>> 招银国际-Fixed Income Daily Market Update -230317
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研究报告全文：FixedIncomeCreditCommentary17Mar2023CMBICreditCommentaryFixedIncomeDailyMarketUpdate固定收益部市场日报ComparedtopreviousdaysmarketswererelativelyquietthismorningFlowswereoveralltwo-waybalancedFinancialsectorwasalsostabilizedGlennKoCFA高志和afterFedSNBandotherbanksshowedsupportstothebanksintrouble85236576235glennkocmbicomhkAGILEMediareportedthatAgilesunitaimstoissueuptoRMB1bn2NP1bondswithfullCDSprotectionon23-24MarAGILEswereunchangedto-05ptthismorningCyrenaNgCPA吳蒨瑩DALWANDalianWandaCommercialManagementproposesupto85239000801cyrenangcmbicomhkRMB15bn3yrMTNtorepaydebtsDALWANswereunchangedto025ptbymid-dayJerryWang王世超Tradingdeskcomments交易台市场观点85237618919jerrywangcmbicomhkYesterdayAsiaIGspaceopened5-10bpswiderbutstabilizedafterCSannouncementtoborrowfromSNBuptoCHF50bnUSD54bnunderacoveredloanfacilityWesaw90oftheflowswerebidfor2023s-2030spapersChinaSOEswereatouchsofteramidtwo-wayflowsHAOHUA30swidened12bpstoT225TMTsstartedheavilybutrecoveredtocloseonly5-10bpswideraftertheshortcoveringemergedposttheheadlinesofCSsSNBloanTENCNT30s31swereheavilyhittowiden10-15bpstoT175buttightenedback5-8bpstoT170fromwideInfinancialsChinaleasingalsowidened5-15bpsAsiaBankT2spacewasstillsoftT2sbroadlymarched5-20bpswideracrossspacesKoreaSGTHbankswereunderbettersellingBetanamessuchasWOORIBOCBCSPUOBSPKEBHNBBBLTBBNKEA27swereveryvolatiletradedatT295285widening50bpsfromT245235atWedcloseOverallChinaIGspreadsclosed3-10bpswiderElsewhereKoreaCorpnameslikePOHANGwidened5-10bpsInIGpropertiesVNKRLEsCHJMAOswidened20-50bps025ptlowerincashpricesChinaHYpropertyspacewaslacklusterwithCENCHIbeingthebiggestunderperformerduetouncertaintyoncuringmissedcouponCENCHI725042423plunged15ptsintolunchwhileotherCENCHIsfell3-8ptsSINOCEsFUTLANsFTLNHDsdrifted1-2ptslowerGRNLGRsweredown15-25ptsAGILEswereflatElsewhereEHOUSEdue-Jun2023wasbidup15ptsatlow-10sIndustrialsFOSUNIsweretradeddown1-15ptswhileHONGQIsmoved025-05ptlowerMacaugamingnamesMPELsSANLTDsSTCITYswereindicated075-15ptslowerInIndianspaceVEDLNsretreated05-2ptsaftergaining05-15ptsonWedRenewablesweremarked05-1ptloweraswellIndonesiannamesMEDCIJsnotablydropped15-35ptsacrossthecurvethoughsemi-sovereignnamesPERTIJsperformedstronglyonthebackofRMsupportIntheAsiaAT1PerpLGFVspacessentimentturnedbetterbutgenerallyremainedcautiousaftertheSNB-CSnewsNewHSBC8Perpgained1ptPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGECMBIFixedIncomefiscmbicomhk117Mar2023amidonewaybiddingupagainintheAMsessionbyregionalPBActivitiesonthispaperwasnonethelessslowerasmorebuyersstayedputtowaitforpotentialbetterofferspost-LondonentrywhichturnedouttomuchquieterthanyesterdayasthespotlightseeminglyshiftedtoCSpapersdirectlyaftermorepositiveheadlinesequitypriceactionsThisHSBCAT1eventuallyclosedtheAsiasessiononlyataroundlow-9805pthigherthanlastclosefromintra-daymid-99highprintChineseAT1sweremixedBenchmarkpapersICBCAS32perpedgedatouchhigherNANYANpairwerebetter-soldwhilstCINDBKwasbetter-bidafterbyChineseRMAwayfromChinaSHINFNCITNATKEBHNBBNKEAperpsleaked1-2ptsElsewhereSOEPerpswerebetter-bidamidlowerratesalthoughc23papersremainedunderpressureduetorichyieldlevelsrelativetofundingcostsHKFFLPerpswerebetterofferedbyAMbutremainedlargelystableNewCTIHperpwasmarked05pthigherat1013LGFVscontinuedtobebettersellingaheadofquarterendledbytightfront-endpapersandShandongnamesThatsaidnameswithoutmaterialconcernsoncreditqualityremainedwellsupportedbyChineseaccountsoncereaching7LastTradingDaysTopMoversTopPerformersPriceChangeTopUnderperformersPriceChangeEHOUSE7606102313517CENCHI714042423531-134PERTIJ55805204395509CENCHI765082723329-86CSCHCN910092484108CENCHI79110723318-58PERTIJ417501215078307CENCHI734052424297-33PERTIJ605034299007MEDCIJ638013027885-32MarcoNewsRecap宏观新闻回顾MacroUSsstockmarketsreboundedyesterdaySP175Dow117andNasdaq248wereboostedbythenewsthatUSbanksshowedsupporttoFirstRepublicBankbycontributingUSD30bndepositUSlatestinitialjoblessclaimis192klowerthanexpectationof205kECBraisedinterestrateby50bpsto350basisTheUStreasuryyieldsoverallralliedyesterdaythe251030yieldsreached414372356371respectivelyOffshoreAsiaNewIssuesPricedIssueRatingIssuerGuarantorSizeUSDmnTenorCouponYieldMSFShengzhouInvestment2503yr6565---OffshoreAsiaNewIssuesPipelineIssueRatingIssuerGuarantorCurrencySizeUSDmnTenorPricingMSFZhangzhouTransportationUSD-364d67---DevelopmentGroupCoLtd217Mar2023NewsandmarketcolorRegardingonshoreprimaryissuancestherewere148creditbondsissuedyesterdaywithanamountofRMB125bnAsforMonth-to-date1336creditbondswereissuedwithatotalamountofRMB1129bnraisedrepresentinga144yoyincreaseAGILEMediareportedthatAgilesGuangzhouPanyuaimstoissueuptoRMB1bn2NP1bondswithfullCDSprotectionon23-24MarAZUPOEMediareportedthatAzurePoweraimstoreleaseFY22resultsbytheendofMarchCOGARDCountryGardenunitplanstoissue10yrRMB186bncUSD27bnonshorebondstorepaydebtsDALWANDalianWandaCommercialManagementproposesuptoRMB15bn3yrMTNtorepaydebtsFOSUNIFosunInternationalsshareholdersapprovedre-electionofnon-executivedirectors2023shareoptionshareawardschemeinEGMHRLEASMoodyshaswithdrawnHuarongFinancialLeasingsBaa3ratingsforbusinessreasonsJINMAOChinaJinmaounittobuy377stakeinNanjingdeveloperforUSD299mnPWRLNGPowerlongunittoredeemRMB15bn20Baolong02bondson20MarRISSUNRiseSunRealEstatetosuspendprincipalinterestpaymentsfalldueinMarchinrelationto95due-2023due-2024notesduetorestructuringSMCPMSanMiguelFY22netsalesup60toUSD2746bnandEBITDArose25toUSD3bnCMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownrisk317Mar2023TheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjectto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