20231108-招银国际-Fixed_Income_Daily_Market_Update_6页_844kb

报告摘要

High-yield and investment-grade bonds tightened, with TMT companies (e.g., Meituan, Xiaomi) reducing credit spreads by 15bps post upgrades, and real estate-related LGFVs showing upward movements.
China's economy experienced declining exports (YoY 6.4% in Oct) and improving imports (YoY 3%), driven by weak external demand and global factors like trade disputes; exports deteriorated across major products such as automatic processing equipment and integrated circuits.
Nuance from the US: USD trade deficit widened unexpectedly, but Treasury yields retreated slightly.

Primary market activity included new bond issuances (e.g., NKOROIL's USD500mn 5yr FRN at SOFR+88), while secondary markets saw SOEs, TMT, and real estate sector surges or declines based on investor demand.
Yields across US Treasury maturities decreased, with the 10-year yield down to 4.53%, and Asia Pacific spreads widened slightly in emerging markets.
Specific movers included VNKRLE gains and SHUION, while underperformers like MPEL showed declines.

China's exports and imports are projected to drop 3.8% and 3.6% in 2023, rebounding to 3% and 4% growth in 2024, indicating ongoing policy support needed.
Global economic slowdown in the US/EU acts as a drag on China's export performance, with domestic demand stabilizing gradually.

New bond issues: Fuoku Mutual Life priced a USD500mn perpetual bond, Ex-Im Bank issued a USD500mn 5yr bond.
Company news: NWSZF issued USD2bn Panda bonds to repay offshore debt; China Merchants reaffirmed economic targets and policy stance.
Market events: Redemptions by entities like CHJMAO and ZHYIHC, along with DBS/WSW redemptions, highlight corporate actions.

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