固定收益日报总结 - 2018年7月4日
核心内容概述
本日报主要分析了当日中国、美国及香港地区国债与企业债券的市场表现，包括收益率变化、价格波动及债券评级信息。同时，涵盖了近期新发债券情况以及相关免责声明。
债市重点新闻
- 美国10年期国债收益率：下跌至2.83%，较前一日下降0.03个百分点，收益率曲线达到金融危机前的最平缓水平。
- 中美国债息差：2年期与10年期国债收益率息差约为30个基点，较一年前的90基点大幅收窄。
- 离岸人民币汇率：早盘一度跌穿6.73，但午后央行官员表态后回弹至6.65，显示官方对汇率波动的关注。
- 中资债券表现：
- 国企债券整体利差走宽1-2基点，显示市场对国企信用的预期有所改善。
- 高收益债券持续下跌，恒大系列下跌1-2个点，佳兆业系列连续两日下跌，累计跌幅约3-4个点，显示市场对部分房企的担忧。
近期新发债券
- 无中资企业新发行美元债券。
- 有意向发行美元债券的企业包括：天津保税区、武汉地产集团、义乌国资、四川发展、建银租赁、广汇汽车、海南航空、哈尔滨投资集团。
国债/政府债券价格（参考价格）
中国国债（AA-评级）
| Security |
Yield |
| 3 year |
3.220 |
| 5 year |
3.270 |
| 10 year |
3.482 |
| 30 year |
3.865 |
美国国债(AAA评级)
| Security |
Price |
Yield |
| 3 year |
100.02 |
2.616 |
| 5 year |
99.55 |
2.721 |
| 10 year |
100.38 |
2.831 |
| 30 year |
103.28 |
2.959 |
香港政府债(AAA评级)
| Security |
Price |
Yield |
| 3 year |
101.25 |
2.053 |
| 5 year |
95.36 |
2.193 |
| 10 year |
92.15 |
2.231 |
| 15 year |
94.42 |
2.385 |
到期收益率曲线
- 中国国债、美国国债及香港政府债的到期收益率曲线图分别展示，可作为市场趋势参考。
投资级别债券价格（参考价格）
中资金融类
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| AIA GROUP LTD |
3.125 |
3/13/2023 |
97.80 |
3.64 |
N.A. |
A |
| BANK OF CHINA/HONG KONG |
3.875 |
6/30/2025 |
99.07 |
4.03 |
A1 |
N.A. |
| BANK OF EAST ASIA LTD |
6.125 |
7/16/2020 |
104.57 |
3.76 |
Baa3 |
BBB |
| BOC AVIATION LTD |
4.375 |
5/2/2023 |
101.39 |
4.05 |
N.A. |
A- |
| STATE ELITE GLOBAL LTD |
3.125 |
1/20/2020 |
99.38 |
3.54 |
A1 |
A |
| CHINA CITIC BANK INTL |
6.875 |
6/24/2020 |
105.05 |
4.17 |
Baa3 |
N.A. |
| CHINA CINDA ASSET MGMT |
4.450 |
4/23/2020 |
98.73 |
3.86 |
Baa1 |
A- |
| HUARONG FINANCE II |
2.875 |
9/14/2021 |
93.69 |
5.04 |
Baa1 |
N.A. |
中资其他企业
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| CNOOC FINANCE 2011 LTD |
4.250 |
1/26/2021 |
101.87 |
3.48 |
A1 |
A+ |
| CNOOC FINANCE 2003 LTD |
5.500 |
5/21/2033 |
112.86 |
4.32 |
A1 |
A+ |
| KUNLUN ENERGY CO LTD |
3.750 |
5/13/2025 |
98.48 |
4.01 |
A2 |
A |
| SINOPEC GRP OVERSEA 2015 |
2.500 |
4/28/2020 |
98.54 |
3.34 |
A1 |
A+ |
| SINOPEC GRP OVERSEA 2015 |
3.250 |
4/28/2025 |
95.19 |
4.06 |
A1 |
A+ |
| CHN CLEAN ENERGY DEVELOP |
4.000 |
11/5/2025 |
97.49 |
4.40 |
Baa1 |
N.A. |
