20240130-招银国际-Fixed_Income_Daily_Market_Update_5页_1020kb

报告摘要

Fixed Income Market Summary - 30 January 2024

Market Sentiment

Markets exhibited firm sentiment on January 30, 2024. New issues like HYUCAP'27 remained unchanged, while HYUCAP'29 tightened by 4 basis points. Recent new issues such as ORIEAS and BZLNZ experienced price changes of -2 to +2 basis points. High-yielding LGFVs showed better demand.

Trading Desk Highlights

Asia IG: Previous session strong, Hydropower Chinese AMC bonds tightened by 5-15 basis points. Chinese banks (e.g., BOCHK '31 tightened 3-5 bps) and AT1s (e.g., BOCOM 38Perp/ICBCAS 358Perp flat) showed stable traders.
High-beta IGs: HK corporations and Chinese EUAT1s traded better. SHUION 24-25 and FUTLAN 24-26 rose, while CSCHCN slumped 07-08 points.
Specific movers: Top performers included LASUDE and FUTLAN (up to 32 points), underperformers like EHICAR (down 09 points).

Macro News Recap

US markets: S&P 500 and Dow hit record highs; Nasdaq rose 1.1%. China's PBOC injected RMB378bn liquidity, pushing 10-year treasury yield to its lowest since 2002. USD bond yields retreated, with 2-, 5-, 10-, and 30-year yields at 4.29%, 3.97%, 4.08%, and 4.31%, respectively.

Analyst Focus

VEDLN: Plans to reduce USD2bn debt and increase operating profit in FY2024. Key bonds like 9.25 '26 trading at YTM 23.54%, with preference for shorter-timeline issues due to expected moderating commodity prices.
EVERRE: HK high court ordered winding-up; offshore unsecured recovery rates estimated 3.53-9.34%, though approval slim without restructuring changes.
Other notables: AM Income bonds and LGFVs mixed, with ADANI's stable HY financing and CMB recommendations.

New Issues and Pipelines

New: HYUCAP 3yr bond at 5.45% (USD 150mn), Hyundai Capital 3/5yr bond at 5.125% (USD 500mn).
Pipeline: Recommendations include Hong Kong SAR, Science City (Guangzhou) bonds with uncertain tenors.