20240216-招银国际-Fixed_Income_Daily_Market_Update_4页_776kb

报告摘要

Chinese SOE bonds, such as Haohua 24, saw better buying amid tighter yields in Hong Kong and China. Lenovo/MeiTu 30s widened by 2-3bps, influenced by court dismissals in Logan Logistics cases.
Asian fixed income markets were firm, with notable tightening in UST yields. High-beta TMT stocks like Lenovo/MeiTu showed mixed trends, while Chinese financials saw buying interest in leasing names and AMC stocks.
Thai/EU AT1 securities had mixed movements, with KBANK 4Perp and UBS 775Perp rising slightly.

Credit growth in China beat expectations due to expansion in banks' acceptance and corporate bonds, with social financing reaching a record high in January. Government bond issuance moderated.
Household loans rebounded despite subdued housing sales, supporting credit growth forecasts. The PBOC may cut LPR and loosen liquidity with fiscal policies expected to support GDP growth.

Hong Kong's High Court dismissed winding-up cases against Logan's subsidiaries. Hong Kong & China Gas completed redemption of USD300mn perpetual bonds.
Vedanta's stock traded in block deals, raising concerns in India. E-House China filed for debt restructuring, while Hong Kong filings affect listed companies.

Forecasts suggest continued deflation pressure, with potential LPR cuts in February. Fiscal expansion may push social financing growth to 10% by end-2024, supporting credit mild rebound.

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