固定收益每日市场更新

FixedIncomeCreditCommentary 9Jun2025 CMBICreditCommentary FixedIncomeDailyMarketUpdate固定收益部市场日报 TheAssetAsianG3BondBenchmarkReview2025 Wehopeyoufoundourcommentariesandideashelpful.Weseektoelevateoureffortsandvalue-addfurtherinthecomingyear.WehighlyappreciateyoursupporttousinSell-SideAnalystsofthepollsof“TheAssetAsianG3BondBenchmarkReview2025”.Thankyouforyoursupport! Thismorning,AsianIGswereunchangedto4bpstighter.GLPSPPerpswereupanother0.5-0.8ptaftermoving3.0-3.4ptsloweroverthelastweek.HanwhaLifeInsuranceannouncedmandateof30NC5T2,HLINSU32swereunchanged. MEDCIJ:SwitchtoMEDCIJ8.62505/19/30forbetterrisk-adjustedreturnprofile.Seebelow. FRESHK:USD24mnofFRESHK21/207/08/25(CB)wasconvertedintoequity.IncludingUSD10mnbeingputinAug’23,theo/samountoftheCBreducedtoUSD266mn.Ataparityofc120,theremainingCBwilllikelybeconvertedintoequitybeforematurityon8Jul’25.WemaintainbuyonFRESHKs.FRESHK25-28swere0.1ptlowerto0.2pthigherthismorning. Tradingdeskcomments交易台市场观点 LastFriday,AsiaIGspacehadaconstructivesession.InKR,LGENSO/HYNMTR/HYUELE27-33swere1-5bpstighteramidtwowayflows.InChineseIGs,thenewCNHCHGRID230/CHGRID2.2535wereunchangedto0.1ptloweronprimaryindigestion.TENCNT/BABA/LENOVO27-35swereunchangedto2bpstighter.Infinancials,CCAMCL/CFAMCI27-30swere1-10bpstighteronAMdeploymentinterests.BOCAVI/FRESHK26-33swereunchangedto2bpstighter.BBLTB33-40swerebetterofferedbyAMsandclosed1-3bpswider.ASBBNK/ANZ30-36swere2-3bpstighter.Ininsurancehybrids,NIPLIF/MYLIFE55sweredown0.2-0.3pt.EUAT1swerealsobetterofferedbyAMs.TherecentnewHSBC7.05Perp/RY6.752085wereunchangedto0.1ptlower.InHK,NWDEVLPerpsmoved0.2-1.1ptshigher,NWDEVL27-31smoved-0.6to+0.8pt.NWDEVLPerpsand27-31sclosed4.5-24.3ptslowerand4.3-7.6ptslower,respectivelyposttheannouncementofcoupondeferral.SeeourcommentsontalksofNWD’sUSD3bnequityfundingplanon6Jun’25.FAEACOPerpdeclined1.5pts,closed17.5ptslowerWoW.LIHHK/PCPDC26sdropped1.8-2.5pts,closed2.8-3.4ptslowerWoW.HYSAN7.2/4.85Perpsrebounded0.3pt,closed0.6-2.9ptslowerWoW.InChineseproperties,LNGFOR27-32sdeclinedanother0.3-0.8pt,closed2.2-3.3ptslowerWoW.VNKRLE27-29swereup0.4pt,closed2.4-2.5ptslowerWoW.GRNCH25s/28swereunderbetterbuyingfromRMs/PBs,closedunchangedto0.1pthigher.Outsideproperties, PLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE GlennKo,CFA高志和 (852)36576235 glennko@cmbi.com.hk CyrenaNg,CPA吳蒨瑩 (852)39000801 cyrenang@cmbi.com.hk JerryWang王世超 (852)37618919 jerrywang@cmbi.com.hk CMBIFixedIncome fis@cmbi.com.hk1 