20240409-招银国际-Fixed_Income_Daily_Market_Update_6页_1018kb

Fixed Income Market Update Summary - April 9, 2024

New Issuances

• SHNHAN'34 widened by 3bps, MUFG'30/35 widened by 2-3bps; SOE/bank names continued better selling.
• FRESHK new 3-yr USD bonds expected below-mid 6% yield.
• MPEL announced USD new issuance, with FV high at 7%; will use proceeds for partial repayment.

Market Dynamics

• Asia IG space mixed, with SOE/bank names tightening in yield; Chinese leasing/AMC spaces saw tightening.
• Financials showed better selling in major banks; Chinese properties mixed, with some names weakening.
• Analysts highlighted trades like CHIOIL, HILOHO and FRESHK, noting yield trends and funding access.

Macro News

• US markets mixed, crude oil rallied higher.
• US yields ramped up, with 2/5/10/30 yields reaching 4.78%-4.55%.

Analyst Comments

• FRESHK bonds evaluated with potential impact on funding; buy recommendations on certain issues.
• MPEL bonds seen as positive, with improved operating performance restoring external financing ability.

Important Disclosures

• Author certification ensures views reflect personal opinion; conflicts of interest noted.