20231020-招银国际-Fixed_Income_Daily_Market_Update_5页_863kb

报告摘要

Yields and Trading: Overnight UST 10-year yield widened 8 basis points to 491%. Key trades included MUFG pricing a USD 750 million AT1 bond at 8.2% yield, and ICBCAS pricing multiple bonds. In Asia, Chinese SOEs/TMT benchmarks saw HAOHUA and BIDU widen by 1-3 basis points, while high-beta TMTs sold better. Chinese property names declined amid higher rates, with DALWAN down 1-2 points.
Primary Market: New issues included ICBC's 2026 bond and Medco Energi's USD 500 million 5.5% NC2 bond. Weakness was seen in some Shandong LGFVs, but trading remained active.
Secondary Trading: Asian IG markets turned softer, with mixed performances in industrials and gaming names. Hong Kong corporates saw subdued trading, while Indian and Indonesian bonds showed slight declines.

HRINTH Repurchases: HRINTH announced a further offshore bond repurchase of USD 20.112 million, focusing on longer-dated bonds. This supports recommendations for Chinese AMC sector with better risk-return profiles.
Bond Pipeline: Offshore Asia new issues pipeline includes Jinan Hi-Tech Holding and Fujian Zhanglong Group plans.
China Debt Market: September home prices in 70 major cities showed declines in most cities, with Beijing and Shanghai increases. PBOC kept LPR unchanged.
Corporate Actions: COGARD reported on potential Wilton Greens sale, DALWAN resold bonds, and MOLAND sold residential project.

HRINTH Recommendations: Analyst views HRINTH as top pick amid further repurchases; recommends HRINTH 37505/29/24, HRINTH 5501/16/25, and GRWALL 395Perp. Commentary notes global Asia ex-AU/NZ/Japan had USD 74 billion in tender offers and repurchases.
Market Outlook: Analysts suggest buying HRINTH based on repurchase expectations, but Chinese properties and high-yield names underperformed due to higher rates and economic concerns.