Barclays_Asia_Credit_Alpha_China_Property_Could_the_housing_trade_in_scheme_help_digest_excess_inventory_.pdf
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ThisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependenceanddisclosurestandardsapplicabletodebtresearchreportspreparedforretailinvestorsunderU?S?FINRARule?????Barclaystradesthesecuritiescoveredinthisreportforitsownaccountandonadiscretionarybasisonbehalfofcertainclients?Suchtradinginterestsmaybecontrarytotherecommendationso?eredinthisreport?leaseseeanalystcertificationsandimportantdisclosuresbeginningonpage???AsiaCreditAlphaChinaProperty?CouldthehousingtradeOinschemehelpdigestexcessinventoryeexpectallOinyieldOfocuseddemandandtechnicalsfrombondredemptions?couponsandLMEsytocontinuetoanchorspreadsatcurrentlevels?epreferBBBsandidiosyncraticopportunitiesinHBsdCCCs?InourFocus?wetakeacloserlookatChinapropertyinventories?ysiareditlphaOverview?????????????????????????????????????????????????????????TechnicalsforMayareuneven?butweexpectspreadstoremainaroundcurrentlevels?yWepreferaddingtopositionsviaidiosyncraticopportunitiesandselectlaggards?ocusChinaProperty?CouldthehousingtradeOinschemehelpdigestexcessinventoryA????????????????????????????????????????????????????????WethinkthegovernmentneedstostepOupsupportmeasuresforthesectortoturntheLOshapedbottomintoanLOshapedrecovery?yFICCResearchCreditResearch?May????FOCUSsiareditStrategyAvantiSave?CFA???????????avanti?saverbarclays?comBarclaysBank?SingaporeiminWeng?CFA???????????yimin?wengrbarclays?comBarclaysBank?SingaporeSarahBeh???????????sarahemi?behrbarclays?comBarclaysBank?SingaporesiareditResearchJitMingTan?CFA???????????jitming?tanrbarclays?comBarclaysBank?SingaporeRoannaChau????????????cheukyan?chaurbarclays?comBarclaysBank?HongKongWilsonHo?CFA????????????wilson?horbarclays?comBarclaysBank?HongKongImtiazShefuddin???????????imtiaz?shefuddinrbarclays?comBarclaysBank?SingaporeCompleted:09-May-24,10:10GMTReleased:09-May-24,10:20GMTRestricted-ExternalFIGURE??AsiacreditspreadsQbacktoTDtightsyFIGURE??OASd&?ere+t&)sQyAsiavsUSy400420440460480500520540560580600607590105120Jan-24Feb-24Mar-24Apr-24May-24OAS,bpAsiaIGexpropOAS(bp)AsiaHYexpropOAS(RHS,bp)50150250350450550-50-20104070100Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24OAS,bpDiff(AsiaIG*-USIG)Diff(AsiaHY*-USHY,RHS)hExcludingChinapropertySource?Bloomberg?BarclaysResearchSource?Bloomberg?BarclaysResearchAsiaCreditAlphaOverviewechnicalsforMayareune