Good morning Kimmy, roughly wrote some words about the market. Pls kindly see below. Thx.

美国3月名义CPI增速低于预期，但核心通胀仍然强劲。市场押注美联储在5月加息25个基点的可能性大。美联储的会议纪要显示其预测美国经济将在今年晚些时候出现温和衰退。加拿大央行维持利率不变。

美元债市场相对平静，交易价格企稳。中资投资级方面，国企和科技名字均有买盘，腾讯等活跃名字利差收窄2-4bps，中化利差收窄3-5bps。AT1/Perp变化不大，华能、电建、国电投等名字买盘需求不错。中资高收益方面，万达、金地、瑞安、仁恒等名字买盘活跃，小幅上涨0.25-1pt。澳门赌场板块价格企稳并小幅走高。非中资投资级方面，部分韩国金融名字有较好买盘，韩国进出口银行、韩国发展银行等名字表现不错。日本方面，MUFG新发债券表现较好。

HUATAI EOD COMMENTARY 4/12

CHINA IG: Thought today would be a quiet day, but market was firm. SOE and TMT area saw buying today, Tencnt 30 lifted @+150 then traded up to +148bps, Haohua 30 traded up to +207. Also saw 2 ways in Shengy, Sinope and Chitra long tenor. We finally saw some front end buyers today as the 2-year yield higher, Cnooc, Bidu and some Fins name being chased.

Non-China IG: We had a firm session on non-China IG space with a round of lifting on Korea FIN papers, spread was unch to -3-5bps across the board. Saw strong demand on Korea FIN papers, EIBKOR 28s, KDB 28s & 33s outperformed, and two ways on KOMRMR 28s & KHFC 28s. Japan was 3-10bps with new MUFGs well performed, frontend outperformed on RM adding while more 2ways on 29N & 34N and spread closed 5-10bps inside RO.

AT1/perp: China AT1/Perp closed unch to +0.25pt; AT1 mostly unch on light 2way flows while SOE Perp remained better bidding with level getting squeezed and further inverted (NC26 paper traded around 5.2% while NC24&25 around 5.4%), HUANEN/CHPWCN/SPICPT/CHINLP in demand. EU AT1 flat to start with sentiment remained firm; active 2ways on HSBC 8 Perp with price range around 98.75-99.

HY: Market turned firmer today and we saw better buyers across, looking for DALWAN GEMDAL SHUION YLLGSP CHNAAR CNDATA HONGQI in particular. Bonds were 0.25-1pt higher. For CHINSC, we saw better sellers of 23 and 26, while the belly part remain better bid by PBs, curve about 0.5pt lower or so due to a couple headlines going around. On the contrary, CENCHI curve was better offered across and so far haven't seen any firm buying yet. PWRLNG and KWGPRO front end was slightly better bid. Macau gaming were roughly unchanged to a touch higher, hard to rally much given where they are.