>> 招银国际-Fixed Income Daily Market Update(13 Oct 2023)-231013
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研究报告全文：FixedIncomeCreditCommentary13Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报AsianIGspacewasstablethismorningLowbetanameslikeCKHHHKAAGlennKoCFA高志和wereunderbetterbuyingandtherewereactivetwo-wayflowsonotherfront-85236576235endIGbondsAMCsectorwasmostlyunchangedglennkocmbicomhkFUTLANFTLNHDPlanstoissue4thCBICL-guaranteednotesFUTLANsFTLNHDsmoved-05to04ptthismorningSeebelowCyrenaNgCPA吳蒨瑩DALWANMediareportedthatDalianWandaGroupplanstoextendthe85239000801cyrenangcmbicomhkrepaymentofUSD13bnloansforasecondtimewhicharelinkedtoZhuhaiWandasIPODALWANsmoved-025to025ptthismorningJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaex-JPIGspacewastradedinaconstructivetoneChineseSOETMTbenchmarksnamesgrinded1-2bpstighterTENCNT30sBIDU31swere2bpstighterThehigh-betaTMTswerestableinspreadsXIAOMI30s31swereunderbetterbuyingInChinesefinancialsHRINTHcurvewastraded05-08ptshigherandflowsturnedbetterbuyingamongRMsAMspostfurtherbuybackCCAMCL27stightened5bpsandits24-27sweretradedinbalancedtwo-wayflowsGRWALL395Perpwas05pthigherInAT1sBNKEA5875PerpCHOHIN57Perpgained04-06ptHSBCSTANLNAT1swereup05-1ptInAsianbankT2sleasingspaceBCHINAICBCASCCBNANYANBOCAVIUOBSPpapersweretradedinactivetwo-wayflowsKoreaspacewasunderbetterbuyingHYUELEKOLAHO28sgrinded1-6bpstighterInHKspaceCKHHHKLSP33swerebetterbidLEEMAN55Perpwastradedstableathigh-80spostfurtherrepurchasesofUSD2383mnHoweverNWDEVLPerpslowered1-12ptsChinesepropertiesremainedlacklusterLNGFOR28-32sdeclined1-12ptsGEMDALVNKRLE24sedgeddown08-09ptOntheotherhandCSCHCNsperformedmixedCSCHCN9121124gained25ptswhiletherestofCSCHCN24slowered2-23ptsDALWAN24wasstableathigh-50sLastnightmediareportedDALWANplannedtoextendforasecondtimeontheprepaymentdeadlineforUSD13bnofloanslinkedtoZhuhaiWandaunitsIPOIndustrialswerefirmEHICAR24swas04pthigherfollowingtheannouncementofrepurchasesofUSD46425mnonitsdue-2024sAACTECWESCHI26swereup06-08ptHONGQIwasunchangedathigh-90sMoodysaffirmedChinaHongqiaosBa2ratingsbutrevisedtheoutlooktonegativefromstableMacaugamingnamesMPELSANLTD28s29sweredown05-06ptInIndianspaceVEDLN24s25swereup02-03ptIndonesiannamesMEDCIJ25-27swere08-13ptshigherafterMedcoEnergiannouncedthetenderofferandconcurrentnewissuePLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk113Oct2023Thereweregoodtwo-wayflowsinLGFVsamidanoverallupbeatsentimentThe23s24sLGFVsremainedfirmsupportedbycashdeploymentbuyingThe7-8ShandongnamesQDJZWD25sQDHTCO24swereup01ptSeveralhigh-betahigher-yieldingnameswerebetterbidChongqingShandongnamesCQNANA26sSHGUOH25swereunchangedto02pthigherCPDEV575Perpwasupanother06pttocloseat79ElsewhereSOEPerpswerebetterboughtbybothonshoreandoffshoreChineseRMsInSOEperpsHUADIA3375PerpHUANEN308Perpweredown02ptFRESHK25s26swereup06-07ptLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeCSCHCN912112443525CSCHCN9062624483-23MEDCIJ69511122894813CSCHCN9041224510-20MEDCIJ634013025101111TAISEM412042252839-20MEDCIJ63801302