固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 UST yields tightened 6-10bps this morning. NANYAN 34s/SHCMBK 33stightened 1-2bps. HAOHUA/TENCNT 30s widened 1bp. VNKRLE 25-29s upanother 1.7-2.2pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk RCBPM:FV of the new 5-year USD bonds to be T+130-135bps. See below. NWDEVL: New World Development clarified that it had not been in theprocess of, or commenced any discussion on, anyholistic debt restructuring.NWDEVLs were unchanged to 2.5pts lower this morning. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Trading desk comments交易台市场观点  Yesterday,the spotlight was on NWD after the media report on debtrestructuring. NWD denied that it was in the process of, or commenced anydiscussionon,any holistic debt restructuring.NWDEVL 27-31s/Perpsplunged 7.5-18.0pts and closed 11.3-24.2pts lower YTD. In financials, HKT2s were better sold on NWDEVL's spillover. BNKEA 27-34s widened 20-40bps. BNKEA 5.825 Perp (callable in 2025) was marked 0.5pt lower amidthe sharp widening in BNKEA curve, while the flows in this perp were limited.NANYAN34s/DAHSIN 33s widened 5-10bps.In EU AT1s,BNP7.375/SOCGEN 8.5/INTNED 7.25 Perps were 0.3-0.5pt higher. In Insurancehybrids, MYLIFE 54s/NIPLIF 54s/ASAMLI 4.1 Perp were unchanged to 0.2pthigher on some short covering. The recent new EIBKOR/KHFC 30s widened2-3bps.In Chinese IGs,HAOHUA/TENCNT 30s were 1-2bps tighter.MEITUA/XIAOMI 28-30s tightened 2-4bps. In Chinese properties, mediareported Shenzhen government held a closed-door meeting on last Fri tostabilize Vanke's operations. VNKRLE increased another 6.0-7.2pts, closed8.4-11.0pts lower YTD. LNGFOR27-32s/FTLNHD 25-26s rose another 0.5-1.6pts. CHIOLIs/CHJMAOs were up 0.2-0.5pt. Outside properties, WESCHI26s dropped another 0.8pt after the decrease of 2.5pts over the last week. Inthe Philippines, RCBPM announced newissue mandate of a USD 5-yr bond.Seecomments below.VLLPM 27s/29s declined 1.9-2.9pts.In India,ADTINs/ADSEZ 26-36s were up 0.2-0.6pt. UPLLIN Perp was up 0.3pt. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk In LGFVs, there were better buying flows from Chinese RMs, and the flowsin CNH papers gradually picked up after the loose bonds in high-yielding USDnames were largely swept up. We saw strong buying interests in Anhuipapers such as LJREVI/NGNGH 27s since last week, perhaps thanks to therelatively high yields they offered compared to other high-beta LGFVs fromEastern provinces. In SOE perps, SPICPT 3.45/CHPWCN 3.08 Perps were0.1pt lower. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–US stock markets closed on Monday. Donald Trump was sworn in as the 47thPresident of the US onMonday. UST yield wereunchanged, 2/5/10/30 yield stayed at 4.27%/4.42%/4.61%/4.84%. DeskAnalystComments分析员市场观点 RCBPM: FV of the new 5-year USD bonds to be T+130-135bps Rizal Commercial Banking Corp. (RCBPM) proposes to issue 5-year senior unsecured USD sustainabilitybonds (Moody’s: Baa3). We consider the FV of new RCBPM’30 to be T+130-135bps vs. IPT of T+145bps, inview of one year longer in tenor compared with RCBPM 5.5 01/18/29 (Z+127bps/YTM of 5.3%). RCBPM is the 6thlargest bank in the Philippines by total assets as of 30 Sep’24 and it is one of the domesticsystemically important bank in the country. It operates traditional banking, investment banking, leasing, stockbrokering and trust services. In 9M24, RCBPM’s NIM increased to 3.8% from 3.4% in FY23. With lower gainon assets sold and foreign exchange losses in 9M24, the ROAA and ROAE both decreased in 9M24 comparedto those of FY23. The asset quality of RCBPM also deteriorated, non-performing loans ratio increased to 2.13% as at Sep’24from 1.75% as at Dec’23. These led CET1 ratio declined to 13.8% as of Sep’24 from 14.7% as of Dec’23. Thatsaid, its latest CET1 ratio is still 5.3 pct pts higher than the regulatory minimum requirement of 8.5% includingthe capital conservation buffer.We have buy recommendation on RCBPM 6.5 Perp, despite the conviction islower after its good performance (+4pts) in 2024. In our view, the chance of RCB to be non-viable in the near-term is low. Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regarding onshore primary issuances, there were 93 credit bonds issued yesterday with an amount ofRMB75bn. As for month-to-date, 1,541 credit bonds were issued with a total amount of RMB1,242bnraised, representing a 34.5% yoy increase [COGARD]Country’sGarden’s shares resumed trading on the Stock Exchange of Hong Kong today.Hong Kong High Court approves adjournment of its winding-up petition hearing to 26 May’25. Mediareported that Country Garden aims to finalize offshore restructuring terms in Feb’25and seek courtapproval in Apr’25 [GTJA]HKEx has granted the conditional approval for the listing of the Guotai Junan H Shares to beissued as consideration of the share exchange in respect of its proposed merger with HaitongSecurities;all the pre-condition