固定收益部市场日报 2025年6月3日

PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEThe Asset Asian G3 Bond Benchmark Review 2025We hope you found our commentaries and ideashelpful. We seek toelevate our efforts and value-add further in the coming year. We highlyappreciate your support to us in Sell-Side Analysts of the polls of “TheAsset Asian G3 Bond Benchmark Review 2025”.Thank you for yoursupport!Thismorning,BNKEA 32-34s were unchanged in spreads,BNKEA5.825/NANYAN 6.5 Perps were unchanged to 0.1pt higher. BBLTB 34-40sand KBANK 31s tightened 5-8bps. BABA/TENCNT 27-35s were 1-3bpstighter. HYSAN 7.2 Perp lowered 0.5pt, HYSAN 4.85/NANFUN 5 FFL Perpswere unchanged to 0.2pt lower.ADEIN: Adani Enterprises denied any breach of US sanctions on Iraq.Bonds of Adani complex were down 0.1-0.9pt this morning. See below.NWDEVL:NWD says lenders with over 80% of loans confirm commitmentto the refinancing deal of which more than 60% have confirmed theircommitment in writing, NWD expects to receive written confirmation from theremaining 20% in the next few days. NWDEVL 4.8/ 6.25/ 5.25 Perps up 0.1-0.7pt this morning.Trading desk comments交易台市场观点Yesterday, NWDEVL 6.15/5.25/4.125 Perps rebounded 3.4-7.9pts, whileNWDEVL 4.8 Perp/NWDEVL 27-31s were 1.0-7.2pts lower following coupondeferral announced on last Fri evening.NWDEVL Perps and NWDEVL 27-31s closed 5.1-24.8pts and 3.0-7.1pts lower from their last Thu closes,respectively.See our comments onNWDEVLon 2 Jun‘25. HYSAN 7.2 Perplowered 2.1pts, HYSAN 4.85/NANFUN 5 FFL Perps were 0.3-0.4pt lower.HK bank papers were better sold on spillover. BNKEA 28-34s closed 7-14bpswider,DAHSIN 31-33s/NANYAN 34s were 4-6bps wider.BNKEA5.825/NANYAN 6.5 Perps were 0.3-0.4pt lower (around 15bps wider). In HKand Chinese IGs, AIA 29-54s were unchanged to 3bps tighter amid balancedtwoway flows.MTRC/CKHH 30-55s were unchanged to 4bps wider.BABA/TENCNT/HAOHUA 27-35s closed 2-5bps wider. In KR, PKX 30swidened 2bps while PKX35s tightened 3bps. Trump announced to increasetariffsonsteelto50%LGENSO/HYNMTR/HYUELE 30-35s were unchanged to 2bps wider. Infinancials, BBLTB 33-40s were 2-4bps wider. In JP, SUMIBK/NOMURA Float26-30s were 2-4bps wider. MIZUHO/SUMITR 30-35s were 1-3bps wider.NIPLIF 55s/MYLIFE 55s/DAIL Perp were down 0.1-0.2pt. In AT1s, the newHSBC 7.05 Perp was 0.1pt lower despite buying interests from Asia PBs.HSBC 6/BACR 8.375 Perps were 0.1pt higher. In Chinese properties,CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 from25%overtheweekend. (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk 2VNKRLE27-29s lowered 1.7-2.1pts. LNGFOR 27-32s were down 0.7-0.9pt. In SE Asia, ADSEZs/ADANEMswere up 0.1-0.5pt. See our commentson2 Jun ’25.Last night, Adani Enterprises denied any breach of USsanctions on Iraq. See below for comments. GLPSP Perps/28swere 1.1-2.0pts lower.In LGFVs, the flows were light with onshore China out on holiday. CPDEV 25-26s were down 0.2pt. There weretwo way interests on USD names such as CCUDIH 25-28s/ZHZHCC 25s and CNH names such as CHEDUC25s/ZHHFGR Perp. In SOE perps, CHPWCN/COFCHK Perps were 0.1pt higher, CHSCOI Perp was 0.1pt lower.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeNWDEVL 6.15 PERP33.97.9NWDEVL 5 7/8 06/16/2765.7-7.3NWDEVL 4 1/8 PERP22.53.7NWDEVL 4.8 PERP20.2-6.1NWDEVL 5 1/4 PERP23.33.4NWDEVL 4 1/2 05/19/3048.4-5.3DIALIN 6.45 06/04/29101.60.6NWDEVL 4 1/8 07/18/2949.5-4.7ADSEZ 5 08/02/4178.70.5NWDEVL 3 3/4 01/14/3147.6-4.4MarcoNews Recap宏观新闻回顾Macro–S&P (+0.41%), Dow (+0.08%) and Nasdaq (+0.67%) were higher on Monday. President Trump andPresident Xi are likely to speak this week, as the world’s two largest economies remain locked in trade turmoil.US May’25 ISM Manufacturing PMI/Prices was 48.5/69.4, lower than the market expectation of 49.3/70.2,respectively. UST yield was higher on Monday, 2/5/10/30 yield at 3.94%/4.01%/4.46%/4.99%.Desk Analyst Comments分析员市场观点ADSEZ: To buy back USD bonds up to USD1bn via tender offerLast Saturday, Adani Port’s board approved buyback of USD bonds up to USD1bn via tender offer over thenext six financial quarters. Adani Port has totaled USD3.25bn USD bonds outstanding. See Table 1. AmongADSEZs, we expect Adani Port to prioritize the redemption of ADSEZ 4 07/30/27 and ADSEZ 4.2 08/04/27which will be matured in Jul and Aug’27, respectively, totaled USD1.25bn. The longer-dated and higher-couponADSEZ 5 08/02/41 could also be a candidate for tender offer in view of lower cash price at 79.0.The tender offer will be partly funded by the 15-year NCD of INR50bn (cUSD584mn) raised by Adani Port lastweek from the state-run Life Insurance Corp. of India (LIC). The interest rate is 7.75%.As discussed before,impact of US indictmentson Adani Group will likely be smaller than our original expectation considering AdaniGreen’s refinancing progress so far. That said, the unresolved US incitement could bring negative surprise tothe bonds of Adani comp