8月17日市场回顾

因为昨天美联储的鹰派评论，中概债信用市场今天的表现稍为疲软。近期有不错表现的10年期投资等级的中概债（比如五矿2026、华融资产2026、阳光人寿2026等等）开始获利回吐。低于5年期的短期中概债不受影响，需求依然强劲。因为上半年业绩中不错的现金流以及与安徽海螺水泥更多的协作，西部水泥2019年到期美金债今天再次上涨，过去几天的累计涨幅已经超过2.5pt，私人银行客户以及Fast Money都在买入。STCITY 8.5 12/01/20美金债今天继续下跌0.5pt，标普关于公司可能违反贷款财务covenants的评论对这笔债券的价格持续造成负面影响。 Market is slightly softer given the hawkish postmeeting statement from Fed yesterday, we see sellers of recent outperformed China IG 10y such as Minmet 26, Sunshg 26, Hram 26 etc. Demand for the short tenor below 5y is still firm and unaffected. West China Cement are again the big mover today, bonds are up 2.5pts over the past couple of days, We see PBs and fast money is trading Weschi 19 on news coming out of earnings of decent cashflow and ongoing cooperation with Conch. Stcity remains heavy with bonds another 0.5pts lower as the market continues to react S&P's comment that the company is likely to breach financial covenants on its loan.