795708CITLTD507041848853-18AACTEC25806022686608SINOPE46091248818-18MarcoNewsRecap宏观新闻回顾MacroSP-062Dow-051andNasdaq063retreatedpoststickySepCPIonThursdaythelatestCPIwas04momhigherthanthemarketexpectationof03momThelatestinitialjoblessclaimwas209kcomparedtothemarketexpectationof210kTheUSTyieldsralliedhigheryesterday251030yieldreached506469470486respectivelyDeskanalystcomments分析员市场观点FUTLANFTLNHDPlanstoissue4thCBICL-guaranteednotesSeazenplanstoissue3-yearRMB15bnCBICL-guaranteedinterbanknotesat33-43couponasearlyasnextmonthanditwillbeSeazens4thCBICL-guaranteednotesissuanceSinceSep22ithasissued3CBICL-guaranteedtranchestotaledRMB385bnAtthesametimeitisalsolookingintoissuanceofdomesticcorporatebondswithCDSprotectionSeazenisoneofthefewnon-stateowneddevelopersremaincurrentonitsdebtobligationsandmaintainaccesstovariousfundingchannelsOntopoftheCBICL-guaranteedissuancesonshoreSeazensuccessfullyissued364-dayFTLNHD795052024ofUSD100mnoffshoreinMay23torefinanceanother364-daypaperdueinJun23IthastotaledUSD18bnUSDbondsoutstandingandthenextmaturitywillbeinMay24ofUSD100mnWeviewitsrefinancingriskismanageablewiththefinancialflexibilityprovidedbyitsmaturingIPportfoliosaswellasfundingchannelsaccessPleaserefertoourcommentSeazen-ToomuchdownsidepricedinformoredetaileddiscussionWepreferlonger-datedlowercashpriceFUTLANsFTLNHDsFUTLANsFTLNHDsmoved-05to04ptthismorningOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFShinhanBankCoLtd5005yr6425SOFR108Aa3AA213Oct2023OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFZhejiangKunpengUSD-364d73Baa3--NewsandmarketcolorRegardingonshoreprimaryissuancestherewere101creditbondsissuedyesterdaywithanamountofRMB118bnAsforMonth-to-date230creditbondswereissuedwithatotalamountofRMB246bnraisedrepresentinga45yoyincreaseAGILEAgileGroupannouncedtosellacquireequityinterestsinsomecompaniesengagedinrealestatedevelopmenttotaledcRMB12bntooffsetdebtsCHAECOChangdeEconomicConstructionInvestmentissuedRMB1bnfive-yearMTNswith40couponItplanstoofferRMB800mnthree-yearMTNstorepaydebtsCHIOILChinaGasHoldingsproposestoofferuptoRMB15bnfive-yearMTNstorepaydebtsDALWANMediareportedthatDalianWandaGroupplanstoextendtherepaymentofUSD13bnloansforasecondtimewhicharelinkedtoZhuhaiWandasIPOFUTLANSeazenHoldingsplanstoissueRMB15bnCBICL-guaranteedinterbanknotesasearlyasNov23GCLNEGCLNewEnergysaidtocutliabilitiesbyaroundRMB259bnfollowingdisposalofSuzhousolarpowerprojectcompaniesNWSZFNWSHoldingstoholdEGMon2NovtoconsiderHKD915shareconditionalvoluntarygeneralcashofferfromCTFEQDJZWDQingdaoJiaozhouBayDevelopmentissuedRMB800mntwo-yearMTNsat376coupontorepaydebtsSINOCESino-OceanGroupannouncedtoarrangepaymentforUSD38mninterestdue26Octoberof380notesdue2025afterobtainingrelevantfinanceVEDLNVedantaincorporateswhollyownedsubsidiaryVedantaIronandSteeltowardsimplementationofdemergerschemeFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertification313Oct2023Theauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
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