20240207-招银国际-Fixed_Income_Daily_Market_Update_4页_795kb

Fixed Income Market Summary - Feb 7, 2024

New Issues

• KDB '27/29: Spreads tightened by 3-5bps.
• HDFC '27/29: Spreads widened by approximately 2bps.
• Asian IG space unchanged with spreads at 2bps tighter.

Trading Activity

• Yields widened by 10-14bps overnight; Asian IG space firm with position unchanged.
• Top performers: CSCHCN 904/12/24 up +48.225bps, KMRLGP 3912/12/24 up +16 pts.
• Key movers: UPLLIN unchanged down 0.75pt; VNKRLE 31/211/12/29 down 13pts; VEDLN 137/801/21/27 down 4.9pts.
• Market flows: Short-term names more active; AMC sector tightened, industrial names steady.

Macro News

• US markets rallied: S&P 500 +0.23%, Dow Jones +0.37%, Nasdaq +0.07%.
• USD index down 0.27% to 104.18.
• US Treasury yields retreated, yields at ~4.39% (10-yr), 4.03% (5-yr), 4.09% (10-yr? Note: Values approximate from report).

Analyst Comments

• UPLLIN: Downgraded to Baa3 by Moody's due to weak Q3 2023 results, revenue drop 28% yoy, liquidity concerns; bond recommendation neutral from buy.
• GZRFPR: Unchanged; announced asset disposal of UK business with bond exchange offers to raise funds, clearing potential net gains.
• Other: Trading desk highlights new issues, Asian bond flows, and mixed Chinese and Indian market movements.

Important disclosures and certifications included in the full report.