>> 招银国际-Fixed Income Daily Market Update(20 Oct 2023)-231020
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研究报告全文：FixedIncomeCreditCommentary20Oct2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报Activeflowsonfront-endnamesthismorningFront-endT2sleasingnamesGlennKoCFA高志和andLGFVwereunderbetterbuyingIGbenchmarkswereunchangedNew85236576235issuesICBC26wereweakShandongLGFVswereactivetradedduetonewglennkocmbicomhkissuesHRINTHRoomforfurtherrepurchasesHRINTHswereunchangedthismorningSeebelowCyrenaNgCPA吳蒨瑩85239000801cyrenangcmbicomhkDALWANDalianWandaCommercialManagementresoldRMB51415mnandcancelledRMB33bn20Wanda01bondsDALWANsdown1-2ptsthismorningJerryWang王世超85237618919jerrywangcmbicomhkTradingdeskcomments交易台市场观点YesterdayovernightUST10yryieldwidened8bpsto491OnnewissuesMUFGpricedUSD750mnAT1atpartoyield82TheAT1openedat1013andwastraded08ptlowertocloseat1005afterprofittakingflowsICBCASpricedUSD500mn3yrfixedratebondatT45andUSD1bn3yrFRNatSOFR60Both3yrfloatingfixedrateICBCASweretradeheavilywidened10-15bpsInKoreaspacenewKDBpaperswereunchangedto1bpwiderKEBHNB28swereunderbetterbuyingfromPBsbutclosedunchangedOnthesecondaryfrontthetoneinAsiaIGspaceturnedsofterInChinaSOETMTbenchmarksHAOHUABIDUwere1-3bpswiderThehighbetaTMTsWBXIAOMIMEITUA30swereunderbettersellingChinesefinancialsweremixedThefrontendofleasingAMCpaperswerebetterbidCCAMCL25ORIEAS27CMINLE26tightened2-4bpsLastnightHRINTHannouncedfurtherrepurchasestotaledUSD20112mnSeecommentsbelowChinesebankT2swerebettersoldBCHINAsCCBswidened3-6bpsInHKCorpspaceNWDEVL48PerpHYSAN41Perpweredown09-14ptsasRMsellingflowspersistedamidhigherrateslevelHKChinesepropertiesmovedlowerLNGFORsVNKRLEsloweredanother19-39ptsPINGRE2526dropped26-37ptsFUTLANFTLNHDGRNCH24-25sweredown08-15ptsCOGARDsdeclined05ptTheexceptionsareSHUION23YLLGSP24whichwere04pthigherWhilstChinesepropertiesmovedlowerIndustrialsweremixedAACTECCHALHK26swereup03-04ptWESCHI26declined09ptInMacaugamingnamesMGMCHISANLTDSTCITY25-30slowered08-16ptsInIndianspaceAZUPOEsADSEZswere05-11ptslowerInIndonesiaMEDCIJ27-28sclosed05ptlowerMEDCIJpricedUSD500mn55NC2at98771toyield925BSDEIJ25was23ptshigherBSDEIJannouncedthelaunchofatenderofferforany-and-allofitsoutstandingUSD300mn595due-2025seniornotesatparElsewhereGLPCHI2426declined09-16ptswhileGLPSPsclosed05ptlowerPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk120Oct2023TheLGFVPerpspaceshadastablesessionwithbalancedtwo-wayflowsOntheprimaryfrontwesawthenewissueJINLIX7326wasbetterbidundertop-updemandsfromRMsJLNLIX3424wasup05ptCONSON726wastradedsoftlygivenitskeepwellstructurevsCONSON2823thedirectissuancebutmanagedtostabilizeat997thankstoitshighcouponThe7-handlepapersfromShandongwerebetterbidbydemandfromnewRMmandatesJNHITE24sQDHTCO24swere01pthigherElsewhereinLGFVstheflowswerelightinChinesenamesacrosson-and-offshoreRMsTherewerealsosomeswitchingoutoffrontendpapersCPDEV2526Perplowered21-42ptsSOEPerpsweremutedLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeBSDEIJ595012325100123CPDEV385071425731-42ROADKG5903052559120LNGFOR338041327473-39ZJSOAM3210182496916PINGRE345072926537-37CSCHCN907202443806LNGFOR412011628442-27JINLIX3411162496505PINGRE314062325603-26MarcoNewsRecap