20231114-招银国际-Fixed_Income_Daily_Market_Update_5页_895kb

报告摘要

Markets remained stable this morning before CPI data, with IG/Leasing bonds actively traded. High-beta stocks like Walmart and Meituan saw better selling, while LGFV sentiment stayed upbeat.

ADANEM: Adani Electricity Mumbai initiated a to tender offer for its bond ADANEM394902/12/30 up to USD 120 million, reducing outstanding bonds by up to 92%. The bond closed at 5 points higher.
China Policy: Credit growth stabilized due to fiscal expansion. CMBI forecasts GDP growth at 5.2% for 2023 and 4.9% for 2024, supported by government bond issuance and slow business/consumer recovery.
Macroeconomic Data: U.S. yields stable; China's October new loans and M2 growth beat expectations, indicating fiscal support.
Asia New Issues: No priced issues today; pipeline includes Jinan Rail Transit's USD 210 million bond.
Other News: Dalian Wanda facing enforcement claims; delays in high-growth sectors noted.

Asia ex-Japan spreads stable with light flows. High-coupon EUAT1s and Chinese SOEs firm, while TMT stocks and gaming sectors mixed in performance.
Key movers included DALWAN (up), ADANEM (up), and underperformers like KMRLGP and DALWAN bonds.

New RMB loans fell short, driven by ultra-short-term bill financing as confidence remains weak. Social financing rose due to government bonds, but corporate bonds declined.
Expected credit stabilization with potential GDP rebound from fiscal policies and monetary easing.