20240327-招银国际-Fixed_Income_Daily_Market_Update_6页_802kb

报告摘要

Date: March 27, 2024

AIA'34 bonds tightened by approximately 10bps. KOMRMR'29 was 2bps tighter. SMBCAC'29/34 widened by 6-8bps. Korea IG names like HYUELE/DAESEC widened 1-3bps. Front-end LGFV/SOE paper performed well ahead of holidays.

Bond Pricing and Movements: SMBCAC priced USD 650mn 5-yr bond at T+108 and USD 850mn 10-yr bond at T+135; SMBCAC 3-yr tightened 2bps post new deal. KOMRMR'29 priced at T+105, with KOROIL'29 tightening 12bps from RO to T+78. Chinese IGs: HAOHU/A/TENCENT unchanged/bested one bp wider. Financials included BOCAVI28/33 and AVIILC'27 widening 1-2bps. Banks saw NANYAN/WOORIB front-ends under better selling, and AT1s mixed with HSBC/BNP peripheral yields changing slightly. Hong Kong IGs procured buying with HKLSP/CKHH33 tightening 1-2bps; NWDEVL/HYSAN moved higher unchanged, Chinese properties rose with ROADKG24-26/GRNCH'25 gaining, and Macau gaming names quiet. Indian UPLLIN30/Perp down, Indonesian LMRTSP24/Perp up.
Top Performers/UUnderperformers: Top gainers include ROADKG (e.g., +17-56pts), AIA (down slightly), UPLLIN (down 5-12bps). Underperformers feature ROADKG and HILOHO/GRNCH for widening, EHICAR down.

US markets weak: S&P (-0.28%), Dow (-0.08%), Nasdaq (-0.42%). Conference Board's Mar 2024 US consumer confidence at 104.7, below expectations. US Treasury yields stable with 2, 5, 10, 30-yr yields at 4.56%, 4.22%, 4.24%, 4.40%.

SHIMAO Offshore Debt Restructuring: Term sheet offers four options with no upfront payment, longer tenors, lower consent fees. Options involve exchanges to STI/LTI/MCB with specific caps and allocations. Early consent deadline April 30, 2024.
Other News: Offshore Asia new issues: AIA (USD 1bn 10-yr), CSL Finance, Guangzhou Jiankong, Indiabulls Housing Finance, K Mine Rehabilitation, SMBC Aviation Capital. Pipeline deals include Bank Negara Indonesia. Onshore issuance: RMB 135bn from 168 bonds. News snippets include EHICAR's bond exchange, HYUELE's chip investment, LOGPH's noteholder acceptance, MONMIN's potential redemption hint, and PWRLNG's creditor agreement.
Market Color: Various companies reported results and market moves affecting bond spreads and prices; overall fixed income market reflects defensive positioning and economic concerns.

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