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 new NOMURA 7 Perp was 0.1pt lower, the new NOMURA 30/35 wereunchanged to 2bps wider this morning.Asia IGs were 1-5bps wider inspreads. WSTP Float 30 widened 2bps. LGFVs were firm. WESCHI:RMB1.65bn Xinjiang assetssales to partly repay WESCHI 4.9507/08/26. WESCHI 4.95 07/08/26 rose 1.0pt this morning and was 6.1ptshigher WTD. See below. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk MEDCIJ:Media reported Medco Energi is exploring a potential acquisitionin the Middle East and Southeast Asia using its cash reserves. We maintainbuy on MEDCIJs. Among MEDCIJs, we like MEDCIJ 8.625 05/19/30 forbetterrisk-adjusted return profile and better trading liquidity.See ourcomments on9 Jun’25. MEDCIJs were unchanged this morning. Trading desk comments交易台市场观点 Yesterday, the new NOMURA 7 Perp rose 1.3pts from RO at par. The newNOMURA 4.904 30/NOMURA 5.491 35 tightened 3-5bps amid balanced twoway flows. See our comments on25 Jun’25.The new WSTP 4.354 30 andWSTP Float 30 tightened 2bps and 6bps respectively. In KR, HYUELE 27-31s were unchanged to 2bps wider. In Chinese IGs, BABA/XIAOMI 30-35swere unchanged to 1bp wider.In financials, BCLMHK Float 28-30s andCDBFLC 27-30s were unchanged to 1bp wider. BBLTB 34-40s were 2-5bpswider.NTT/SMBCAC 26-31s were 1-3bps wider.In insurance hybrids,MYLIFE/NIPLIF 51-55s were up 0.4-0.6pt. In AT1s, BACR 8/HSBC 7.05/UBS9.25 Perps were up 0.2-0.4pt on PB buying. In HK, HKAA/MTRC 30-55s wereunder better selling from AMs and widened 1-3bps. The recent new MTRCPerps were 0.1-0.2pt higher, HYSAN Perps were also up 0.1pt. In Chineseproperties, ROADKG Perps/28-30s were 2.3pts lower to 0.4pt higher. Sincethe launch of consent solicitation, ROADKG 28-30s were 6.2-15.2pts lowerand ROADKG Perps were 1.1-2.1pts lower. On the other hand, LNGFOR 27-32s were up 0.2-0.6pt. GRNCH/CHIOLI 28-43s were unchanged to 0.4pthigher under better buying flows from RMs/HFs/AMs. Outside properties,WESCHI 26 rose 1.9pts, closed 5.1pts higher WTD. Last night, West ChinaCement disclosed asset disposals in Xinjiang for total considerations ofRMB1.65bn (cUSD230mn). See our comments below. In SE Asia, VEDLN28-33s were up 0.8-1.5pts and closed 1.2-2.3pts higher WTD. See our comments on24 Jun’25. ADSEZ/ADANEM 27-31s were up 0.2-1.0pt. The higher yielding LGFVs remained sought after by RMs and PBs, primarily in CNH papers such as YSAMIC6.9 26s/XMCYIG 6.5 26s and in USD papers such as SICHUI 7 28s/NCCIVG 6.5 28s. In SOE perps, the newSPICPE Perp was 0.1pt lower on primary indigestion. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (-0.00%), Dow (-0.25%) and Nasdaq(+0.31%) were mixed on Wednesday. Powell reiterated thatthe central bank is well-positioned to wait to cut interest rates until the inflationary effects of Trump's wide-rangingtariffs are better known. UST yield was lower on Wednesday, 2/5/10/30 yield at 3.74%/3.83%/4.29%/4.83%. Desk Analyst Comments分析员市场观点 WESCHI: RMB1.65bn Xinjiang assets sales to partly repay WESCHI 4.95 07/08/26 West China Cement(Weschi) entered into four separate transactions to sell assets to its substantialshareholder Anhui Conch Cement and its subsidiaries for totaled RMB1.65bn (cUSD230mn). The transactionprices will be settled by installments with specific conditions to be met for each payment tranche, and thetransactions are subject to regulatory and shareholder approvals. The purchasers are allowed to use the brandand trademarks of the disposed entities for a period of 12 months. The disposed assets, i.e. PPE, mining rights, inventories, receivables and cash, are located in Xinjiang thatwere acquired and constructed by Weschi between 2011 and 2020. As per Weschi, it is divesting its non-coreassets in Xinjiang to focus on its core market in Shaanxi, aswell as its rapidly growing overseas operations.Weschi plans to utilize the net proceeds to partly repay WESCHI 4.95 07/08/26 due in Jul’26. The transactionprices totaled cUSD230mn represents c38% ofthe outstanding amount of WESCHI 4.95 07/08/26 ofUSD600mn. As per Weschi earlier this year, it plans to sell the projects in Xinjiang, Guizhou and Sichuan for RMB2-3bn(cUSD276-414mn) as well as offshore projects to fund the bond repayment. As of Dec’24, Weschi had cementproduction capacity of 3.5mn tons in Xinjiang and 1.8mn tons in Guizhou.While the progresses in non-coreasset disposals is positive, we are still cautious on the subdued cement market in China, as well as Weschi’sability to remit significant amount of cash from its Afr