>> 招银国际-Fixed Income Daily Market Update -230315
| 上传日期： |
2023/3/15 |
大小： |
733KB |
| 格式： |
pdf 共4页 |
来源： |
招银国际 |
| 评级： |
-- |
作者： |
-- |
| 下载权限： |
无限制-登录即可下载 |
|
|
研究报告全文：FixedIncomeCreditCommentary15Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报MarketssentimentwasbetterthanpreviousdaysthismorningAsianIGopened10-15bpstightenwhileretreatedc5bpsnearnoonNewissueGlennKoCFA高志和BNKEA27andHSBC29wereunderbetterbuying85236576235glennkocmbicomhkFOSUNIFosuntosell60ofNangangtoShagangforRMB1358bnFosunHighTechtoacquire295ofZhejiangWanshengforRMB265bnFOSUNIswereunchangedto05ptthismorningCyrenaNgCPA吳蒨瑩VEDLNMediareportedthatVedantagetsindicativetermsheetforUSD1bn85239000801cyrenangcmbicomhkfour-yearloanatSOFR800bpsVEDLNsrose01to075ptbymid-dayTradingdeskcomments交易台市场观点JerryWang王世超85237618919YesterdayAsiaIGmarkethadarelativelycalmopeningandturnedbetterjerrywangcmbicomhksellingintheafternoononariskofftoneasclientsweregenerallysidelinedformoreupdatesonthebankingcrisisunfoldinginEUUSandtheCPIdataonTuenightFront-endIGsweretradedheavyasthevolatilityinratessignificantlyworsenedthemarketliquidityandrisksentimentCT2spikedagaininthePMsessionandclimbed27bpstocloseat4261IGspreadsbroadlyended10-20bpswiderFinancialsspacesufferedfromtherecentnegativeheadlinesonbanksCSreportedmaterialweaknessinitsdelayedfinancialreportingT2sremainstobetheunlovedsectorwithsellersonCCBCINDBKSHCMBKUOBSPOCBCSPBNKEAwidened20-30bpsandnewBNKEA27weremarkedatT250AMCspacewasonewaysellingCCAMCLORIEASGRWALLcurveswidened10-20bpsandHRINTHcurveweremarked1-15ptslowerincashpricesChinaSOEsTMTswidened3-8bpsWesawsellingoncentralSOEssuchasSINOPECHITRAdespitesmallshortcoveringbeforethedayendHAOHUA29s30sweretradedanother5-8bpswidertoT202222respectivelyTMTbenchmarksBABATENCNTweretraded5-10bpswiderwithfront-endbondsunderperformedonprofittakingflowsfromclientsChinapropertyspaceweredown05-2ptsamidRMsellingacrossbenchmarknamesDALWAN25-26sweretraded2ptslowerThecompanyannounceditsChairmanQiJieresignedduetopersonalreasonsCOGARDsdroppedanother05-125ptsaftermovingaround1ptsloweronMonROADKGFUTLANFTLNHD25-26sdrifted05-15ptslowerYLLGSPsweredown075-225ptsGRNLGR25-26swereindicated25ptslowerathigh-40sElsewhereTINGYI162525gained15ptsIndustrialnamesFOSUNIHONGQI25-26sweretraded15-2ptslowerMacaugamingnamessuchasMPELsWYNMACsloweredanother05-15ptsafterdeclining1-2ptsonMonSTCITYsSTDCTYsweredown15-3ptsAwayfromChinaIndianspacewasalsoweakerVEDLNsdropped05-175ptsRenewablessuchasGRNKENsRPVINsweredown05-15ptsIndonesianspacewasquietwiththinflowsLMRTSPsLPKRIJsweredown05-1ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk115Mar2023IntheAsiaAT1PerpLGFVspacesmarketsentimentremainedfragileamidmixedmacroheadlinesAT1swereimmediatelymarkeddownbyFMsellersonthebackofCSheadlinesduringthePMsessionHSBC8Perplowered1ptamidRMsellingbutstabilizedathigh-97tolow-98withstrongPBflowsupportElsewhereSTANLNThaiKoreanSingaporeanAT1swereanother1-15ptslowerHKAT1ssuchasBNKEACHOHINPerpslowered05-2ptsChineseAT1sremainedresilientandclosedroughlyunchangedto025ptlowersupportedbydemandfromChineseaccountsPerpswerelargelystablewithSOEPerpsremainedunderbetterbuyingbeforethereboundinUSTyieldsNewCTIH64Perpweretradedactivetwo-wayandendedunchangedtoatouchlowerat10675LGFVsstartedtoseesellingoutofNBRMandstructuredproductsasdemandwasgenerallysoftamidaweakbroadersentimentLastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeGRNCH2301272595520STCITY612011528826-24TINGYI15809242591513YLLGSP518052026861-22SSW51208012978010STCITY5011529748-20SANLTD43806183085106DALWAN11012025919-20ZJXCID3902042499806DALWAN11021326886-20MarcoNewsRecap宏观新闻回顾MacroUSstockmarketsreboundedyesterdaySP168Dow106andNasdaq214ralliedafterpreviousdownasmarketexpectFedmaysuspendinterestratehiketotemporarilyrelievepressureofbanksystemUSFebCPIis60yoyandsamewithmarketforecastTheUStreasuryyieldsedgedupyesterdaythe251030yieldsreached420378364377respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFNoOffshoreAsiaNewIssuesPricedTodayOffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFNoOffshoreAsiaNewIssuesPipelineTodayNewsandmarketcolorRegardingonshoreprimaryissuancestherewere112creditbondsissuedyesterdaywithanamountofRMB93bnAsforMonth-to-date1042creditbondswereissuedwithatotalamountofRMB876bnraisedrepresentinga148yoyincreaseAGILEMediareportedthatAgileGroupsapplicationforcompulsorysaleofKowloonTongluxurypropertyisapprovedbyHKLandsTribunalThebasepriceofthesaleisHKD966mncUSD123mn215Mar2023FOSUNIFosuntosell60ofNanjingNangangtoShagangforRMB1358bnFosunHighTechtoacquire295ofZhejiangWanshengforRMB265bnGEMDALGemdalePropertiesexpectsFY22profitdropupto48yoytoRMB21-25bnGRNLGRMeidareportedthatGreenlandHoldingremitsfundstocuremissed12Feb23USDcouponswithingraceperiodLIANYUFitchaffirmedLianyungangPortatBBBoutlookstablePOLYREPolyDevelopmentplanstoraiseuptoRMB25bncUSD364mnviaonshorenotesRDHGCLRadianceHoldingsGroupdepositsUSD117mnintodesignatedbankaccountforinterestpaymentofRDHGCL78032024SUNACMediareportedthatSunacbondholderAHGagreesin-principletooffshorerestructuringplanincludingswappingaboutUSD37bnintoequityinstrumentsTPHLMediareportedthatTimesChinasunitobtainedbondholdersapprovaltoextendRMB500mnonshoreABSdue2024VEDLNMediareportedthatVedantagetsprelimtermsheetforUSD1bnfour-yearloanatZincIntlfromJPMDBBarclaysStanCatSOFR800bpsVNKRLEChinaVanketoredeemRMB15bn20Wanke01bondson16MarZHPRHKZhenroPropertiesoffshoreholisticliabilitymanagementsolutionsmayhavenohair-cutandincludeamortizationofprincipalofexistingdebtexpectstoturntolossforFY22CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownrisk315Mar2023TheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
|
|
