20230922-招银国际-Fixed_Income_Daily_Market_Update_5页_800kb

Fixed Income Market Commentary Summary

Date and Key Authors

• Report Date: 29 September 2023
• Authors: Glenn Ko, CFA; 高志和; 吳蒨瑩; 王世超

Market Overview

• Hong Kong Rate High (HRINTH) Curves: Post-further bond repurchase by Huarong, curves rose by 0.5 to 0.75 pt; CCAMCLs/ORIEASs unchanged. Other sectors relatively quiet.
• China SOEs and TMT: China SCE verbal agreement for USD388mn loan rollover; subdued performance in some bonds. Mixed movements in Asian markets.
• New Issues: Industrial Bank of Korea 5-year bond at 5.375% with 600mn size. China SOEs/TMT saw slight widening or quiet sessions.
• HK and Chinese Properties: Underperform; Chinese bonds supported liquidity.

Analyst Comments

• HRINTH Focus: Large buyback by Huarong. Huarong repurchased USD290.9mn bonds; analyzed impact on liquidity and pricing.
• China SCE: Positive on syndicated loan rollover; addressed refinancing challenges.
• Offshore Asia: New issues pipeline and recent pricing covered.
• Brokerage Views: Comments suggest support for certain bonds; mixed on high-yield and high-beta papers.

Macroeconomic News Recap

• US indices declined post-labor market data: S&P -164%, Dow -108%, Nasdaq -182%. UST yields rallied, with 10-year yield at highest since 2007.

Key Market Movers

• Top Performers: CGARD, VNKRLE, VEDLN etc., showed positive price changes.
• Top Underperformers: APLNIJ, SINOPE, etc., saw losses.

Important Disclosures and Risks

• CMBIGM has investment banking relationships; no liability for reliance on report; subject to conflicts of interest; for specific regions like UK, US, Singapore, additional legal provisions apply. No guarantees on accuracy or completeness.

Summary Notes

The report highlights strong liquidity support from bond buybacks, mixed performances across regions, and careful risk assessment. Focus areas include Huarong's financial health and broader Asian market flows.