20230714-招银国际-Fixed_Income_Daily_Market_Update_5页_904kb

报告摘要

IG benchmarks and TMT issues remained steady or tightened slightly in yields, while high-beta bonds like Xiaomi and Lenovo showed compression due to profit-taking.
S&P 500 and US markets gained ground, supported by cooling inflation data, with treasury yields dropping across maturities, particularly in shorter-term papers.
Asian markets featured active trading, with Chinese SOEs and AT1 securities in demand, while property bonds had mixed reaction to recent news.
Key movers included COGARD and FOSUNI, with changes in yields and prices varying across tenors.

China's economy faces pressure from weak exports; goods exports declined 12.4% YoY in June 2023, with expectations for -23% in 2023 before recovering to +65% in 2024.
Imports fell below forecasts amid subdued demand and commodity deflation, expected to drop 3.3% in 2023, potentially stabilizing later.
Weak export performance supports calls for further policy easing, including credit supply loosening and property-related measures.

Aging de-stock cycle and subdued overseas demand drove export slowdowns; resilient vehicles and auto parts offset some declines in key export categories.
Policy outlook suggests additional fiscal and monetary support, with central bank likely to cut rates or reserve requirements in second half of 2023.
New issues pipeline is low, but LGFV and SOE activities remain focal points amid bank cash deployment.