20231107-招银国际-Fixed_Income_Daily_Market_Update_5页_816kb

Market Summary
Today's fixed income market showed high volatility, with new issues like KOIL525'26 widening, while existing securities saw mixed movements. Asian IG benchmarks were stable, and the LGFV sector experienced better buying. Top performers included VNKRLE with significant price increases, while underperformers included APLNIJ. Vanke received strong support from SZMC, reinforcing its resilient position in the real estate sector.

Key Developments

• Vanke's meeting with financial institutions yielded positive signals from SZMC, including potential bond repurchases and coordinated financing,boosting its market outlook.
• Trading trends highlighted better buying in Chinese SOEs and TMT sectors, with mixed performances overseas.
• Macro news included US market gains, China's Oct export/import data (-64%/-30% YoY), and Euro-zone PMI at 47.8, impacting market sentiment.

An alyst Comments
Vanke is viewed as a survivor in the sector due to strong support and lower financing costs. Other areas like new issues and corporate news (e.g., YLLGSP refinancing) were covered, with LGFV flows mixed. The market remained focused on Asia new issues and select SOEs.