WESCHI26slowered1.0pt.HONGQI28srose0.1pt.InSEAsia,VLLPM27-29sdeclinedanother0.9-2.6pts,closed7.9-8.0ptslowerWoW.GLPSPPerpswereup0.3-0.5pt,butclosed3.0-3.4ptslowerWoW.ADGREG42swereup1.5pts.ADSEZ/ADANEM27-41swereup0.1-0.4pt. ThehigheryieldingLGFVscontinuedtocompressinyieldsondeploymentbuying.ThereweretwowayinterestsonCNHnamessuchasBXCAIJ728s/ZIBOPR5.828s/QINLID6.928sandUSDnamessuchasZBTECH6.9527s.CPDEV26swereup0.3pt.InSOEperps,HUANEN/COFCHKPerpwere0.1pthigher. LastTradingDay’sTopMovers TopPerformers Price Change TopUnderperformers Price Change ADGREG6.703/12/42 91.3 1.5 VLLPM71/407/20/27 79.1 -2.6 NWDEVL6.15PERP 34.4 1.1 LIHHK4.806/18/26 85.9 -2.5 NWDEVL57/806/16/27 64.8 0.8 PCPDC51/806/18/26 92.7 -1.8 NWDEVL85/802/08/28 60.5 0.7 ROADKG51/801/26/30 32.3 -1.6 NWDEVL51/4PERP 24.7 0.5 YANTZE3.210/16/49 71.1 -1.5 MarcoNewsRecap宏观新闻回顾 Macro–S&P(+1.03%),Dow(+1.05%)andNasdaq(+1.2%)werehigherlastFriday.USMay’25nonfarmpayrollswas+139k,lowerthan+147kinAprilbuthigherthanthemarketexpectationof+126k.USMay’25unemploymentratewas4.2%,onaparwiththemarketexpectation.USTyieldwashigherlastFriday,2/5/10/30yieldat4.04%/4.13%/4.51%/4.97%. DeskAnalystComments分析员市场观点 MEDCIJ:SwitchtoMEDCIJ8.62505/19/30forbetterrisk-adjustedreturnprofile Table1:BondprofileofMEDCIJ (USDmn) (M/S/F) MEDCIJ7⅜05/14/26 US58405FAA30 91.7 101.9 5.3% B1/BB-/BB- MEDCIJ6⅜01/30/27 US58406LAA98 124.3 100.4 5.8% B1/BB-/BB- MEDCIJ6.9511/12/28 US58406RAA68 299.4 99.2 7.2% B1/BB-/BB- MEDCIJ8.9604/27/29 US58407HAA77 500.0 103.9 7.5% B1/BB-/BB- MEDCIJ8.62505/19/30 US58406VAA70 400.0 101.3 8.3% B1/BB-/BB- Source:Bloomberg. SecurityNameISINAmto/s AskPxYTMIssuerating MedcoEnergi(Medco)acceptedtotaledUSD462.5mninthetenderoffers,i.e.USD150.595mnofMEDCIJ 7.37505/14/26andUSD310.934mnofMEDCIJ6.37501/30/27,partlyfinancedbythenewissueofUSD400mnMEDCIJ8.62505/19/30.Medco’snear-termrefinancingpressureisnotablyrelievedandthematurityprofileislengthenedafterthetenderoffers.YTD,MedcohadboughtbackUSDbondstotaledUSD519mn(incl.tenderoffers),implyingrepurchasestotaledUSD56.5mnintheopenmarketbutnotyetcancelled.MedcodisclosedthatithadboughtbacktotaledUSD37mnbondsinearlyMay’25.Therefore,IthadrepurchasedanotherUSD19.5mnbondsinthemarketduringMay’25.WeexpectMedcotoconductmoreearlyredemptionsorcallsgivenitssufficientliquidityandgoodaccesstoonshoreandoffshorefundingchannels.WemaintainbuyonMEDCIJs.AmongMEDCIJs,weswitchtoMEDCIJ8.62505/19/30fromMEDCIJ6.9511/12/28forbetterrisk-adjustedreturnprofileandbettertradingliquidity.At101.3,MEDCIJ8.62505/19/30istradingatYTMof8.3%. In1Q25,Medcoreported0.7%yo