redtigerroulette| CITIC Construction Investment Securities Debt Capital Market Weekly Report (20240408-20240412)

one

Primary market

one

Our company will issue this week.

This week, we issued 38 corporate bonds, 2 corporate bonds, 12 MTN, 1 PPN and 5 financial bonds.

two

Interest rate debt

This week, 25 new interest rate bonds were issued, including 5 treasury bonds, 6 CDOs, 8 agricultural bonds and 6 import and export bonds.

Twenty-six new local government bonds were issued this week.

three

Corporate bond

This week, a total of 1185 corporate bonds were issued.Redtigerroulette52 million yuan, in terms of the mode of issuance, 60 public bonds and 75 private bonds; from the rating point of view, it is 68 AAA, 41 AA+ and 26 AA.

Over the past year, the proportion of corporate bond ratings has changed as shown in the chart below.

four

Corporate debt

This week, a total of five corporate bonds were issued with a total size of 3.32 billion yuan. In terms of the way they were issued, they raised five public bonds; according to their ratings, they were 3 AAA grade and 2 AA+ grade.

five

ABS

A total of 19 issues of asset-backed securities were issued this week.

two

Review of the market this week

The bond market as a whole fluctuated downward this week. Some economic data released this week showed that the year-on-year growth rates of CPI and PPI fell faster than expected in March. CPI was 0.1% year-on-year, 0.40% expected, previous value 0.70%-2.8%, expected-2.80%, previous value-2.70%. As the data did not perform as expected, the market traded again for further easing of monetary policy.RedtigerrouletteThe expectation of. China's imports in March compared with the same period last year (in US dollars)-1.9% (previous value-8.2%), and March exports (in US dollars)-7.5% year on year (previous value 5.6%). The slower-than-expected growth rate of foreign trade exports in March was mainly affected by the high base figure in the same period in 2023, the drop in export commodity prices, and the downturn in China's commodity exports to Europe, the United States and other economies, which also continued to confirm that the current fundamental repair is still under great pressure. The cumulative increase in the scale of social financing in the first quarter was 12.93 trillion yuan, 1.61 trillion yuan less than the same period last year, mainly dragged down by factors such as the slowdown in credit growth, the lag in government debt issuance, and the pressure on stock bills. The superimposed capital side remains loose, the short-and medium-end mood continues to improve, and the yield of each term has declined. On the other hand, long-end yields are under some pressure. In the regular monetary policy meeting of the central bank in the first quarter, the central bank suggested that "we should pay attention to the changes in long-term yields." the market interpreted it as a signal that the current long-term bond interest rates are too low and that there is a certain risk of correction. Combined with market rumors, some provincial federations put forward certain restrictions on the investment of long-term interest rate bonds by agricultural banks under their jurisdiction, and market institutions adjusted their operating strategies, resulting in a substantial increase in short-and medium-end trading enthusiasm, and only a slight decline in long and short yields.

Specifically, the yield of the treasury bond yield curve 10Y fell 0.00BP to 2.28%, while the yield of CDB 10Y fell 0.68BP to 2.40%.

Credit bond yield curve overall downward, specifically, medium-and short-term bills AAA curve 5Y yield down 10.02BP to 1.5057%; China bond corporate bond AAA curve 5Y yield down 10.51BP to 2.5215%; urban investment bond AAA curve 5Y yield down 6.46BP to 2.5579%.

three

Capital side

Money is loose as a whole this week. The central bank launched 10 billion 7-day reverse repurchase operations this week, with 6 billion reverse repurchase expired. The 2 billion seven-day reverse repurchase operation was carried out on Monday, with 2 billion reverse repurchase due; on Tuesday, the 2 billion seven-day reverse repurchase operation was launched, with 2 billion reverse repurchase due; on Wednesday, the 2 billion seven-day reverse repurchase operation was launched, with 2 billion reverse repurchase due; the 2 billion seven-day reverse repurchase operation was carried out on Thursday, and the 2 billion seven-day reverse repurchase operation was carried out on Friday, so the open market achieved a net investment of 4 billion yuan this week. This week, the capital side maintained a balanced and loose trend, in which the overnight price rose 2.79BPPM 7 days up 1.92BPPM 14 days down 3.49BPPM 21 days up 10.78BP.

four

Rating change

one

Up-regulation

There are no companies whose main ratings have been upgraded this week.

two

Down-regulation

On April 08, 2024, Pengyuan lowered Shenzhen Cosco Construction Group Co., Ltd. from AA- to A.

On April 10, 2024, Standard & Poor's rating Services downgraded Vanke Enterprise Co., Ltd from BBB+ to BB+.

On April 11, 2024, Moody's lowered Greenland Hong Kong Holdings Limited from Caa2 to Ca.

Citic Construction Investment Securities

Debt Capital Markets Department

Official account

Zxjtdcm2021

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