| ALIBABA GROUP HOLDING |
3.125 |
11/28/2021 |
98.94 |
3.46 |
A1 |
A+ |
| BAIDU INC |
3.500 |
11/28/2022 |
98.58 |
3.85 |
A3 |
N.A. |
| BOC AVIATION LTD |
4.500 |
10/3/2024 |
100.42 |
4.14 |
N.A. |
N.A. |
| CHINA CITIC BANK INTL |
4.250 |
10/11/2021 |
94.25 |
6.22 |
Ba2 |
N.A. |
| DAH SING BANK LTD |
5.250 |
1/29/2024 |
100.69 |
3.99 |
Baa2 *+ |
N.A. |
| FUBON BANK HONG KONG |
6.125 |
11/30/2020 |
104.60 |
4.09 |
N.A. |
BBB |
| STATE ELITE GLOBAL LTD |
3.125 |
1/20/2020 |
99.38 |
3.54 |
A1 |
A |
| CHINA CINDA FINANCE 2015 |
3.125 |
4/23/2020 |
98.73 |
3.86 |
Baa1 |
A- |
| CHINA CINDA FINANCE 2015 |
4.250 |
4/23/2025 |
97.55 |
4.67 |
Baa1 |
A- |
| CHINA CINDA ASSET MGMT |
3.750 |
9/3/2019 |
100.06 |
3.69 |
Baa1 |
N.A. |
| CHINA CINDA ASSET MGMT |
5.000 |
9/3/2024 |
102.37 |
4.55 |
Baa1 |
N.A. |
香港港资企业
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| CLP POWER HK FINANCING |
4.750 |
3/19/2020 |
102.40 |
3.28 |
A1 |
A+ |
| HUTCH WHAMPOA INT 11 LTD |
4.625 |
1/13/2022 |
103.49 |
3.56 |
A2 |
A- |
| HUTCHISON WHAM INT 03/33 |
7.450 |
11/24/2033 |
136.38 |
4.21 |
A2 |
A- |
| LI & FONG LTD |
5.250 |
5/13/2020 |
102.41 |
3.89 |
Baa1 |
BBB+ |
| NAN FUNG TREASURY LTD |
4.500 |
9/20/2022 |
101.65 |
4.07 |
Baa3 |
BBB- |
| NAN FUNG TREASURY LTD |
4.875 |
5/29/2024 |
102.66 |
4.36 |
Baa3 |
BBB- |
| PCCW CAPITAL NO 4 LTD |
5.750 |
4/17/2022 |
105.65 |
4.12 |
N.A. |
N.A. |
| FUBON BANK HONG KONG |
6.125 |
11/30/2020 |
104.60 |
4.09 |
N.A. |
BBB |
| HAITONG INTL FIN HLDG 15 |
3.500 |
4/21/2020 |
99.14 |
4.00 |
N.A. |
BBB |
| HUARONG FINANCE II |
4.500 |
1/16/2020 |
100.74 |
4.00 |
Baa1 |
BBB+ |
| HUARONG FINANCE II |
5.500 |
1/16/2025 |
109.69 |
5.05 |
Baa1 |
BBB+ |
| CHINA CINDA FINANCE 2015 |
3.125 |
4/23/2020 |
98.73 |
3.86 |
Baa1 |
A- |
| CHINA CINDA FINANCE 2015 |
4.250 |
4/23/2025 |
97.55 |
4.67 |
Baa1 |
A- |
| CHINA CITIC BANK INTL |
6.875 |
6/24/2020 |
105.05 |
4.17 |
Baa3 |
N.A. |
| CHINA CITIC BANK INTL |
4.250 |
10/11/2021 |
94.25 |
6.22 |
Ba2 |
N.A. |
| DAH SING BANK LTD |
5.250 |
1/29/2024 |
100.69 |
3.99 |
Baa2 *+ |
N.A. |
| FUBON BANK HONG KONG |
6.125 |
11/30/2020 |
