固定收益日报市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 New NAB’30 tightened 2-3bps while NAB’36 widened 2bps. EXIMBK’35widened 2bps. China TMT space opened 5-10bps wider post news of USmilitary-related blacklist then recoveredto unchanged. Short-term LGFVswere under better selling. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FOSUNI:Tender offer for FOSUNI’25 and concurrent tap on FOUSNI’28.FOSUNIs moved-0.2 to +0.2pt this morning. See comments below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HONGQI:Neutral on the new HONGQI 7.05 01/10/28. HONGQI’28 rosec0.8pt this morning. See below. Trading desk comments交易台市场观点 JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk Yesterday, EXIMBK priced a USD1bn 10-yr bond at CT10+100 and the oldEXIMBK 30-35s widened 3bps. HYNMTR priced the 3-yr and 5-yr fixed-ratedbonds at CT3+75 and CT5+93, and priced the 3-yr floating-rated bond atSOFR+92.DAESECs were 1bp wider,LGENSOs widened 1-3bps.KRKPSCs tightened 3-5bps. Chinese IGs were mixed. HAOHUA 27-29swere unchanged to 2bps tighter. TENCNT 29-31s tightened 1-3bps on someblock buying while LENOVOs/WBs widened 2-5bps. BABAs were 1-2bpswider. Infinancials, CCAMCLs closed 1-3bps tighter amid mixed two-wayflows. TW lifers were mixed. CATLIF 34-39s were under better buying andtightened 1-2bps, while NSINTW 34s widened 3bps. In AT1s, the callable 25-27s papers such as HSBC 6/DB 6 Perps were betterbid and closed 0.1-0.2pthigher. In JP, MYLIFE 54s/NIPLIF 54s/SUMILF Perp/FUKOKU Perp were0.3-0.5pt lower. In HK, NWDEVL Perps/27-30s dropped 3.1-4.4pts after thegain of 1.0-3.6pts over the last week. In Chinese properties, FTLNHD/SHUION 25-26s rose another 0.8-0.9pt after the increase of 0.4-1.4pts overthe last week. Outside properties, HONGQI priced a USD330mn 3-yr bondat par to yield 7.05%. See comments below. FOSUNI announced the tenderoffer FOSUNI’25 and concurrent tap on FOUSNI’28 of up to USD200mn. Seecommentsbelow.In Indonesia,MDLNIJ 27s were up 0.8pt.In India,ADANEMs/ADINCOs/ADGREGs/ARENRJs were 0.1-0.5pt higher. In LGFVs, QZSOAT priced a USD470mn 3-yr bond at par to yield 4.82%.HNRAIL announced new issue mandate of a 3-yr USD bond. CPDEV 25-26swere up 0.2pt. There were mixed two-way interests on CNH LGFVs such asZOUCAO/QDOCID 27s. In SOE perps, SPICPT 3.45 Perp/ CHPWCN 4.25Perp were up 0.1-0.4pt, CHSCOI 3.4 Perp was 0.2pt lower. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (+0.55%), Dow (-0.06%) and Nasdaq (+1.24%)weremixed on Monday.US Dec’24 Markit servicePMI was 56.8, lower than the expectation of 58.5. UST yield moved higheryesterday,2/5/10/30 yield reached4.28%/4.42%/4.62%/4.85%. DeskAnalystComments分析员市场观点 FOSUNI: Tender offer for FOSUNI’25 and concurrent tap on FOUSNI’28 Fosun International announced the tender offer for FOSUNI 5.95’25 withpurchase price of 100 and theconcurrent tap on FOSUNI’28 with a maximum tap amount of USD200mn. The maximum acceptance amount oftender offer will be the amount of tap. Fosun expects to announce the maximum acceptance amount on or about8 Jan’25. The company will accept tenders on a pro-rata basis if the aggregate principal amount of bonds validlytendered exceeds the maximum acceptance amount. In Nov’24, Fosun repurchased USD300mn FOSUNI’25 at 99.5 through tender offer with proceeds from issuanceof FOSUNI’28. We expect Fosun to use all proceeds from the tap of FOSUNI’28 to fund the tender offer. We areneutral on FOSUNIs. In Asian non-IG space, we prefer BTSDF 13.5 06/26/26 (M/S/F rating: Ba3/BB/-) andEHICAR’26-27(M/S/F rating:-/-/-)for better risk-return profiles. See details inour 2025 outlook. Currently,BTSDF 13.5’26 and EHICAR’26-27 are traded at 106.8 and 67.6-68.9with YTM of 8.5% and 30.2-32.0%,respectively. HONGQI: Neutral on the new HONGQI 7.05 01/10/28 China Hongqiao (Hongqiao) issues USD330mn 3-year USD bonds HONGQI 7.05 01/10/28 (Fitch: BB+), and itis guaranteed by the same subsidiary guarantors as HONGQI 7.75 03/27/25. The proceeds from the newissuance will be used to refinance HONGQI 7.75 03/27/25of USD300mn due in Mar’25. HONGQI 7.05 01/10/28moved 0.8pt higher this morning. At 100.8, HONGQI 7.05 01/10/28 is trading at YTM of 6.75%. We are neutralon HONGQI 7.05 01/10/28 on valuation. For commodity-related plays, we prefer VEDLN 10.25 06/03/28 (-/B-/B-, YTM of 8.97%) and MEDCIJ 6.9511/12/28 (B1/BB-/BB-, YTM of 6.98%).We believe MEDCIJ is a candidate for early redemptions. Meanwhile,HONGQI 7.05 01/10/28 is also trading 143bps lower than its local BB-rated peer FOSUNI 8.5 05/19/28 (YTM of8.18%). We understand that Hongqiao has good access to lower-cost onshore funding. In 2024, Hongqiao issued onshorebonds totaled cUSD1.8bn equivalent at an weighted average coupon rate at 3.2%, as per our estimates.Hongqiao has an offshore debt issuance quota of USD900mn expiring in Jul’25 (USD400mn for loans, up toUSD400mn for USD bonds, and the remaining to be allocated for other purposes). There will be room ofUSD70mn for Hongqiao to