20230512-招银国际-Fixed_Income_Daily_Market_Update_6页_838kb

报告摘要

Market Overview: Asian investment-grade (IG) bonds were two-way balanced this morning, with high-yield (HY) and financial sector (LGFV, AT1, SOE) securities skewed toward selling. LGEM (China) plans a USD20mn convertible bond issuance at 6%, expected to support refinancing for non-state-owned developers amid challenging conditions.
China TMT Recommendations:
- Buy Xiaomi 0'27 CB (YTM 6.9%, puttable in Dec 2025) and short-dated carries like Xiaomi 30-31s (YTM ~7%).
- MEITUA 0'27 CB (YTM pickup of ~140bps) and PDD 0'25 CB (YTM 8.4%) are recommended.
- Companies have strong liquidity profiles, with regulatory moderation improving credit fundamentals.
China Policy: Credit demand softens as economic recovery slows; further monetary easing is likely, including RRR or LPR cuts, due to subdued credit growth and weak consumer demand.
Key News: Offshore Asia saw new issues like MDGH's GMTN and pipeline opportunities. Chinese properties remain weak, with exceptions like COGARD showing rebounds.

Trading Desk Comments:
- Asian IG bonds balanced; LGFV/AT1/SOE papers saw selling pressure. High-beta TMTs tightened amid two-way interest, while AMCs were under subdued buying; SG names (UOBSP/OCBCSP) and Korean names (KDB/POHANG) saw buying interest.
- Chinese properties declined, except COGARD, which rose amid curve buying. TMT benchmarks initially tightened but closed mostly unchanged or stronger.
Offshore Asia: Korean and Indian names mixed; Thai AT1s indicated higher yields. Quality LGFVs and longer-dated SOE papers saw deployment buying.
Macroeconomic Recap: US markets mixed amid regional bank concerns; April CPI and PPI beat/missed expectations. Treasury yields retreated in the US, flattening the yield curve.
Desk Analyst Comments: Highlight TMT opportunities due to cash-rich positions and moderating regulation. LGEM issuance signals tough refinancing environment.

Credit demand weakens as economic recovery falters, with housing and durable consumption lacking strength. SOEs and LGFVs maintain strong credit demand, but private businesses remain cautious. Government bond financing rose, indicating moderate fiscal expansion. Further easing anticipated due to low loan growth and fading recovery trends.

Priced: MDGH GMTN (USD1,000, 10.5yr, 4.375%), Shaanxi Airport Development Group (USD50, 3yr, 6.2%).
Pipeline: None "Today"; recent news includes Adani's potential USD5bn fundraise and other corporate developments.

Key updates: CARINC reported strong Q1 2023 results; JD.com grew revenue slightly. Sanction notices and regulatory news added volatility. Currency movements: Thai AT1s higher, Indian and Indonesian names bid up.

Glenn Ko, CFA; 高志和 (CPA); 吳蒨瑩 (CPV); 王世超 (CP?) certify original views on covered securities. No compensation tied to views, and prior day no dealings in relevant stocks.

CMBIGM may have investment banking relationships with issuers; past performance is not indicative of future results. Information is for client use only and subject to risks; no liability assumed.

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