104.60 |
4.09 |
N.A. |
BBB |
| HAITONG INTL FIN HLDG 15 |
3.500 |
4/21/2020 |
99.14 |
4.00 |
N.A. |
BBB |
| HUARONG FINANCE II |
4.500 |
1/16/2020 |
100.74 |
4.00 |
Baa1 |
BBB+ |
| HUARONG FINANCE II |
5.500 |
1/16/2025 |
109.69 |
5.05 |
Baa1 |
BBB+ |
| CHINA CITIC BANK INTL |
6.875 |
6/24/2020 |
105.05 |
4.17 |
Baa3 |
N.A. |
| CHINA CITIC BANK INTL |
4.250 |
10/11/2021 |
94.25 |
6.22 |
Ba2 |
N.A. |
高收益债券价格（参考价格）
非地产类
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| CAR INC |
6.125 |
2/4/2020 |
97.24 |
8.01 |
Ba3 |
BB |
| CAR INC |
6.000 |
2/11/2021 |
94.96 |
8.19 |
Ba3 |
BB |
| EHI CAR SERVICES LTD |
7.500 |
12/8/2018 |
100.23 |
6.91 |
N.A. |
BB- |
| CHINA HONGQIAO GROUP LTD |
6.850 |
4/22/2019 |
88.76 |
13.51 |
N.A. |
N.A. |
| CHINALCO CAPITAL HOLDING |
4.000 |
8/25/2021 |
94.85 |
5.82 |
N.A. |
N.A. |
| NUOXI CAPITAL LTD |
4.575 |
4/20/2020 |
95.46 |
7.32 |
N.A. |
N.A. |
| FORTUNE STAR BVI LTD |
5.250 |
3/23/2022 |
93.44 |
7.29 |
N.A. |
N.A. |
| PRIME BLOOM HOLDINGS LTD |
7.500 |
12/19/2019 |
89.91 |
15.51 |
B3 |
B- |
| ZHONGRONG INT BOND 2016 |
6.950 |
6/21/2019 |
95.39 |
12.18 |
N.A. |
BB- |
地产类
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| WANDA SPORTS FINANCE LTD |
3.800 |
7/21/2019 |
96.35 |
7.51 |
N.A. |
N.A. |
| WANDA PROPERTIES INTL |
7.250 |
1/29/2024 |
96.92 |
7.94 |
Ba3 |
B+ |
| LEADING AFFLUENCE LTD |
4.500 |
1/24/2023 |
94.38 |
5.93 |
Baa3 |
N.A. |
| COUNTRY GARDEN HLDGS |
7.250 |
4/4/2021 |
100.37 |
7.09 |
Ba2 |
BB |
| COUNTRY GARDEN HLDGS |
4.750 |
9/28/2023 |
91.15 |
6.79 |
Ba2 |
N.A. |
| GREENLAND HONG KONG |
3.875 |
7/28/2019 |
95.70 |
8.18 |
Ba3 |
B+ |
| GREENLAND GLB INVST |
3.500 |
9/6/2019 |
96.29 |
6.86 |
Ba2 |
N.A. |
| GREENLAND GLB INVST |
5.875 |
7/3/2024 |
87.86 |
8.50 |
Ba2 |
BB- |
| GREENTOWN CHINA HLDGS |
5.875 |
8/11/2020 |
100.01 |
5.87 |
Ba3 |
B+ |
| LONGFOR PROPERTIES |
3.900 |
4/16/2023 |
95.62 |
4.94 |
Baa3 |
N.A. |
| SHIMAO PROPERTY HLDGS |
4.750 |
7/3/2022 |
94.68 |
6.28 |
N.A. |
BB |
| SHIMAO PROPERTY HLDGS |
8.375 |
2/10/2022 |
105.28 |
6.20 |
Ba3 |
BB |
| CENTRAL CHN REAL ESTATE |
8.000 |
1/28/2020 |
100.39 |
7.73 |
