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 ICILAT Float 28 widened 2bps from RO this morning. The newMIZUHO Float 31 tightened 10bps, while MIZUHO 4.711 31/MIZUHO 5.32336 widened 2bps fromROs. TACHEM 5.2 35/TACHEM 5.955 widened 3bpsfrom ROs. FAEACO Perp was 2.5pts lower following its FY25 results withno final dividend. NWDEVL 30 was up 0.8pt. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk VEDLN:Secures up to USD600mn facility to refinance PCF at lower cost.We maintain buy on VEDLN 10.875 09/17/29. At 103.3, VEDLN 10.87509/17/29 is trading at YTM of 9.6%, and up 5.7pts since the Vedanta Ltdreleased FY25 results at end-Apr’25. See below. CPDEV:Central Plaza Development announces tender offer for all of theo/s USD188.238mn CPDEV 4.65 01/19/26, and consent solicitation to allowearly redemption of all of the bonds at any time at par by givingnot less thanfive business days’ notice.Early tender consideration at 100.2 and earlydeadline on 10 Jul’25 4pm BST.We maintain buy on CPDEVs, see ourcomments on14 Mar’25. CPDEVs were unchanged this morning. Trading desk comments交易台市场观点 PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEYesterday, on primary, ICILAT priced a 3yrfloating rated bond (keepwellprovided by ICBC Financial Leasing) at SOFR+63.MIZUHO priced 6NC5fixed rated and floating rated bonds at T+92 (IPT at T+120) and SOFR+125,respectively. MIZUHO also priced 11NC10 bond at T+107 (IPT at T+135-140). TACHEM priced 10yr and 30yr bonds at T+100 (IPT at T+125-130) andT+110(IPT at T+140-145),respectively.The new NOMURA 4.90430/NOMURA 5.491 35 widened 1-3bps, the new NOMURA 7 Perp wasunchanged.The new WSTP Float 30 widened 2bps.In Chinese IGs,HAOHUA/BABA 27-35s were unchanged to 1bp wider despite onshorebuying, TENCNT/MEITUA 28-30s were unchanged to 2bps wider. The longend of BABA/TENCNT 44-61s closed 2-4bps wider. In financials, BBLTB 34-36s were 1-4bps wider. In AT1s, UBS 9.25/BACR 9.625 Perps closed 0.1ptlower. In insurance, CATLIF/NSINTW/SHIKON33-35s were 2-3bps wider.MYLIFE/NIPLIF 54-55s were up another 0.1-0.3pt. In HK, HKAA/MTRC 30-55s widened 1-3bps. FAEACO Perp was 0.2pt lower. Far East Consortium(FEC) disclosed FY25 results last night, in linewith its profit warning on19Jun’25. As per FEC, it did not recommend a final dividend due loss made inFY25, while FEC did notprovide details on the timing of the call of FAEACO 12.814 Perp during the earnings call this morning. LIHHK 4.8 06/18/26 rose 1.5pts.NWDEVL Perps/27-31s were0.2pt lower to 0.3pt higher. Last night, media reported NWD had secured written commitments fromall banks forthe HKD87.5bn loan refinancing. In Chinese properties, VNKRLE 27-29s rose 1.5-2.7pts on talks of SZ Metro'sproposal to consolidate Vanke was approved by Shenzhen Government. The bonds closed 3.1-4.5pts higherWTD.ROADKG 28-30s/Perps were unchanged to 3.0pts lower. Since the launch of consent solicitation,ROADKG 28-30s were 8.0-18.2pts lower and ROADKG Perps were 2.0-2.1pts lower. Outside properties,WESCHI 26 rose another 2.0pts and closed 7.1pts higher WTD. See our comments on Weschi’sRMB1.65bnasset sales on26 Jun’25.In SE Asia, VEDLN 28-33swere 0.1-0.5pt higher, closed 1.6-2.7pts higher WTD. Seecomments below on VRL’s USD600mn facility. In LGFVs, JNHITE priced a USD300mn 3yr bond at 4.7%. There were two way interests on USD names suchas JJUCDI 6.25 26s/CDTFDG 7.3 27s and CNH names such asKNMIDI 7.9 25s/DYOLIN 6.8 27s. The buyinginterests in USD papers yielding 8-9% picked up, while there were profit taking flows on onshore-AAA guaranteedCNH papers yielding at low-6% or richer. In SOE perps, SPICPE Perp was 0.1pt lower. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (+0.80%), Dow (+0.94%) and Nasdaq (+0.97%) were higher on Thursday. US 1Q25 GDP was-0.5% qoq, lower than the market expectation of-0.2%.The latest initial jobless claims was +236k, better thanthemarketexpectationof+244k.USTyield wasloweronThursday,2/5/10/30yieldat3.70%/3.79%/4.26%/4.81%. Desk Analyst Comments分析员市场观点 VEDLN: Secures up to USD600mn facility to refinance PCF at lower cost Vedanta Resources (VRL) secures up to USD600mn facilities, of which USD380mn is committed and mayfurther be increased up to USD220mn. Terms of the new facilities include: (i) Negative lien has been createdon shares of Vedanta Limited held by VRL and itssubsidiaries, (ii) any member of the group are not permittedto create any encumbrance over the shares held in VEDL, and (iii) VRL and its subsidiaries are required toretain control over V