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Markets remained weak this morning. IG space overall widened 0-2bps. Infinancials, T2s were better selling and HRINTH curve down amid selling flows.IG developers like CHIOLI/CHJMAO and LGFVs were better buying. China Economy – Economy further dipped amid weak confidence. CMBIexpects China’s GDP growth may mildly improve in next several quarters asit is expected to reach 5.1% in 2023 and 4.8% in 2024. See below forcomments from our economic research. COGARD: Country Garden‘s unit announced a warning that there aresignificant uncertainties in repayments of its three bonds 19Bidi03, 20Bidi03and 20Bidi04 totaled RMB4.77bn. COGARDs were unchanged due to lack ofliquidity this morning. Trading desk comments 交易台市场观点 UST yields widened 5-7bps across the curve yesterday. Asia ex-JP IG spaceopened 2-5bps wider and closed on a softer tone. The recent new CHILOV33s widened 6bps. TMT benchmarks such as BABA/TENCNT papers closedunchanged to 2bps wider with mixed two-way flows. In Chinese SOEs,HAOHUA 27s-30s edged 1-2bps wider. In financials, Chinese bank T2s werebetter offered. CCB curve widened 2-3bps with some block selling. WhilstBCHINA/ICBCAS 29s edged 2bps tighter. AMC space remained weak.HRINTH curve was traded another 0.5-1pt lower. CCAMCLs were traded 5-10bps wider. In Malaysian space, KNBZMK 28s were better sold. SG bankT2 papers were also under better selling. European AT1s such asHSBC/STANLN AT1s were quoted 0.25-0.5pt lower. Chinese propertiesperformed mixed. DALWANs were traded 2.5-3pts higher. LNGFORs gained1.5-2pts. COGARDs were marked 1-3pts higher to stay between high singledigits and low-teens. On the other hand, PINGRE 24-25s fell 2.5-7pts.ROADKG/AGILE 24-26s declined 2.5-4.5pts. CSCHCN/CHINSC 24s werequoted 2.25pts lower. Industrials were mixed. EHICAR 24s/26s gained 1-1.25pts. FOSUNI 26s/27s edged 0.75-1.25pts lower. Macau gaming paperssuch as SANLTDs/STCITYs were traded 0.5-1pt lower. Indian space wasquiet. ADANIG/ADGREG 24s were indicated 0.5-1pt higher. Indonesiannames MEDCIJs were marked 0.25-0.5pt lower. Elsewhere, MONMIN 24swere bid up 1.5pts. In the Perp/LGFV spaces, papers prone to spillover from property spaceselloff remained weak. In perps, NWDEVL perps dropped 1.75-6.25pts.CPDEV/HYSAN perps were marked down 1-1.5pts. CKPH 3.8 Perp/CKINF4.2 Perp were traded 0.75pt lower. ZHHFGR/BCDHGR were relativelyresilient in prices despite flows remained under better selling. MeanwhileSOE perps were muted, despite some small cash raising selling in the frontend. On the other hand, LGFVs remained active, as an alternative spaceagainst the backdrop of weak property space. The high-yielding bonds (9% or above) remained sought after.Shandong names such as WFURCD/SHUGRP were better bid. Whereas papers yielding =<7% lacked steamdue to richness against elevated hurdle costs. There were better buying flows in LGFVs from RMs, althoughthere were also other RMs/Prop clients seizing the window to trim unwanted risks.
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（以下内容从招银国际《Fixed Income Daily Market Update》研报附件原文摘录）Markets remained weak this morning. IG space overall widened 0-2bps. Infinancials, T2s were better selling and HRINTH curve down amid selling flows.IG developers like CHIOLI/CHJMAO and LGFVs were better buying. China Economy – Economy further dipped amid weak confidence. CMBIexpects China’s GDP growth may mildly improve in next several quarters asit is expected to reach 5.1% in 2023 and 4.8% in 2024. See below forcomments from our economic research. COGARD: Country Garden‘s unit announced a warning that there aresignificant uncertainties in repayments of its three bonds 19Bidi03, 20Bidi03and 20Bidi04 totaled RMB4.77bn. COGARDs were unchanged due to lack ofliquidity this morning. Trading desk comments 交易台市场观点 UST yields widened 5-7bps across the curve yesterday. Asia ex-JP IG spaceopened 2-5bps wider and closed on a softer tone. The recent new CHILOV33s widened 6bps. TMT benchmarks such as BABA/TENCNT papers closedunchanged to 2bps wider with mixed two-way flows. In Chinese SOEs,HAOHUA 27s-30s edged 1-2bps wider. In financials, Chinese bank T2s werebetter offered. CCB curve widened 2-3bps with some block selling. WhilstBCHINA/ICBCAS 29s edged 2bps tighter. AMC space remained weak.HRINTH curve was traded another 0.5-1pt lower. CCAMCLs were traded 5-10bps wider. In Malaysian space, KNBZMK 28s were better sold. SG bankT2 papers were also under better selling. European AT1s such asHSBC/STANLN AT1s were quoted 0.25-0.5pt lower. Chinese propertiesperformed mixed. DALWANs were traded 2.5-3pts higher. LNGFORs gained1.5-2pts. COGARDs were marked 1-3pts higher to stay between high singledigits and low-teens. On the other hand, PINGRE 24-25s fell 2.5-7pts.ROADKG/AGILE 24-26s declined 2.5-4.5pts. CSCHCN/CHINSC 24s werequoted 2.25pts lower. Industrials were mixed. EHICAR 24s/26s gained 1-1.25pts. FOSUNI 26s/27s edged 0.75-1.25pts lower. Macau gaming paperssuch as SANLTDs/STCITYs were traded 0.5-1pt lower. Indian space wasquiet. ADANIG/ADGREG 24s were indicated 0.5-1pt higher. Indonesiannames MEDCIJs were marked 0.25-0.5pt lower. Elsewhere, MONMIN 24swere bid up 1.5pts. In the Perp/LGFV spaces, papers prone to spillover from property spaceselloff remained weak. In perps, NWDEVL perps dropped 1.75-6.25pts.CPDEV/HYSAN perps were marked down 1-1.5pts. CKPH 3.8 Perp/CKINF4.2 Perp were traded 0.75pt lower. ZHHFGR/BCDHGR were relativelyresilient in prices despite flows remained under better selling. MeanwhileSOE perps were muted, despite some small cash raising selling in the frontend. On the other hand, LGFVs remained active, as an alternative spaceagainst the backdrop of weak property space. The high-yielding bonds (9% or above) remained sought after.Shandong names such as WFURCD/SHUGRP were better bid. Whereas papers yielding =<7% lacked steamdue to richness against elevated hurdle costs. There were better buying flows in LGFVs from RMs, althoughthere were also other RMs/Prop clients seizing the window to trim unwanted risks.
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