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

Yesterday,ChinaIGspacehaveanotherfirmsessionwiththeChina’s
reopeningthemeandrealestatesupportthemegoingon.Infinancials,
T2/leasingbroadlytightened3-5bpsandAMCsoutperformedbyclosing10-
20bpstighter.HRINTH/GRWALLcurvespopped1pthigheronthebackof
therealestatesupportheadlines.InTMTs,benchmarkBABA/TENCNTwere
mostlyunchangedinspreads,whilehighbetatechlikeMEITUA30sgained
around1ptonthebackofoptimismtowardsthereopening.MEITUAcurve
keptupthesqueezingmomentumandtightened30-40bps.Elsewhere,
GWFOODtightened30bpsamidWensFoodstuffreceivedNAFMIIapproval
forRMB5bnbilloffering.Marketspotlightwasonthe‘thirdarrow’.IG
propertiesbenchmarksLNGFORs/VNKRLEsbounced1-2ptsunderhigher
convictionsamongdevelopers.LNGFORs/VNKRLEswereup1-2pts.In
ChinaHYs,propertiesralliedafternewshitthattheregulatorshallallow
qualitybuilderstoprivatelyplaceonshoresharesagain.Onshorelisted
namesbenefitedthemostfromthispolicyrelaxation:FUTLANs/FTLNHDs
openedmorethan20ptshigherbeforegivingback8-12pts,andstillclosed
7.5-12ptshigherontheday.FUTLAN/FTLNHD24-25sclosedup9-15ptsat
low-to-mid60s,afterslightlylowered2-3ptsonMonday.GEMDAL24was
indicated20ptshighertocloseat80levelandthenhelditsgainsthereasit
isonlylistedonshore.COGARDswerefirsttradedbriefly7-8ptshigher,then
PBs/HFshitthecurvebacktoonly1.5-3.5ptshigher.SINOCEsjumped3-
7ptsandROADKGswereup2.5-4.5pts.Beatennames
CHINSCs/KWGPROsweretradedup2-3pts,withabitofPBandHFbuying
insmallsizes.Elsewhere,AGILEsperformedmixedwiththebellytrading
2.5-4ptshigher.AGILEPerpsclosedatlow-20sandtherestofthecurve
stayedrange-boundatlow-to-mid40s,andbeforecloseAgiledeferredthe
distributionof8.375%perpon4Dec'22.Industrialspacewereunchangedto
slightlybetterbuying.FOSUNIsweretradedup2.5-4ptsacrossthecurve
withnotablymoreinquiriesonthe25-27s.FOSUNI23swerealltradedback
tolow-to-high80samidnewsthatFosun