8月10日市场评论

今天早上，市场上并没有什么出人意料的事情发生，但整体表现强劲。 Itrx Asia指数没有变化，China IG缩窄1-3个基点，China HY债券普遍上涨0.125点。虽然过去几周有几笔投资等级新债有出人意料的强劲表现（比如五矿集团2026年到期美金债的信用利差已较发行时缩窄60bps），但市场上新债发行并不多。重庆南岸城建昨天新发行了2亿美元10年期债券，但还远远不足以满足投资者的胃口。 CHINA CREDIT: no surprises here, very firm again this morning. Itrx Asia unchanged, China IG 1-3bps tighter and China HY +⅛pt. Despite some dramatic tightening on the IG side over the past couple of weeks (i.e. the 3 week old Minmet 26s are 60bps inside of reoffer) we are yet to see much in the way of issuance. Chongqing Nan'an sold $200mn of 10yr yesterday but that isn't going to be enough to feed the monster.