The bond prices of Chinese real estate sector rose, with Vanke leading the way.
After a rapid decline last week, the 10-year US Treasury yield fluctuated narrowly below 4.6% during the Asian session on Monday (11/6), as investors believe that the Fed’s rate hiking cycle is ending. The risk sentiment in the Asia bond market improved significantly, and the credit spreads of investment-grade bonds narrowed by 5bps. The bond prices of Chinese real estate sector mostly rose, with Vanke Real Estate’s overseas dollar bonds leading the way. The Shenzhen State-owned Assets Supervision and Administration Commission expressed strong support for Vanke at an online meeting this afternoon, and Vanke’s dollar bonds continued to rebound from the low point at the end of October.
Important news
Vanke held an online meeting on Monday afternoon to communicate with the market its business and recent bond price fluctuations, with leaders from the Shenzhen State-owned Assets Supervision and Administration Commission (SASAC) attending. Previously, Vanke’s overseas dollar bond prices continued to fall, which also affected its A-share price to drop sharply.
The Shenzhen SASAC said at the meeting that Vanke is financially sound. In case of extreme situations, the Shenzhen SASAC has enough financial resources and tools to support Vanke.
Secondary market trading
• Vanke Real Estate HK (VNKRLE) 5.35% 2024 bonds traded near 24.78%, compared to about 46.95% at the end of October.
• Vanke Real Estate HK (VNKRLE) 4.2% 2024 bonds traded near 35.97%, compared to about 59.60% at the end of October.
中資地產股債券價格普遍回升，萬科的境外美元券領漲
上週美債收益率在經歷了快速下滑後，週一（11/6）亞洲時段10年期美債收益率在4.6%以下窄幅波動，隨著投資人認為聯準會升息循環將結束，亞洲債市的風險情緒顯著改善，投資等級標的的信用利差收窄約5bps。中資地產業的債券價格普遍上漲，萬科地產的境外美元券領漲。深圳國資委於今日下午的線上會議對萬科表達大力支持，其美元券自10月底的低點持續回升。
重大新聞
萬科於週一下午召開線上會議，與市場溝通萬科經營情況、近期債券價格波動事宜，出席者包括深圳國資委領導。此前，萬科的境外美元債券價格持續下跌，連帶影響其A股股價亦大幅下跌。
深圳市國資委於參加會議時表示，萬科具備足夠的安全性，並未出現傳言所說的財務風險。如遭遇極端情況，深圳市國資委有足夠的資金資源和工具支持萬科。
次級市場交易
• 萬科地產香港（VNKRLE）5.35% 2024年券收益率約24.78%，相較10月底時收益率約46.95%。
• 萬科地產香港（VNKRLE）4.2% 2024年券收益率約35.97%，相較10月底時收益率約59.60%。