20231011-招银国际-Fixed_Income_Daily_Market_Update_4页_850kb

报告摘要

Global central bank outlook influenced market sentiment, with dovish Fed comments easing concerns over interest rate hikes. Fed officials indicated no further rate increases are needed, contributing to a flattening of the long-end UST yield curve.
Asian investment grade market recovered, with IG names tightening 1-10bps and LGFVs showing improved sentiment under government refinancing initiatives.
US Treasury curves tightened, with yields reaching 4.96%, 4.62%, 4.66%, and 4.85% for 2-, 5-, 10-, and 30-year notes, respectively.
High-beta TMT names pressured, with yields tightening 5bps, while Chinese SOEs and TMT benchmarks experienced minimal changes.
Financials sector saw stronger positions in the long-end, but profit-taking affected front ends, with better selling in names like NANYAN and Chinese bank AT1s.

LGFVs reacted positively, with additional special refinancing bonds issued by six local governments to alleviate liquidity pressure and swap hidden debts, affecting names like COGARD and EHOUSETCITY/PERPS.
GLPSP gained 75bps after raising $240 million in new capital for logistics parks; COGARD faced difficulties with HKD 470mn overdue payment and potential offshore restructuring, with expectations of below-5% recovery for creditors.
Chinese properties mixed, with NWDEVL and related names gaining points but long-end paper declining, while logistics firms like LONGFOR acquired land to support operations.
Indian renewables saw GRNKEN/RPVIN issue rates higher due to demand, offset by declines in names like VEDLN.

Fed's Atlanta president supported the dovish stance, citing no recession risks, which boosted US indices and flattened the yield curve.
Offshore Asia new issues included placements from companies like GLPSP and ADANIG MEDIA, with pipeline deals from COGARD and TYLCDE.

Asian IG space active due to geopolitical tensions, with Chinese AMs focusing on SOE perps and LGFVs, leading mixed flows on higher-yielding names.
North American markets rose, with S&P, Dow, and Nasdaq rallying against dovish Fed rhetoric, but Asia showed mixed results amid two-way flows.

China's fixed income benefited from government directives to monetize assets and issue sovereign bonds, with ongoing LGFV debt swaps affecting provinces like Liaoning and Inner Mongolia.
Peripheral Asia and Europe saw modest gains or tightness in specific bonds and AT1s, with no major catalysts noted.

LGFV issuances target around $350 billion in debt swaps via commercial papers and refinancing bonds.
Primary credit bond issuance this month reached RMB 94 billion, a 20.9% YoY increase, with potential restructuring for companies under financial stress.

End of summary.

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