B1 |
B+ |
| CENTRAL CHN REAL ESTATE |
8.750 |
1/23/2021 |
101.11 |
8.26 |
B1 |
B+ |
| CENTRAL CHN REAL ESTATE |
6.750 |
11/8/2021 |
94.93 |
8.52 |
B1 |
B+ |
| RKI OVERSEAS FIN 2016 A |
5.000 |
8/9/2019 |
99.11 |
5.85 |
B1 |
BB- |
| RKI OVERSEAS FIN 2016 B |
4.700 |
9/6/2021 |
92.75 |
7.30 |
B1 |
BB- |
| AGILE GROUP HOLDINGS LTD |
5.125 |
8/14/2022 |
93.36 |
7.01 |
Ba3 |
BB |
| AGILE GROUP HOLDINGS LTD |
9.000 |
5/21/2020 |
104.47 |
6.43 |
Ba3 |
BB |
| CIFI HOLDINGS GROUP |
7.750 |
6/5/2020 |
101.46 |
6.92 |
B1 |
B+ |
| FUTURE LAND DEVELOPMENT |
5.000 |
2/16/2020 |
97.18 |
6.87 |
N.A. |
BB- |
| KWG PROPERTY HOLDING LTD |
5.200 |
9/21/2022 |
89.29 |
8.26 |
N.A. |
N.A. |
| CHINA EVERGRANDE GROUP |
7.500 |
6/28/2023 |
88.04 |
10.66 |
B2 |
B- |
| CHINA EVERGRANDE GROUP |
8.750 |
6/28/2025 |
86.01 |
11.74 |
B2 |
B- |
| SHUI ON DEVELOPMENT HLDG |
5.700 |
2/6/2021 |
100.20 |
5.61 |
N.A. |
N.A. |
| SHUI ON DEVELOPMENT HLDG |
4.375 |
10/5/2019 |
99.37 |
4.90 |
N.A. |
N.A. |
| SUNAC CHINA HOLDINGS LTD |
8.750 |
12/5/2019 |
101.91 |
7.30 |
B3 |
B |
| POWERLONG REAL ESTATE |
5.950 |
7/19/2020 |
95.54 |
8.37 |
B2 |
B |
| POWERLONG REAL ESTATE |
4.875 |
9/15/2021 |
87.57 |
9.47 |
B2 |
B |
| YUZHOU PROPERTIES CO LTD |
6.000 |
10/25/2023 |
89.47 |
8.51 |
B1 |
N.A. |
| CHN AOYUAN PROPERTY GRP |
6.350 |
1/11/2020 |
98.22 |
7.62 |
B2 |
B |
| CHN AOYUAN PROPERTY GRP |
6.525 |
4/25/2019 |
100.56 |
5.78 |
B2 |
N.A. |
| CHINA SOUTH CITY HOLDING |
6.750 |
9/13/2021 |
74.22 |
17.66 |
N.A. |
B- |
| FANTASIA HOLDINGS GROUP |
7.375 |
10/4/2021 |
84.02 |
13.62 |
B3 |
B |
| MODERN LAND CHINA CO LTD |
6.875 |
10/20/2019 |
95.78 |
10.44 |
B3 |
N.A. |
香港地产类
| Issuer |
Coupon |
Maturity |
Price |
Yield |
Moody |
S&P |
| LSD BONDS 2017 LTD |
4.600 |
9/13/2022 |
95.92 |
5.71 |
N.A. |
N.A. |
| ESTATE SKY LTD |
4.875 |
8/8/2021 |
95.29 |
6.58 |
N.A. |
N.A. |
| TREASURE GENERATOR LTD |
4.750 |
10/14/2021 |
89.12 |
8.63 |
N.A. |
N.A. |
免责声明
- 本文件仅为信息用途，不构成任何投资建议。
- 所有数据来源于Bloomberg，仅供参考，实际价格请咨询西证国际。
- 联系方式：
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- 本文件内容可能因市场变化而变动，不保证其准确性或完整性，亦不承担由此产生的任何损失或损害。
