20231110-招银国际-Fixed_Income_Daily_Market_Update_8页_916kb

Fixed Income Market Summary - November 10, 2023

Market Overview

• Asia ex-Japan and Hong Kong (HK) large-cap financial (LGFV) and investment grade (IG) markets remained firm.
• New issues: DAHSIN 10NC5T2 tightened by 2bps, KHFC 26 tightened by 5bps.
• Secondary trading: UBS PerpNC5 and PerpNC10 stayed stable, Chinese SOEs/TMT benchmarks mixed, high-beta TMTs widened.
• Positive sentiment driven by cash deployment buying from regional money market (RM).

Key Bond Insights

• Tender and Repurchase Opportunities:
  • CQNANA announced tender offers for USD 255mn (cap) on bonds maturing in 2024.
  • STCITY offered USD 75mn tender for bonds due in 2025.
  • NWDEVL/NWSZF next potential targets due to lower cash prices and liquidity.
• Specific Bond Movements:
  • Top performers: DALWAN, VNKRLE, SHUION, LNGFOR, BNKEA.
  • Bottom performers: VNKRLE, LNGFOR, COGARD, GRNCH, VNKRLE (LNGFOR, COGARD).

Analyst Comments

• HRINTH Repurchases: Huarong repurchased bonds at higher cash prices, signaling a shift from lower liquidity maturities.
• Macro News Recap: US markets weak; Fed hawkish; US yields rebounded.
• Opportunities: Focus on perps with coupon resets and distressed issuers reducing debt.

Market Data Highlights

• US indices: S&P 500 (-0.81%), Dow (-0.65%), Nasdaq (-0.94%).
• US yields: 2-30 year reached 5.03%-4.77%.

For full details, refer to the original report.