSHDOIS24swereup01-015ptCQNANA26swere025pthigherInthehigher-yieldingLGFVsKMRLGPWFURCD24swerebidup025-05ptElsewhereCPDEV575Perpwas075pthigherInSOEperpsCHPWCN425PerpCHSCOI34Perpweredown015-025ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk19Oct2023LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeLNGFOR38501133243141DALWAN11021326350-15LNGFOR33804132758040LASUDE5072826541-13LNGFOR41201162856132TAISEM314102551646-11VNKRLE31211122960424WYNMAC558082628839-10LNGFOR39509162948723TAISEM412042252820-10MarcoNewsRecap宏观新闻回顾MacroSP118Dow087andNasdaq160ralliedhigherdespitestrongNFPdataonlastFridayTheUSSepNFPwas336krosefrom227kinAugandwashigherthantheexpectationof170kUSSepunemploymentratewas38higherthantheexpectationof37TheUSTyieldsincreasedonlastFriday251030yieldreachedat508475478495respectivelyDeskanalystcomments分析员市场观点NWSZFAllpre-conditionsunderCTFEsconditionalvoluntarygeneralcashofferaresatisfiedNWSannouncedallthepre-conditionsundertheconditionalvoluntarycashofferfromChowTaiFookEnterprisesCTFEhavebeensatisfiedasat6OctTheseincludeapprovalsfromtheBermudaMonetaryAuthorityandInsuranceAuthorityaswellasalltherequiredconsentsorwaiversinrespectoftherelevantloantermsObtainingalltherequiredconsentsorwaiversinrespectofrelevantloantermsisademonstrationofsupportfromvariousbankstowardsNWSNWDandtheChengfamilyThisshallcleartheairthatmarketspeculatedbankswithdrewcreditlinestoNWDRecallthatNWDsViceChairmanAdrianChengstressedintheNWDresultbriefingthatthegrouphasmaintainedcreditlineswithover60bankswithlong-standingrelationshipsAfterthesatisfactionofpre-conditionsthecompositedocumentisrequiredtobedispatchedtotheNWSshareholdersandoptionholdersnolaterthansevendaysafterthesatisfactionofallthepre-conditionsieonorbefore13OctTheNWSofferappearstobeontracktocompletebeforethelongstopdateon26Dec23OffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFNoOffshoreAsiaNewIssuespricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSF29Oct2023NoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorOnshoreprimaryissuancessuspendonLastFridayduringtheNationalDayHolidayCENCHICentralChinaRealEstatedeniedrumorsoffilingforbankruptcyCHAECOChangdeEconomicConstructionInvestmentproposestoofferuptoCNY1bnfive-yearMTNstorepaydebtsCOGARDCountryGarden-guaranteedRislandThailanddebenturesratingwaswithdrawnbyFitchduetolackofinformationEVERREUAEinvestorshaltedUSD500mninjectioninEvergrandeEVunitLIFUNGLiFungmadepaymentforearlytendereddue-2025notesUSD33123mnremainsoutstandingPTTGCPTTGlobalChemicalrepurchasedUSD36mnof298seniornotesdue2031QDJZWDQingdaoJiaozhouBayDevelopmentproposedtoofferuptoRMB800mntwo-yearMTNstorepaydebtsRISSUNRiseSunRealEstateDevelopmentcompletedconsentsolicitationregarding95seniornotesduein20232024VEDLNVedantaLimitedincorporatedfirstunitVedantaAluminumMetalLimitedundersix-waydemergeplanZJCOMGZhenjiangTransportationIndustrytoholdnoteholdersmeetingon10Octtovoteonproposedearlyredemptionofoutstanding2021notesFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassets39Oct2023orothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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