20231205-招银国际-Fixed_Income_Daily_Market_Update_6页_812kb

报告摘要

Trading flows were mixed: Long-end high-grade (IG) names saw better selling, while front-end names were chased. SOE perpetuities were under better buying interest, with benchmarks like BABA/TENCENT unchanged.
In Chinese SOEs/TMTs, BABA and SINOPEC maintained prices near previous levels. Belly CHCONS/CHGRID papers and longer-dated CNOOC/TENCENT bonds showed buying interest, while SINOCH 24-26 widened by 3 bps. High-beta TMTs traded with inactive two-way flows, with MEITU/LENOVO/WB/XIAOMI unchanged. Financials saw better selling in Chinese bank 2-year names for profit-taking, while AT1 securities and EU AT1s experienced buying interest.

CSCHCN: Announced consent solicitation to extend five USD bonds' maturities from 2024 to 2027-2028 for 3-39 months. Bond values, such as CSCHCN 9 06/26/24 and CSCHCN 9 07/20/24, were down 14 and lower, respectively, reflecting cash-based consents with coupon halved to 4.5%. The extension avoids default before the 30-day grace period, and payments commenced on amortization.
NWD: Tender offer results showed acceptance of USD 610.3mn, focusing on lower-cash-pricing bonds; only USD 101.7mn was accepted for two perps due to preference for offloading NWS stakes to reduce equity base. NWD redeemed cUSD 910mn of bonds in principal over coming weeks.
Other Highlights: FUTLAN and SHUION bonds declined due to market movements, while industrial sectors like AACTEC showed gains versus losses. NWS stake sales generated cUSD 2.8bn for NWD.
Acxins and China Fund: Recent onshore issuance volume was moderate with a 15.9% YoY decrease in year-to-date credit bond issuance.

Global markets declined: S&P, Dow, and Nasdaq fell. China official PMI improved (51.6% vs. 50.4%). US yields rebounded after a steep sell-off in prior days.
Asia new issues: No priced issues today, but pipeline includes Zhejiang Changxing bond. Onshore issuance reached RMB118bn month-to-date, a YoY drop. Debt restructuring aims for higher repayment efficiency.

Market sentiment mixed, with focus on SOE support and extension efforts to avoid defaults. Investors await outcomes on maturity extensions and new financing deals.

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