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Original Title: Daily | The US dollar bond market strengthened slightly; a new wave of outbreaks caused by the delta mutant strain swept the United States
Source: U.S. dollar bond tracking
Yesterday’s key review
Market Recap
Market overview:A survey by the New York Fed showed consumer inflation expectations reached an eight-year high, and the President of the Atlanta Fed urged a faster-than-usual speed reduction. A new wave of epidemics caused by the delta mutant strain has swept the United States, and the number of new cases and hospitalizations reached the highest level since February. The quarterly monetary policy implementation report of the People’s Bank of China stated that it will support the economy with moderate monetary growth and further reduce the actual loan interest rate. It is reported that many state-owned and private enterprises in China are discussing taking shares in Evergrande Auto and Evergrande Property.
In terms of Chinese dollar bonds, the investment-grade index fell 0.01%, and the high-yield index rose 0.15%. The US high-yield index fell 0.03%, and the US investment grade index fell 0.14%.
Investment grade:The Chinese-funded US dollar bond investment-grade market coincides with holidays in Singapore and Japan, and trading is relatively quiet. Financial sector, ICBC Leasing and other leasing names received some support, narrowing slightly by 2~3bps. Bank names have also received certain support, and BOCOM International has narrowed it by 2~3bps. The technology and state-owned enterprise sectors narrowed slightly by 1~2bps. The AMC and urban investment sectors remained stable.
High-yield aspects:The high-yield Chinese dollar bond market strengthened slightly. Names with BB or higher ratings such as Country Garden, Logan, and CIFI rose by 0.25 to 0.75 pt, while the trend of B ratings is more divergent. Yuzhou and Sunac rose slightly by 0.5pt,Sunshine CityAffected by domestic debt, the US dollar debt curve also fell by 1 to 3 pt. The Fantasia curve fell by 1~1.5pt, and Evergrande fell by 0.5~1pt. Buyers in the overall market are more interested in short-end bonds.
1. Global market overview
Global Market Review
Table 2: The performance of global major asset classes (updated this morning)
Table 3 (1): Performance of major interest rate varieties in China and the United States (updated this morning)
2. U.S. dollar debt secondary market
1. The secondary transactions of active coupons
(1) Investment-grade active coupons
The Chinese-funded US dollar bond investment-grade market coincides with holidays in Singapore and Japan, and trading is relatively quiet. Financial sector, ICBC Leasing and other leasing names received some support, narrowing slightly by 2~3bps. Bank names have also received certain support, and BOCOM International has narrowed it by 2~3bps. The technology and state-owned enterprise sectors narrowed slightly by 1~2bps. The AMC and urban investment sectors remained stable.
Table 4: The rise and fall of investment-grade active bonds
(2) High-yield active coupons
The high-yield Chinese dollar bond market strengthened slightly. Names with BB or higher ratings such as Country Garden, Logan, and CIFI rose by 0.25 to 0.75 pt, while the trend of B ratings is more divergent. Yuzhou and Sunac rose slightly by 0.5pt. Sunshine City Group was affected by domestic debt, and the dollar debt curve also fell by 1~3pt. The Fantasia curve fell by 1~1.5pt, and Evergrande fell by 0.5~1pt. Buyers in the overall market are more interested in short-end bonds.
Table 5: The rise and fall of high-yield active coupons
(3) Distressed section
For other active coupons, Suning fell 5pt and Chongqing Energy rose 5pt.
Table 6: The rise and fall of the Distressed sector
(4) Performance of newly issued bonds
Table 7: Recent performance of newly issued bonds
3. New USD bond issuance market
New Issue Market
1. New debt pricing
[Pricing]Issuer/Guarantor: Zhejiang Deqing Jinkaicheng Development
Distribution structure: SBLC
Term: 3 years
IPT: 2.2% area
FPG:2.08%
JGCs, JLMs & JBRs: Haitong International, ABCI
JLMs & JBRs: CNCB Capital, Macau International Bank
2. New announcement
Nothing.
3. Announced
[Announced]Issuer/Guarantor: Great Eagle Group
Issuance structure: guaranteed issuance
Scale: USD benchmark
Term: 5 years
JGCs, JLMs & JBRs: Citigroup, HSBC, JP Morgan Chase, UBS, ANZ, Bank of America Securities,Bank of China(Hong Kong), CMB International, DBS Bank, Mizuho Securities
JLMs & JBRs: BNP Paribas, China Construction Bank (Asia), ICBC (Asia), OCBC Bank, Nikko Securities, Standard Chartered Bank, United Overseas Bank
Roadshow time: A series of conference calls for fixed income investors will be held from August 4, 2021
[Announced]Issuer/Guarantor: Chongqing International Logistics Hub Park
Issuance structure: direct issuance
Scale: USD benchmark
Issuer (M/S/F): -/-/BBB-
Expected debt rating/debt rating: -/-/BBB-
JLMs & JBRs: DBS Bank, ICBC International,Guotai Junaninternationality
Roadshow time: A conference call for fixed income investors will be held from July 28, 2021
[Announced]Issuer/Guarantor: Qinhuai Data
Issuance structure: direct issuance
Scale: USD benchmark
Issuer (M/S/F): Ba2/-/BBB-
Expected debt rating/debt rating: Ba2 /-/BBB-
JLMs & JBRs: MorganStanley, Goldman Sachs Asia, Barclays Bank
Roadshow time: A conference call for fixed income investors will be held on July 27, 2021
Note: The data in this article comes from Bloomberg, WIND, and USD bond tracking research. This article is for information only and does not constitute investment advice.
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Editor in charge: Zhao Siyuan
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