Good morning Kimmy. Pls see my try for market notes below.

美国三月PPI环比下降0.5%，创三年以来最大跌幅，加之上周美国初请失业救济人数反弹，市场对美联储结束加息的预期升高。受中俄贸易和与东南亚贸易激增提振，中国出口意外大幅反弹。

债市整体较为平静。

中资投资级方面，科技板块利差收窄4-5bps。长端和高贝塔名字受到追捧，微博30，小米30,31s利差均收窄至320bps左右。金融板块银行二级资本债利差也收窄2-4bps。中资AT1/Perp 变化不大，国企Perp利差略微收窄，但NC23，NC26券上看到不少止盈盘卖出。

欧洲AT1在CPI数据公布后略高开，HSBC，ING等高资质名字表现强势。日韩方面，韩国市场涨跌互现，KDB等金融名字仍有需求，但KOMRMR/KHC等名字卖盘占优。日本市场则双边盘更多，利差变化不大。

中资高收益方面整体平静，中骏曲线小幅走弱0.5pt，融创中国在港交所复牌，债券价格变化不大，但在23s和24s看到有双边兴趣。非地产板块，宏桥在岸成功新发10亿人民币债券，带动其美元债上涨0.5-1pt。澳门赌场板块基本稳定。城投板块高carry名字持续获得关注，买家对收益率8%或以上的券较有兴趣。而昨天山东和重庆名字报价活跃，有不少双边盘成交。

Market opened slow today and continued to focus on high carry names. We saw buying interest on yieldy bonds 8% or higher. Beta papers traded up 1/8 to 3/8 pt with yield narrowed by 10~20 bps. Shandong/Chongqing names quoted active in the whole day with two way interests. In the mean time front ends printed very light, low beta bonds unch on average. IG property space opened firm but quiet in general. Lngfor/Vnkrle/Cogo +1/8~3/8 pt; Yuexiu/Polyre a touch higher while Chjmao/Crhzch unch. Overall flows were slightly skewed to bidding with buy/sell ratio roughly 3:2

HUATAI EOD COMMENTARY 4/13

CHINA IG: TMT started a bid wider today, but eventually were pushed 4-5bps tighter. Long tenor and high beta names also being chased, saw buyers checking meitua/ wb/xiaomi/lenovo today, Wb 30 traded up to +320, Xiaomi 30,31s both traded up to 320. Tier 2 names also perform well, tightened 2-4bps, and bnkea 27s lifted @+270.

Non-China IG: Quiet start post modest CPI overnight. Spread opened 1-2bps wider reflecting the rates movement but saw small buying from RM on laggard names while closed unch to 1-2bps tighter through the day. Korea was mixed with spread +/- 1-2bps, KDB/EIBKOR still in demand while KOMRMR/KHFC saw better selling today. Japan saw more two ways today with spread mostly unch. AIA 34N outperformed today with RM buying, spread closed 2-3bps tighter.

AT1/perp: China AT1/Perp had the same theme like yest, AT1 mostly unch on two way flows (skewed to better selling today) while SOE Perp continued to grind tighter amid strong demand from RM but saw more profit taking on NC23 & NC26 papers, bonds +0.125-0.25pts through the day. EU AT1 opened slightly firmer post CPI, bonds +0.125-0.25pt in general, high quality banks outperformed, namely - ACAFP/INTNED/HSBC/STANLN.

HY: Market was quite firm today in general except CHINSC curve which was better offered across, down 0.5pt or so. Other than that, we continue to see better buyers of ROADKG, SHUION, YLLGSP, CNDATA, and HONGQI. There quality names were 0.25-0.5pt higher. HONGQI had 1b CNY onshore new issue, which moved offshore 24 0.50pt higher. DALWAN opened weaker with better selling in the belly but the curve held up ok, trending a touch higher in the afternoon. SUNAC China stock resumed trading on hkex and the credit curve was stable around 22/23 context where we saw balanced two-way interest in 23s and 24s. Macau casinos were unchanged to a touch higher and we saw better buyers of MPEL 25 and SANLTD 25.

LGFV: Market opened slow today and continued to focus on high carry names. We saw buying interest on yieldy bonds 8% or higher. Beta papers traded up 1/8 to 3/8 pt with yield narrowed by 10~20 bps. Shandong/Chongqing names quoted active in the whole day with two way interests. In the mean time front ends printed very light, low beta bonds unch on average. IG property space opened firm but quiet in general. Lngfor/Vnkrle/Cogo +1/8~3/8 pt; Yuexiu/Polyre a touch higher while Chjmao/Crhzch unch. Overall flows were slightly skewed to bidding with buy/sell ratio roughly 3:2