20230505-招银国际-Fixed_Income_Daily_Market_Update_5页_792kb

固定收益信用评论总结 - 2023年5月5日

Asian IG space was quiet with benchmarks unchanged to 1-2bp tighter due to mixed flows. LGFV/SOE Perp and China AT1 bonds saw variable trading, with high-quality names like ICBCAS and BCHINA actively traded under buying flows.

SINOCE and SINOCL: Sino-Ocean's USD800mn term loan refinancing is ongoing, with SINOCE moving -0.75 to +0.75 pts amid news, and SINOCL down c14 pts. Sino-Ocean Capital launched consent solicitations for SINOCL610/24/23 to defer coupon payments, with potential exchange offers for other bonds. Tangible support from China Life could aid refinancing.

GRWALL: Standard & Poor downgraded China Great Wall Asset Management's outlook to negative due to delayed results, affirmed BBB/A-2 ratings, with a c0.25 pt change this morning.

US markets declined due to concerns about regional banks' viability, with jobless claims slightly higher than expected. Chinese Caixin PMI dropped to 49.5, lower than projected.

Trading desk views: Fed's rate hike was anticipated, US 10-year yield fell 15bp to 3.75%, impacting Asia IG and other sectors. LGFV bonds saw resumed buying as onshore clients returned from holiday, while SOE Perps and Chinese AT1s had stable pricing amid cautious sentiment. New issues like CKHH and BOCAVI33 remained firm despite the rate rally, but properties remained fragile.

Top movers: GRNLGR outperformed, SINOCL underperformed. Key news included Adani Transmission's bond buyback plans and Alibaba's potential US IPO discussions.

宏观摘要: US economic indicators showed weakness, China's PMI lagged expectations. Fixed income updates emphasize liquidity challenges and credit curve dynamics.