固定收益每日市场更新

PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEAsian IGs were 1-3bps tighter this morning. HSBC Float 31s/STANLN Float31s were under better buying and tightened 1-2bps. NIPLIF/MYLIFE 55swere up 0.2pt. RAKUTN/SOFRBK Perps were up 0.2-0.6pt.NWDEVL:Will NWDEVL 6.15 PERP be called? NWDEVL 5.25 Perp was0.5pt lower this morning while NWDEVL 4.8 Perp was 0.1pt higher. Seebelow.CSIPRO:New 3NC2 USD bond issuance and concurrent tender offer.CSIPRO 5.45 07/21/25 was unchanged this morning. See below.Trading desk comments交易台市场观点Yesterday, NWDEVL Perps dropped 1.9-7.0pts, closed 2.7-8.0pts lowerWTD. NWDEVL 27-31s dropped 1.3-2.7pts, closed 1.4-2.9pts lower WTD.See comments below. On primary, KHFC priced a 5yr bond at SOFR+80(IPGat+115).The recent new TYANLI 35s widened 9bps.PKX 30-35s/LGENSO29-34s closed 1-5bps tighter.KTGC 28s/CITNAT 30stightened 4-5bps. In Chinese IGs, BABA/TENCNT 27-35s were unchangedto 2bps wider. In JP, RAKUTN Perps/27-29s were up another 0.3-0.6pt. Infinancials, JP/AU papers such as SUMIBK/ANZ/CBAAU 28-40s were 1-3bpstighter.CATLIF/NSINTW 33-34s were unchanged to 5bps tighter.BNKEA/DAHSIN/SHCMBK 30-34s were 2-10bps tighter. However, BBLTB34-40s widened 1-5bps. JP insurance hybrids remained sought after byPBs/AMs.NIPLIF/MYLIFE55sBACR/BNP/SOCGEN Perps were unchangedto 0.2pt higher. In Chineseproperties, VNKRLE 27s/29s rose another 2.8-3.2pts and closed 4.9-5.3ptshigher WTD on talks of Shenzhen Metro Group considering to consolidateVanke’s financials. Media also reported holders of the matured VNKRLE 3.1505/12/25confirmed receiving payment in full. GRNCH 28s/FTLNHD 25-26swere up 0.2-0.3pt. SHUION 26s closed unchanged amid media report of loanrefinancing. Outside properties, EHICAR 27s/FOSUNI 26-27s were up 0.1-0.4pt. In SE Asia, VEDLN 28-33s were up another 0.3-0.8pt, closed 3.1-4.8pts higher WTD. Media reported Vedanta Ltd is looking to raise INR30bn(cUSD350mn) via NCDs by end of May. UPLLIN Perp/28-30s were upanother 0.5-0.8pt following its strong FY25 results, closed 1.0-1.2pts higherWTD. KIJAIJ 27s were up0.7pt.LGFVs remained stable. BJCONS 26s/SHPORT 30s were up 0.1-0.2pt.CPDEV 25-26s were unchanged to 0.1pt higher. There were mixed flows onCNH names such as QDOCID 6.8 27s/TZXHIG 6.9 28s and USD namessuch as QICHEN 7 27s. In SOE perps, CHPWCNPerp was up 0.1pt.CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 wereup0.2pt.InEUAT1s, (852) 3657 6235(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk LastTradingDay’s Top MoversTop PerformersVNKRLE 3.975 11/09/27VNKRLE 3 1/2 11/12/29UPLLIN4 5/8 06/16/30VEDLN 9.475 07/24/30VEDLN 9.85 04/24/33MarcoNews Recap宏观新闻回顾Macro–S&P (+3.26%), Dow (+2.81%) and Nasdaq(+4.35%) were higher on Monday. The US and China haveagreed to put most tariffs on pause for 90 days. The US will cut tariffs imposed on Chinese imports to 30% from145% while China would cut tariffs on US imports to 10% from 125%. US to lower the de minimis tariff to 54%from 120%. UST yield was higher on Monday, 2/5/10/30 yield at 3.98%/4.09%/4.45%/4.89%.Desk Analyst Comments分析员市场观点NWDEVL:Will NWDEVL 6.15 PERP be called?Over the past few days, we have numerous discussions with clients on whether NWDEVL 6.15 PERP will becalled before the coupon being reset and step-up to c10.3%starting from 16 Jun’25.Technically, NWD hasto send the call notice by17 May’25 (Sat).As we have been arguing since the loan refinancing discussionsexposed in Jan’25, one of the pre-requisites for the perp being called is the completion of the loan refinancing.We believe that the loan refinancing will highly unlikely be concluded by end of this week and hence, we expectthat NWDEVL 6.15 PERP will not be called before the first coupon being reset. We continue to value NWDEVLson a cash yield basis on the assumption that NWDwill continue to pay coupons of its bonds andperps.Wemaintain buyNWDEVL 5 1/4 PERP, NWDEVL 8 5/8 02/08/28 and NWDEVL 4 1/8 PERP given the higher cashyields, lower cash prices and more symmetric risk-return profiles.See our recommendation changes onNWDEVLs on 3 Mar’25after the sharp rebound of NWDEVLs.As per media reports, NWD were on track to rollover bank loans totaled HKD63.2bn maturing in 2025 and 2026for up to 3 years and to secure new 3-year loans of HKD15.6bn for projectdevelopment and refinancingoutstanding bonds.The 3-year refinancing facilities of HKD63.2bn comprises of 7 tranches with differentmaturities. The funding costs will be HIBOR+105-130bps and upfront fees are 75-135bps. These facilities willbe sufficient to refinance NWD’s unsecured bank loans of HKD58.2bn maturing in 2025 and 2026.On theother hand, the funding cost, including upfront fee, of 3-year DB loan is HIBOR+130bps. The negotiationswithbanks are understandably complicated given the involvement of over 50 relationship banks. We believe that amore realistic timetable for concluding the loan refinancing will be end of Jun’25, i.e. FYE25 of NWD.The loan refinancing and new