固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Market sentiment was firm this morning. CN IG space was unchanged to2bps tighter, KR IG space tightened 2-5bps. Long-end AMC, leasing nameswere well bid. GRWALLs were under betterselling after releasing FY23 and1Q24 results. NWDEVL perps rose 2-3pts, VNKRLEs rose 1-4pts, CHJMAO,COGO were 0.2-1pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk DALWAN:Maintain buy on DALWANs. DALWANs rose 0.8-1.2pts post theFY23 results. See below. China Economy-Softening growth calls for additional policy support. CMBImaintains the forecast on China’s GDP growth at 4.8% for 2024. See belowfor comments from CMBI economic research. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk Trading desk comments交易台市场观点 On Tuesday, the new CITNAT 27s hovered around RO (CT2+43.5) while 29stightened 3bps inside RO (CT5+65). In KR/JP, KOROILs/HYNMTRs weretradedin active two-way flows and closed unchanged to 1bp tighter.SMBCAC 28-34s were better bid and tightened 2-4bps. In SEA, SIASP 34stightened3bps.SBIIN 28-29s closed 1-2bps tighter.In Chinese IGs,HAOHUA/BABA/TENCNT 30-31s were unchanged to 2bps tighter amid two-way flows. In financials, BOCAVI 28-33s were unchanged to 3bps tighter.HRINTH 24-27s were 5-10bps tighter. BNKEA 27/30, however, widened 1-3bps. EU AT1s were stable amid mixed flows. Scandinavian names such asSEB/NDAFH/SWEDA/DANBNK Perps were under better buying and closedunchangedto 0.1pt higher,and UBS/BNP/STANLN Perps were alsounchanged to 0.2pt higher. HSBC Perps, on the other hand, were unchangedto 0.2pt lower. In HK Corp names, AIA 34 tightened 1bp but the recent newCKHH 29/34 widened 1-2bps. NWDEVL Perps were 0.5-1.0pt higher underbuyingfrom PBs/HFs,whilst HYSAN Perps were down around 0.2pt.Chineseproperties moved higher.FTLNHD/FUTLAN 24-26s were upanother 1.5-2.8pts and closed 3-5ptshigher WTD. VNKRLE ’24 was up 0.7pt,and VNKRLE 25-29s gained 1.8-2.8pts. CHJMAO ’29 was 1.9pts higher.DALWAN 24-26s were up 1.1-1.5pts. COGO/YXREIT 26s edged 0.3pt higher.ROADKGs were up 1.0-1.6pts. GRNLGRs, on the other hand, lowered 0.6-1.2pts. Industrials were mixed. FOSUNI ’27/CHIOIL ‘26 were up 0.5-0.7pt.HILOHO ’24 declined 1.1pts. Hilong Holding announced that it has engageda financial advisor to formulate a debt extension plan amid the further delayof its FY23 results. In Macau gaming, MPEL/SANLTD 28-30s were 0.2-0.7pthigher. Indonesian name LPKRIJ 25-26s were up 1.4-1.7pts. Media reportedLippo Karawaci will update the noteholders of its LPKRIJ 8.125 01/22/25 onthe potential refinancing plans by Jul ’24. MEDCIJ 26-28s moved another0.4-0.6pthigher. In Indian space, VEDLN 26-28s were up 0.3-0.6pt. Elsewhere, GLPCHI ’26 increased 2.9pts following media report that Guangdong Holdings is considering toacquire a majority stake in GLP China. The LGFVs/SOE perps/high-beta spaces were quiet aheadof month end. There were balanced two-way flowsinLGFVs,but better selling flows in the low-yielding SOE perps.Shandong names such as JMUDIV‘25/JNHITE ’24 were 0.1pt higher. In the 5-6% LGFVs, GZGETH ’27 was up 0.1pt, but CDCOMM ’24 was down0.1pt. InSOE perps, HUADIA 3.375 Perp/COFCHK 3.1 Perp were down 0.2pt. In the high beta names,FRESHK ’27 was 0.1pt lower. HUANEN ’31/HNINTL ‘30 declined 0.3pt. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (-0.34%), Dow (+0.23%) and Nasdaq (-0.33%)were mixedonWednesday.US Apr’24 ADPemployment was +192k, higher than the expectation of +179k.US Apr’24 Markit manufacturing PMI was 50.0,higher than the expectation of 49.9.UST yieldretreatedyesterday, 2/5/10/30 yield reached 4.96%/4.64%/4.63%/4.74%. Desk analyst comments分析员市场观点 DALWAN: Maintain buy on DALWANs On 30 Apr’24, Dalian Wanda CommercialManagement (DWCM) released resilient FY23 results. In FY23,DWCM’s operating performance continued to improve. Post the completion ofextension of USD600mn DALWAN7.25’24and signing thenew pre-IPO investment agreementwithPAG-led investors in Dec’23, DWCM’s liquiditypressure in the near term wasconsiderably relieved. We consider DWCM a survivor of the sector given its solidrecurring cash inflows,more manageable debt maturities and headroom for further secured financing from itsIPs. We maintain buy on DALWANs. In FY23, DWCM’s revenueincreased 6.1% to RMB52.3bn and c90% was from IP leasing and managementsegment. DWCM’s gross margin increased to 64.2% from 62.2% in FY22 and all segments’ gross margins wereimproved withrecovery from re-opening after Covid-19 pandemic. Accordingly, DWCM’s EBITDA marginincreased to 56.2% from 52.7% in FY22 given the higher gross margin and lower SG&A expenses rates. DWCM’s credit profiles remained stable. As of Dec’23, DWCM’s net debts (excl. pre-IPOredemption) increased3.0% to cRMB130bn from RMB126bn in Dec’22 while the proportion of its short-term debts to total debtsdecreased to 16% from 20% in Dec’22. Although DWCM’s cash decreased 38% to RMB13.4