20240315-招银国际-Fixed_Income_Daily_Market_Update_5页_761kb

报告摘要

Asian investment-grade (IG) bonds were stable today, with Chinese property bonds performing well. Notably, CHIOLI bonds rose to 75p higher, and GEMDAL'24 increased by 0.8 pt.
Globus Reits Fund (GZRFPR) bonds remained unchanged but saw a further increase in consent fee to 0.25%. This modification involves raising the initial capital call, increasing a loan to R&F Properties (HK), and permitting clearance through Euroclear/Clearstream for Tranche C, though not guaranteed.
DALWAN bonds dropped after news of an additional RMB51 billion equity freeze in Zhuhai Wanda Commercial Management.

Top performers: ROADKG recovered after a sharp decline, RDHGCL and GEMDAL'24 gained points.
Underperformers: DALWAN led declines due to negative news.
Other notable: GEMDAL'24 closed at higher levels following good performance.

Offshore Asia:
- Hyundai Capital America priced USD 800mn 3-yr fixed-rate note at CT3+90 and USD 400mn 3-yr floating-rate note at SOFR+104.
- Singapore Airlines issued USD 500mn 10-yr bond at T+110.
- Pipeline: Shuifa Group planned USD 740mn 3-yr bond at Baa2 rating.

US markets closed lower: S&P 500 (-0.29%), Dow (-0.35%), Nasdaq (-0.30%).
Higher-than-expected US Feb PPI at +0.6% mom, and initial jobless claims at +209k (lower than expected).
US Treasury yields surged, with 2-, 5-, 10-, and 30-year yields at 4.68%, 4.29%, 4.29%, and 4.44% respectively.

Focus on GZRFPR: The consent solicitation modifications aim at funding costs and liquidity enhancements, but the fee increases may have minimal bondholder impact per initial analysis.

Onshore primary issuances strong, raising USD103bn in credit bonds for the month-to-date.
Moody's downgraded Agung Podomoro by one notch on negative outlook.
Company updates: BABA to invest USD1.1bn abroad; GRNKEN launched consent solicitation with fee.
DALWAN equity freeze event; YESTAR healthcare restructuring effective.

展开完整摘要