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 The Asset Asian G3 Bond Benchmark Review 2025 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We 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! Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk The market was cautious following the US air strikes on nuclear sites in Iran.Asian IGs were 1-5bps wider. NWDEVL 30 was up 0.5pt. NWD disclosedthat the discussions on loan refinancing remained ongoing. ROADKG:Another consent solicitation.See below JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk FRESHK:USD42.4mn of FRESHK 2 1/2 07/08/25(CB)was furtherconverted into equity.Including USD10mn being put in Aug’23, the o/samount of the CB reduced to USD202.7mn. The remaining CB will likely beconverted into equity before maturity on 8Jul’25.We maintain buy onFRESHKs. FRESHK 25-28s were unchanged to 0.1pt higher this morning. Trading desk comments交易台市场观点 Last Friday, in KR, HYNMTR fixed rated and floating rated 26-32s closed 1-3bps tighter. HLINSU 55 rose another 0.5pt to 102.4. Chinese IGs weremixed. BABA/MEITUA 30-35s were unchanged to 2bps tighter on AM buying.TENCNT28-30s wereunchangedto1bpwider.Infinancials,KBANK/EXIMTH27-29s tightened 2-5bps while BBLTB 28-40s closedunchanged. In JP, NOMURA/MIZUHO/SUMIBK 28-36s tightened 1-3bps.MUFG35s widened 1bp. FUKOKU Perp/MYLIFE 55s were 0.1pt lower. AT1swere under better selling from RMs and PBs. BNP 8/HSBC 6.5/INTNED3.875 Perps were 0.1-0.3pt lower. In HK, BNKEA 34s widened 10bps.Moody's downgraded the subordinated rating of BNKEA by 1 notch to Baa3whileaffirmed BNKEA’s other ratings and the negative rating outlook.DAHSIN/SHCMBK 31-33s were unchanged to 1bp wider on small selling.NWDEVL Perps/27-31s were up 0.6-0.9pt,closed 0.3-1.2pts higher WoW.FAEACO Perp was 0.4pt lower. See our comments on20 Jun ’25. In Chineseproperties, ROADKG launchedconsent solicitation on its USD bonds due2028-30s. ROADKG 28-30s dropped 1.2-11.5pts, ROADKG Perps lowered1.0-1.1pts. See our comments below. VNKRLE 27-29s lowered another 0.4-0.7pt, closed 2.2pts lower WoW. In SE Asia, PETMK 30-61s were 1-5bpswider. VLLPM 27-29s lowered 0.7-4.2pts, closed 0.5-3.4pts lower WoW. The CNH LGFVs remained very firm. The higher yielding CYEADI 7.5 27s/BNHAST 6.9 28s compressed another20-50bps in yields ontheback of robust cross-border RM demands. The buying interests in USD papers suchas SZTFDV 5.4 28s/ZJXCID 5.95 27s also picked up. In SOE perps, AVIILC/COFCHK Perps were 0.1-0.5ptlower. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (-0.22%), Dow (+0.08%) and Nasdaq(-0.51%) were mixed last Friday. President Trump’s decisionto deploy bunker-busting bombs to attack three Iranian nuclear sites has raised geopolitical risk in a worldeconomy already facing severe uncertainty. Oil jumped almost 6% when markets opened this morning in Asia.UST yield bull steepened last Friday, 2/5/10/30 yield at 3.90%/3.96%/4.38%/4.89%. Desk Analyst Comments分析员市场观点 ROADKG: Consent solicitation for PIK Last Friday, Road King launched consent solicitations for its five USD bonds due in 2028-2030. See Table 1.Road King proposes to change the interest payments to payment-in-kind from cash interests for the next twoupcoming interest payment due dates. Theinterests due on each other interest payment date shall be paid incash.Road King is also seeking to reserve funds in specified asset designated accounts and/or the toll roaddesignated accounts up to the total remaining scheduled interest payments andrelated costs. Any excess fundsin these accounts must be used for mandatory repurchase or redemption. Moreover, Road King seeks waiversfor each of the bonds for any defaults or breaches that have occurred or may arise. Recalled that Road King deferredthe coupon payments on its three USD perps since Nov’24. The consentsolicitation shows Road King is under high liquidity pressure amid slow recovery in property market. Road Kingreported RMB2.3bn contracted sales in 1Q25, down 44% yoy from RMB4.1bn in 1Q24. The yoy decrease washigher thanthat ofmost of its peers. See our comment inChinese properties contracted sales in 5M25. The averagenew home prices across 70 major cities in China dropped 3.5% yoy in May’25, as per data released by theNBS. Offshore Asia New Issues (Priced) News and market color Regarding onshore primary issuances, there were 145 credit bonds issued last Friday with an amount ofRMB135bn. As for month-to-date, 1,528 credit bonds were issued with a total amount of RMB1,511bnraised, representing a 20.9% yoy increase [BABA]SeniorAlibaba food delivery executive taken away for questioning amid probe in China [FRESHK]Far East Horizon updates USD4bn MTN and perpetual securities program. Far East Horizons