20240322-招银国际-Fixed_Income_Daily_Market_Update_5页_898kb

Fixed Income Daily Market Update Summary

Market Overview

• Morning market quiet with positive sentiment; non-China IGs from AU/KR/JP saw better buying interest.
• High-yielding China names like ZHONAN and CPDEV/CHJMAO were well bid under firm market conditions.
• Overall Asia IGs mixed yesterday, with recent SIASP'34 edging 2bps wider.

Trading Desk Insights

• Asia IGs varied in performance; Korean DAESECs/DFHOLDs and Japanese SMBCACs tightened ratings.
• China properties under pressure, with ROADKG declining sharply due to debt management concerns; SHUION and FUTLAN/FTLNHD also saw drops.
• Industrial names like HCELEC rose, while AACTEC benefited from profit-taking and results announcements.
• US macro data positive, with stocks rallying; Treasury yields stable; PMI indicators suggest resilience.

Analyst Analysis

• AACTEC: Profitability recovered in H2 23, boosting credit profile with plans to complete PSS acquisition. Maintain 'Buy', with ratings and prices set to rise post-results.
• VNKRLE: Refuted acquisition rumors, maintaining neutral position.
• Other companies: DEXICN, GZRFPR, SUNAC had announcements with refinancing or loss concerns.

Macro and News Highlights

• Global markets strong, with USPMI readings above expectations, supporting market views.
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