20231123-招银国际-Fixed_Income_Daily_Market_Update_5页_835kb

报告摘要

Asia investment-grade (IG) market was quiet due to holidays, with active two-way interest in Chinese SOEs and TMT papers.
Chinese SOEs and Leasing shows high-beta activity, while TMTs traded in mixed flows; CNOOC and TENCENT yields tighter by 2-4bps.
Hong Kong IG market firm, with properties mixed; COSCO SHIPPING and SINOCECEC bonds higher.

NWDEVL Tender Offer: As expected, launched to purchase up to USD 600mn in bonds and perps; modified Dutch auction, minimum prices 2-3pts premium over last close; expiring December 1, 2023.
DALWAN Update: Talks with pre-IPO investors to defer put; credit downgrade by Fitch to C from CC, as ratings reflect distressed debt exchange risks; prices lower for certain issues.
Other News:
- Onshore primary issuance: 89 credit bonds issued yesterday, raising RMB 98bn; year-to-date, 1,166 bonds raised RMB 1,242bn, up 14.2% YoY.
- APLNIJ terminates tender offer; LOGENET and HONGQI announce financial measures.
- Offshore new issues: China Construction Bank and Hong Kong Branch priced 3-year bonds at fixed coupons.

Asia IG session constructive but slightly cooled; China SOE/TMT benchmarks mixed with 2bp tighter for some.
Specific paper movements: High-spread Chinese bonds like NANYANG tightened 2-5bps; Hong Kong corporate perps gained 20-23pts; VNKRLE bonds retraced amid rumors denied.
Macro context: US indices edged up on resilient economy hopes; US Treasury yields reached high levels, e.g., 10-year at 4.42%. Jobless claims lower than expected.

NWDEVL: Maintain buy recommendations on specific perps; NWDEVL has incentive to redeem early due to upcoming reset and no short-term paper; total tender size larger than prior year.