20231211-招银国际-Fixed_Income_Daily_Market_Update_7页_1mb

报告摘要

Markets were stable this morning, with CQLGST rising 1 point following a tender offer announcement. Profit-taking occurred after a proposed revised plan for DALWAN to postpone repayment of pre-IPO investments left its stock unchanged, closing 0.5 points higher.

CSCHCN increased amortization by 9% payable in 2024-25 and added a 1-point incentive fee in its consent solicitation, leading to a 0.8 point rise to 15 points this morning.
CSCHCN modified bond terms for its five USD bonds, including mandatory redemption, additional amortization, and inclusion of specified assets, with consent fees raised to 15 points and total incentives up to 9 points.
DALWAN proposed a revised plan to postpone repayments to Zhuhai Wanda's pre-IPO investors.
Other events included ADANIG receiving funds for refinancing, LONGFOR repaying loans, and FOSUN International conducting share repurchases.

CPI growth fell to -0.5% year-on-year in November, driven by food and energy price declines, calling for enhanced policy support. The forecast for 2023 CPI growth was revised down to 0.3% from 0.4%, with 2024 maintained at 1.4%.
PPI declined 3% year-on-year due to energy price slumps and overcapacity, indicating weak aggregate demand and potential need for policy loosening.
Analysts expect mild inflation in 2024 due to base effects and expanded fiscal/monetary easing, including RRR cuts and liquidity support.

Overnight US 10-year yield widened 3 bps to 4.15%, while Asian IG space was stable pre-NFP. Chinese SOEs/TMT stocks tightened 2-3 bps, and high-beta TMTs fell 3-5 bps. Financials saw buying in Chinese banks, with T2s tightening 1-3 bps.
Key movers included CHIOIL (47p higher), GRNCH (25 points higher), and lower performers like GRNLGR (22 points down). Macroeconomic news included strong US market rally on Nonfarm Payrolls data.

Focus on CSCHCN: Bond terms extended with maturity changes and incentive fees.
Economic outlook emphasized CPI/PPI weakness and calls for policy action.
Regional insights from Trading Asia, Europe, and Latin America markets showed mixed performances.