20230601-招银国际-Fixed_Income_Daily_Market_Update_5页_797kb

报告摘要

Markets focused on Hong Kong INTL bonds, with new HKINTLs (due/callable-23 bonds) traded at offer levels, and SOE bonds showed balanced two-way activity; due/callable-25/26 bonds attracted buying interest.
FUTLAN Holdings/FTLNHD planned up to RMB 11 billion in corporate bond issuances, with credit enhancement via guarantees and CDS protection, supporting their funding strategy.
TMT bonds and AMC securities were mostly unchanged; Chinese SOEs saw mixed activity, with benchmarks like HAOHUA bonds trading tighter, while industrial names and Macau gaming papers edged higher.

Manufacturing PMI weakened in May, confirming growth pressure; GDP growth forecast for 2023 remains 5.7%, as the 2-year CAGR of GDP is expected to decelerate to 4% in the second quarter before rebounding.
Weak demand persists, with deflationary pressures noted; private sector capital expenditure cautious, youth unemployment remains high.
PBOC may consider mild LPR cuts for growth support, while fiscal stimulus on consumption is unlikely; service sector resilience could aid SMEs and employment.

Asian fixed income markets experienced wide spreads and bond price shifts; ASIAEX JPIG spreads opened wider, highlighting market volatility.
Top performers included LNGFOR and DALWAN, while underperformers like FUTLAN and FTLNHD saw price declines; yield curve adjustments noted for Chinese bonds.
Cross-asset movements reflected US and China data impacts, with banking sector flows skewed toward better selling.

US House passed debt ceiling bill; S&P and Nasdaq mixed, manufacturing PMI showed slight improvement.
China's Caixin manufacturing PMI beat expectations at 50.9%, supporting market sentiment.

FUTLAN Holdings plans two domestic corporate bond issues totaling RMB 11 billion, with JPYsupport from credit enhancers.
Offshore Asia new issues included HK SAR bondings at T+ fixed rates; pipeline activity noted for similar deals.
Company-specific news: Wanda Commercial downgraded by Fitch; term loan distributions annulled for LMRTSP.

Investor bias toward lower rates based on onshore funding rates; corporate bond supply constraints maintain demand for high-coupon issues.
Lingering US debt concerns faded, shifting focus to economic data; emerging Asian markets mixed amid geopolitical and economic uncertainties.

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