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 This morningSHIKON/NSINTW 34-35s were unchanged to 2bps tighter.HYSAN Perps were up 0.1-0.2pt, FAEACO Perp declined another 1.1pts.DAIL/ASAMLI Perps were up 0.1-0.3pt NWDEVL:Thoughts after loan refinancing. NWDEVL 30 was 0.2pt higherthis morning . See below. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk Macau gaming:Macau GGRin Jun’25 jumped 19% yoy to MOP21.064bn(cUSD 2.6bn), helped by non-casino attractions. SANLTD 26-31s, STCITY28.29s and WYNMAC 26-29s were unchanged to 0.1pt higher,MPEL 26-29s were unchanged to 0.2pts higher while SJMHOLs and MGMCHIs wereunchanged this morning. Trading desk comments交易台市场观点 PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEOn Monday, in HK, NWDEVL Perps/27-31s were 0.2pt lower to 0.5pt higherafter moving 0.4-2.5pts higher over the last week. NWD announced thecompletion of loan refinancing.Please see comments below. CTFSHK 28-29s were up 0.4-0.5pt after moving 0.5-0.8pt higher over the last week.FAEACO Perp lowered 1.9pts after moving4.8pts lower over the last week.Far East Consortium terminated Heads of Agreement regarding an assetswap with Star Entertainment related to the Queen’s Wharf Brisbane project,effective on 7 Jul ’25. LASUDE 26 lowered 2.1pts. Meanwhile BNKEA 30-34s wereunchanged to 1bp tighter under better buying from AMs. On primary,SOBKCO priced 5yr and 10yr USD bonds at T+90 and T+110 (IPT at T +120andT+140)respectively.See our comments on 30 Jun’25.SOFTBKannounced new issue mandate of 3.75yr, 5.5yr, 7yr, 10yr USD bonds.SUMIBK priced 6NC5, 8NC7, 11NC10 fixed rated bonds at T+87, T+97, andT+102 (IPT at T+110-115, T+125, and T+130), respectively, and also priced6NC5 floating rated bond at SOFR+119. In JP, the recent new MIZUHO Float31 widened 2bps. NSANY 25-30s were unchanged to 1.7pts lower followingmedia report that Nissanhas asked for payment delayto free up short termfunds. In Chinese IGs, BABA/TENCNT 27-35s were unchanged to 1bp tighter.Infinancials,ANZ/WSTP/NAB30-36stightened1-3bps.AHBMK/BBLTB/KBANK 30-40s were under buying from AMs and closedunchanged to 2bps tighter. In insurance papers, NSINTW/SHIKON 34-35swere unchanged to 2bps tighter. MYLIFE/NIPLIF 54-55s were up 0.1-0.3ptunder buying interest from PBs/AMs. In AT1s, HSBC 7.05 Perp/RY 6.75 85 News and market color Regarding onshore primary issuances, there were 29 credit bonds issued on Monday with an amountof RMB13bn. As for the month of Jun’25, 2,175 credit bonds were issued with a total amount ofRMB1,997bnraised, representing a 16% yoy increaseChinese authorities promise to crack down on disorderly price wars and work toward a unified nationalmarket to bolster consumer spending. Land sales across Chinese cities declined 8% yoy by area in1H25 as demandfor prime locations drove up premiums.[ADEIN]Adani Enterprises INR10bn (cUSD116.8mn) retail bond issue to open next week[FOSUNI]Fosun International accepts USD35.042mn FOSUNI 5.95 10/19/25 for purchase in a tenderoffer, USD178.857mn will remain outstanding[GARUDA]Garuda shareholders approve business plan allowing USD405mn Danantara loandrawdown[GRNKEN]ORIX Corp signed an agreement to sell a 17.5% stake in Greenko Energy to its foundergroup AM Green Power for USD1.28bn[MEDCIJ]MedcoEnergi’s units sign USD500mn loan deal with foreign banks[NSANY]Nissan plans 50% production cut at key Oppama plant in Jul-Aug’25. Nissan to slash around250 jobs in UK to save USD2.77bn[NWDEVL]New World Development obtains offshore refinancing for HKD88.2bn (cUSD11.24bn) ofdebt[PKX/POSCOE]POSCO engineering arm gets USD1bn contract to build liquefied natural gas terminalin Thailand[SOFTBK]S&P assigned a BBB rating to SoftBank Corp.'s USD-denominated straight bonds; outlookstable[TYANLI/WOORIB]Tongyang Life acquisition by Woori Financial to be completed on 1 Jul’25 Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk CMBIGM or its affiliate(s) have investment bankingrelationship with the issuers covered in this report inpreceding 12 months The author who is primary responsible for the content of this research report, in whole or in part, certifies that withrespect to the securities or issuer that the author coveredin this report: (1) all of the views expressed accuratelyreflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensationwas, is, or will be, directly or indirectly, related to the specific views expressed by that author in this report.