20231025-招银国际-Fixed_Income_Daily_Market_Update_8页_919kb

报告摘要

Asian IG Space: The market remains stable with active two-way flows on front-end names and high-quality LGFVs, supported by cross-border Chinese flows in high-yield bonds.
Cross-Border Bond Issuance MOU: China's NDRC and HKMA signed a Memorandum of Understanding to support cross-border financing for Chinese enterprises in Hong Kong, aiming to enhance the bond market and fund access.
China Fiscal Stimulus: China raised the 2023 fiscal deficit ratio from 3% to 3.8% of GDP and renewed authorization for front-loading local government bonds, signaling more proactive fiscal policy to revive growth. GDP forecasts were revised upward to 5.2% for 2023 and 4.9% for 2024.
Market Update: Trading showed good activity on IG names and financials, with mixed performances in industrial and gaming bonds. Key news includes macro data, bond issuance trends, and market sentiment shifts.
Policy and Growth Outlook: China's policies are expected to boost renminbi bond yields and commodity prices, with potential for economic mild recovery in the next quarters. Continued efforts to stabilize the property sector and improve international ties are noted.