固定收益每日市场更新

25Apr2025 CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new HANGFI 5 28s, KTGC 5 28s, SUMIFL 5.236 30s tightened 7bps,25bps and 15bps from ROs respectively this morning. BBTLB 34-40s wereanother 2-5bps tighter. NIPLIF 54s/MYLIFE 55s were up 1.0-1.5pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk NWDEVL:We view the Impact from Henry Cheng ceases to be the chairmanof the nomination committee of NWD is neutral. NWDEVLs were 0.1-1.4ptshigheryesterday,andNWDEVLPerpsmoved-0.2ptsto +0.3pts thismorning. See below. Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk HYUELE:1Q25 operating profit up by 158% yoy. Maintain buy on HYUELEs.HYUELEs tightened 3-5bps post results announcement yesterday, and wereunchanged to 2bps tighter this morning. See below. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday, on primary, NIPLIF priced a 30NC10 subordinated bond at par toyield 6.5% (IPT at 7.25%, revised to 6.875%).The issue size is USD1.5bn,up from previous indication of USD750mn. See our commentson24 Apr ’25.HANFGI priced a 3yr bondat CT+130 (IPT at +160). KTGC priced a 3yr bondat CT3+118 (IPT at +155). The new HWFPCO 28s tightened 18bps from RO(CT3+95/CT2+76). HYNMTR/HYUELE 27-33s tightened 3-5bps. See ourcommentsbelowonSKHynix’s1Q25results.InChineseIGs,BABA/TENCNT 30-35s closed unchanged to 1bp wider amid mixed flows.The long end of CHGRID/SINOPC/TENCNT 43-50s were 0.8-1.2pts higher(4-11bps tighter). In financials, CATLIF/NSINTW 34s were 5bps tighter.EXIMBK 35s tightened 5bps amid mixed flows. BBLTB 34-40s, however,closed unchanged to 5bps wider. In JP, MUFG/SUMIBK Float 29-31s were2-5bps tighter. In insurance hybrids, NIPLIF 51-54s/MYLIFE 55s/DAIL 6.2Perp were 0.5-1.4pts lower (YTC trading in the range o 6.2-6.5%) on the backof new NIPLIF 55's initial IPT of 7.25%. The flows were one-way sellingimmediately after the IPT announcement before finding support from propdesks reloading risks. In AT1s, BACR 9.625/LLOYDS 8 Perps were up 0.3-0.8pt amid mixed flows. In HK, HKAA/MTRC 30s tightened 3bps. NWDEVLPerp/27-31swereunchangedto1.4ptshigher.Beforeclose,NWDannounced thatHenry Cheng would cease to be the chairman of thenomination committee of NWD and company secretary had resigned. Weconsider the personnel changes to be neutral. See comments below. HYSANPerps/CPREIT 30s closed unchanged to 0.3pt lower. In Chinese properties,CHIOLI 34-43s were sought after by offshore AMs/HFs and closed 0.4-0.5pthigher. In India, ADSEZs/ADANEMs were up 0.2-0.4pt. Elsewhere, GLPSPPerp was down 0.7pt. LGFVs were under better buying flows from both cross-border and offshoreRMs. The recent new USD LGFVs such as HKIQCL/QDBTTI 28s weresought after and closed unchanged to 0.1pt higher. There were two way interestson CNH names such as CYEADI 27s/ZIBOPR 27-28s. In SOE perps, CTIH Perp was down 0.1pt. MarcoNews Recap宏观新闻回顾 Macro–S&P (+2.03%), Dow (+1.23%) and Nasdaq (+2.74%) were higher onThursday. US Mar’25 durablegoods orders +9.2% mom, higher than the market expectation of 2.1%. US Mar’25 existing homes sales were-5.9% mom, lower than the market expectation of-3.0%. US latest initial jobless claims was +222k, same as themarket expectation. UST yields retreated on Thursday, 2/5/10/30 yield at 3.77%/3.91%/4.32%/4.77%. Desk Analyst Comments分析员市场观点 NWDEVL: Impact fromHenry Cheng cease to be the chairman of the nomination committee of NWD isneutral As per NWD’s announcement yesterday, Henry Cheng would cease to be the chairman of the nominationcommittee of NWD and the company secretary had tendered his resignation.We believe that the impactresulting from the personnel changes should be neutral.First, Henry Cheng remains to be the chairman ofNWD and Sonia Cheng, his daughter, will become a memberof the nomination committee.Second, thecompany secretary will retire and the CFO has been appointed as the joint company secretary along with aqualified lawyer.On NWD, eyes should continue to be on any updates on the refinancing of bank loans.Asper media reports, today is the deadline for early-bird fee on refinancing commitments. We expect updates onrefinancing over the coming days and these updates should also provide more insight on whether a call noticeon NWDEVL 6.15 Perp will be sent by mid-May’25. HYUELE: 1Q25 operating profit up by 158% yoy. Maintain buy on HYUELEs We maintain buy on HYUELEs in view of SK Hynix’s resilience against trade war given its strong market positionglobally and solid operating cash flow, as well as HYUELEs’ more balance risk-return profile.Within theHYUELE complex, we prefer HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 most for lower cash prices. At97.6 and 86.2, HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 was traded at YTM of 4.9%/Z+80bps andYTM of 5.2%/Z+155bps,respectively. HYUELEs also provide 17-39bps yield pick-up over Micron’s bonds. In 1Q25, SK Hynix recorded the 2ndhighest revenue and operating profit in the company’s history, followi