20240311-招银国际-Fixed_Income_Daily_Market_Update_6页_959kb

报告摘要

Fixed income markets showed initial stability with IG benchmarks unchanged or minor adjustments; specific moves included VNKRLE gains followed by declines, while low-beta LGFVs remained steady. EHICAR bonds rose 1.75-2 points post-exchange offer and new issuance announcement.
LNGFOR experienced gains of 1-2 points after repaying RMB465bn CMBS, maintaining a buy recommendation despite debt maturities.
China's CPI returned to positive growth (0.7% YoY) due to CNY mismatch and price recoveries, while PPI continued to decline, indicating persistent deflationary pressures, with forecasted growth rates of 0.7% for CPI and -0.3% for PPI maintained for 2024.

Asian markets were mixed, with Korea and Australia showing widened spreads, Japan experiencing profit-taking, and Chinese IGs displaying mixed performance including properties.
Notable movers included VNKRLE, LNGFOR, and GEMDAL, with top performers like GEMDAL rising significantly and underperformers like RDHGCL declining.
US macro data showed mixed results, with S&P and Nasdaq weak, while Asian indices closed lower. Onshore primaries saw high issuance volumes, and new issues pipeline includes corporate bond placements.

EHICAR's exchange offer and concurrent new issuance were viewed positively, lengthening debt maturity; key terms include a consent fee and potential coupon step-up.
LNGFOR's early repayment was seen as manageable due to cash reserves and mature operations, supporting its buy stance.
China's CPI beat expectations due to services recovery, but deflation risks remain; PPI continues to lag, with forecasts unchanged, and policy expectations for further easing.

Reports contain risks, including market volatility and economic uncertainties; disclosures emphasize independence from conflicts and client-focused information provision.

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