【行业研究报告】-Fixed Income Daily Market Update 固定收益部市场日报

Yesterday,ChinaIGspaceturnedslightlyweakeramidrefreshedChina
Covidinfectionsworries,andconsolidatedtoacautioustonepostthestrong
rallyforthepast2weeks.Financialsspacewere3-5bpswiderunderbetter
sellingmostRMsaresidelinedinthebankseniorsandcapitalbonds.
T2/leasingnameswidened2-5bps.AMCsweremutedwithoutmuch
conviction.AT1spacesoftenedatouchandwereatmost0.25ptlower,more
ontheNC26/27papers,whileshort-endNC23paperseventradedslightly
higheronthesupportofrealmoneycashallocationbuyingflows.InTMTs,
BABA/TENCNT10-yearpaperswereroughlyunchangedwhilebettersellers
wereseeninthelong-endpartofthecurve.IGpropertieswereunchanged
to3ptslower,aswesawlong-endpapersalsounderperformedontheback
ofRMselling.LNGFORs/VNKRLEsretreated1.5-4ptsacrossthecurve.
ChinaHYshadaquietMondaysessionasinvestorswerereluctanttoadd
intobetapositionsbeforeyear-end.SINOCEs/COGARDsweretradeddown
1-3pts.Qualitynamesslightlyunderperformed,withAGILEsfell2-4ptsand
AGILE25-26swerestilltradedfrommid-30stolow-40s.FUTLANs/FTLNHDs
lowered0.5-1.5pts.BeatendownnamesCENCHIs/CHINSCswere0.5-1pt
lower.Elsewhere,HPDLF’24jumped7ptstocloseatmid-50s.Inindustrial
space,FOSUNIsgrounded0.5pthigher.ANTOIL’22andCHIOIL‘23were
quotedat96and98.5level,respectively,beforeintotheeveningCHIOIL
outlookwaschangedtonegativebyMoody's.LaterafterMondayclose,
ANTOILannouncedthatithasfurtherrepurchasedUSD50.623mnof
ANTOIL7.5’22.VEYONG‘26/WESCHI‘26driftedabout1ptlower.Macau
gamingnamesonaveragefell2ptsonthebackoftheworseningChina
COVIDsituation,withMPELs/SANLTDs/WYNMACslowered1-2.5pts.Away
fromChina,IndianrenewableslikeGRNKEN/RPVINslightlydipped0.5pt.
TheCaa1-ratedminingconglomerate,VEDLNsfirstdropped3-4ptsandthen
endedat1-2ptsloweragainstlastcloseafterVRLsurprisinglydelayedits
interimresultsrelease,“inviewofthenon-availabilityofDirectorsdueto
unforeseencircumstances”.Indonesianquasi-sovereignbenchmarkswere
largelyunchangedskewedtobetterselling.