20250214-招银国际-Fixed_Income_Daily_Market_Update_6页_821kb

Fixed Income Commentary - 14 February 2025

According to trading desk views (14 Feb 2025):

1. Asia-IG market: Strong yesterday, China IG tightened 3-10bps; TMTs, SOEs outperformed (BABA/MEITU/TENCENT tighter by 4-10bps); YANSHAN '49 tightened 10bps, Japanese FI floaters slightly tighter with buying demand. Australian/NZ/SEA IG tightened 2-5bps; Hong Kong names, Taipei SOEs saw 5-10bps tightening. Gaming sector stable.

2. High yield (CNH) space: High-yielding USD issues receiving demand from RMB, while CNH low-yield bonds seen selling pressure. Chinese developers retreated (-0.03 to -23pts).

3. Macau gaming: MGM China stable (+1pt).

Top Movers (14 Feb):

• Top Performers:
  • Sinocham: +10.84%
  • VNKRLE: -2.3%
  • TENCENT: +1.5%
• Top Underperformers:
  • NWDEVL: -1.5%
  • YANTZE: -19%

Macro News Summary:

• USA: Initial Jobless Claims +213k (lower than +217k estimated). Jan'24 PPI +3.5% YoY (est: +3.2%). 30-day Treasury yields lower. Markets higher Thursday.
• China/HK developers: Mixed to negative performance reported. Gaming sector stable.

Analysis Highlights:

• GRNCH: New 8.45% 2028 bond priced at 845% YTM (tightening from indicative price). Old 4.7% 25 bonds and 5.65% 25 bonds tendered at 100, suggesting good support. Recommends BID/BUY for GRNCH series due to state support and early redemption opportunities. Valuation mentions relative discount to AH equity.
• AACTEC: Positive profit alert (130-145% YoY increase to RMB1.7-1.8bn), driven by market recovery and efficient operations. Credit ratings solid (BaA3/S&P F). Recommends BID/BUY as cheaper than peer SUNOTG. Price represents better risk-return profile.
• Offshore New Issues: Several rated (BB+/unrated) and unrated bonds priced recently.
• Onshore Primary Market: 96 credit bonds issued yesterday, total 2024 YoY amount raised decreasing significantly.

The report includes standard disclaimers regarding risk, suitability, and the firm's responsibilities.