20231115-招银国际-Fixed_Income_Daily_Market_Update_6页_1mb

报告摘要

Asian IG credits tightened by 2-4bps with two-way flows; LG/FV/AT1 bonds saw better buying, while profit-taking was observed by noon.
High-yield LG/FV perps active due to strong market sentiment; names like GZINFU'24 and property-related CPDEVs/ZHHFGRs chased by onshore RMs and moved 0-4 points higher, despite some profit-taking in weaker technicals.
Chinese MAC-holdings like SJMHOLS rose after stronger-than-expected Q3 results; SOEs remained firm, with ICBCAS and CINDBK unchanged.
In SEA, ADANEM'30/31 up on news of USD12bn tender offer; LNGFORs rose, while VNKRLEs fell slightly.
Euro-zone GDP growth and US CPI data moderated expectations, keeping US yields stable; key yields for 2/5/10/30 ranged at 480%/442%/444%/461%.

DALWAN: Media reports that Zhuhai Wanda Commercial Management's IPO investors rejected initial proposal to delay repayment; DWCM is exploring credit lines, potentially affecting ownership and operation capping.
Chinese Properties: October contracted sales fell 50% mom for 34 developers, with yoy declines widening; government plans at least 1tn RMB low-cost funding for affordable housing, urban villages, and public infrastructure; supportive measures include LPR cuts and eased purchase restrictions expected soon.
Offshore Asia New Issues: Jinan Rail Transit Group issued USD210mn 364-day bond at 6.7%; pipeline includes ABC London Branch bond.

Chinese AT1s stable, AMC sector credits moved higher; TMTs like TENCENT/BABA unchanged amid mixed beta names.
Analysts highlighted risks in Chinese real estate; state-owned developers likely to benefit from government support plans.