20230705-招银国际-Fixed_Income_Daily_Market_Update_4页_786kb

FixedIncome Commentary Asia G3 Bond Review 2023

Overview

synthetically elevating value-add for sell-side polls. Key changes in market activity and bond performances noted across various regions and sectors.

Market Updates

Asia-Pacific Bond Market (As of July 5)

• Chinese SOEs/Government Bonds: Mixed movements, with mixed sector responses. Higher-beta TMT (FAANG/MI/Xiaomi) pressured by selling. SOE Perps steady for front-end paper activity.ях Public Accounts opened slightly wider, closing unchanged.

• High Yield/Financial Leverage (LGFV/SOE Perps): Busy trading activity, with some RM buying interest noted in short-term notes.

Commentary by Desk/Analysts

• Indian Market: ADANI, Chemicals and Power Companies showed positive movements, with quotes rising 0.5-0.75 points.

• Chinese Properties: Continued downward trends, with notable drops by -45bps for one mover and other significant declines in names like COGARD and CENCHI.

• Indonesian Market: Relatively stable, with names trending higher upon opening.

Top Performers/Movers

• U.S. Energy/Chemicals: UPLLIN51/PERP84 saw significant declines, while the Asian Green Energy bond showed a notable rally.
• Indian companies like ADANI showed steadily positive moves.

Macro News Recap

• Oil Market: Saudi and Russia agreed to cut output, pushing crude up by ~2%.
• Services PMI: Caixin PMI lower than expected in China.
• U.S. Treasury: Yields mostly unchanged.

Author Certification

Asserts full personal conviction behind views; no compensation ties to this report.

Important Disclosures

Standard risk and limitation statements apply. Market-related transactions subject to specific conditions and jurisdictional limitations.