20231128-招银国际-Fixed_Income_Daily_Market_Update_4页_705kb

报告摘要

Asian investment grade (IG) space confirmed on profit-taking, with telecom/TSOE spreads unchanged and bank T2 spreads widening by 2-5bps. China property sector weak, with landlords (LNGFOR) and developers (CHJMAO) unchanged but down slightly.
VNKRLE shares rose to +01 pt after obtaining CSRC approval for infrastructure REIT registration.
DALWAN shares unchanged after media reports on postponed Hong Kong listing until 2026.
US Treasuries widened overnight by 6bps to 4.47%, while Asian IG held firm. China SOE/TMT benchmarks (HAOHUA, BABAP) closed tighter by 2bps due to better buying.

Asia IG space steady amid profit-taking; high-beta TMT names quiet.
China financials saw active two-way trading, with banks (CCAML, CMINLE) widening by 3-7bps and AT1s better-offered.
Hong Kong space mixed; VNKRLE down significantly after Moody's downgrade, while SHUION and GRNLGR improved after positive actions.
Industrial and Macau gaming segments mixed; VNKRLE deep declines offset by gains in SHUION, GRNCH, and ROADKG.

VNKRLE, China Vanke, and others gained approval for consumption infrastructure REITs, following NDRC guidelines.
Alibaba announced closure of quantum computing lab to cut costs.
China Aircraft Leasing issued a corporate bond, while Zhuhai Wanda postponed HK listing.
US macro data: S&P down 0.20%, Dow fell 0.16%, due to lower new home sales of 679k vs. expectations.

Offshore new issues: LGFV 3-year bond at 5.95% yield closed below target; CQNANA and others saw bond tenders upsized.
Pipeline includes China Citic Bank's offshore bond and Mongolia government issuance.

VNKRLE and GRNCH REIT approvals drive performance but downgrades cause declines.
Top performers: VNKRLE, SHUION, GRNLGR; underperformers: VNKRLE, GRNCH, CHJMAO, LNGFOR.

Disclaimer: This summary is based on the provided report; actual investment involves risks, and readers should consult a financial advisor.

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