20231116-招银国际-Fixed_Income_Daily_Market_Update_5页_717kb

Fixed Income market summary for November 16, 2023:

• Markets were quieter than recent days with HRINTH curve rising 2-4pts due to buying flows, while ORIEAS/GRWALL saw better selling. Low-beta Hong Kong/Korean names performed well, LGFV/SOE perpetuals remained stable amid risk-on sentiment.
• HRINTH name change and acquisition of 50.1% stake in CITIC Ltd. are credit-positive, boosting recurring earnings, cash flow, and asset quality for Huarong Assets Management Company (AMC), reducing liquidity concerns and enhancing funding access.
• APLNIJ issued a second tender offer for its USD bond at minimum USD60 per 1000, potentially cutting outstanding amount by cUSD106.7mn, funded by an IDR1tn loan, mitigating currency and refinancing risks for Agung Podomoro Land.
• Macro news included US data showing Oct CPI lower than expected, US yields rallying (e.g., 10yr reached 453%), and Asia ex-Japan opening tighter due to US data.
• New issues in Asia featured a 3-year USD bond from ABC London Branch at 5.955%, while pipeline included an upcoming 2-year issue.
• Other news: Companies like CPDEV, LNGFOR, and JD.com reported updates, with credit events including Moody's downgrade of Longfor to Ba1 with negative outlook.
• Analyst comments emphasized positive outlook for HRINTH and APLNIJ, with warnings on risks and disclaimer of potential conflicts of interest in investments.