中银国际固定银国际固定.PDF

中银国际中银国际固定固定收益收益研究研究 中中银国际银国际固定固定收益收益研研究究 Fixed Income Research 、、、、 、、、、 BOCI Fixed Income Research Rates, Currencies Credits China Fixed Income Research 2012 . 03 . 01 / Finding relative values in China/HK credit space (Steve Wang) + (852) 。 。 steve.wang@ 。 (Qiong Wu) , CFA 。/ Th e N ew Year h as d elivered a ban gin g start for cred it +(852) in vestors. Th e large gains over su ch a relatively s hort period and th e flood of n ew issuance in th e HG space are c allin g for a qiong.wu@ reflection. Lockin g up some profits and takin g the ad vantage of n ew issu e d iscou nts could prove a p rud ent rep osition ing strategy . Find in g b etter relative valu es could also offer at- (Vivian Zhang) tractive in vestmen t ad justment.