宏观新闻回顾MacroSP-085Dow-075andNasdaq-096continuedtodownonThursdayThelatestUSinitialjoblessclaimwas198klowerthantheexpectationof212kandlastweeks211kThePhiladelphiaFedManufacturingIndexwas-90inOctcomparedwiththeexpectationof-64USexistinghomesalesdropped2momto396mnunitsthelowestlevelsince2010whilewasstillhigherthantheexpectationof389mnunitsLong-termUSTyieldsralliedhigherwhileshort-termyieldswerestableyesterday251030yieldreached514495498511respectivelyDeskanalystcomments分析员市场观点HRINTHRoomforfurtherrepurchasesBuyonHRINTHsontheexpectationoffurtherrepurchasesLastnightHuarongannouncedthe5throundofoffshorebondrepurchasesInthisroundtherepurchasedamountwasUSD20112mninprincipalAllofthesewereconductedbetween12-19Oct23Thefocusesremaintobeonlonger-datedandlowercashpricebondsHRINTHsareourtoppicksoftheChineseAMCsectorgiventhebetterrisk-returnprofilesandourexpectationoffurtherrepurchasesWithintheHRINTHcurveourpreferencesareHRINTH375052924HRINTH55011625andHRINTH425Perpcallable093025ForChineseAMCswealsolikeGRWALL395Perpcallable073124andCCAMCL44Perpcallable031126asalowbetaplayYTDAsiaexAustraliaNewZealandandJPissuershadtender-offeredandrepurchasedUSDbondstotaledcUSD74bninprincipalamountexclconvertiblebondsvsUSD156bnin2022cUSD109bnover10M22PleasereadourcommentsforOpportunitiesfromtenderoffersandrepurchasesdated17Oct23220Oct2023Chart1PricemovementofrepurchasedHRINTHssince1Sep23SourceBloombergClickhereforfullreportOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponPricedMSFMedcoEnergi50055NC292595B1BBOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFFujianZhanglongGroupUSD-----BBB-JinanHi-TechHoldingUSD-3yr77--BBBNewsandmarketcolorRegardingonshoreprimaryissuancestherewere93creditbondsissuedyesterdaywithanamountofRMB147bnAsforMonth-to-date662creditbondswereissuedwithatotalamountofRMB744bnraisedrepresentinga55yoyincrease320Oct2023PBOCkept15yrLPRunchangedat34542ChinaNBSpublishedSephomepricesof70majorcities5465citiesrecordedmompricedeclinefornewsecond-handhousesonlyBeijingandShanghaishomepricesforbothnewandsecond-handhousesincreasedbymomCHAECOChangdeEconomicConstructionInvestmentproposestoofferuptoRMB1bnfive-yearMTNstorepaydebtsCOGARDMediareportedthatCountryGardenisseekingtosellremainingWiltonGreensprojectsvaluedUSD13bninSydneytoraisecashtopaycreditorsThecompanydeniedrumorsthatfounderandchairmanhavefledChinaDALWANDalianWandaCommercialManagementresoldRMB51415mnandcancelledRMB33bn20Wanda01bondsLIFUNGLiFungclosedtenderofferfordue-2025notesUSD2092mnwaspurchasedandUSD3133mnremainsoutstandingMOLANDModernLandChinaannouncedtosell20ofChangsharesidentialpropertydevelopmentprojecttoTimesChinaatnilconsiderationtocutlossSHIMAOMediareportedthatShimaoGroupChairmanHuiWingMausoldcattlefarminvestmentportfolioinWesternAustraliaforAUD250mnFixedIncomeDepartmentTel8523657623585239000801fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreport420Oct2023CMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerCMBIGMoritsaffiliateshaveinvestmentbankingrelationshipwiththeissuerscoveredinthisreportinpreceding12monthsForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport5
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