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 recent new NHSECS/KORGAS 28-30s widened 1-2bps this morning.NOMURA 7/SUMIBK 6.45 Perps were up 0.1pt. HYSAN 4.85 Perp was up0.3pt. GLPSP 4.6 Perp was down 0.5pt. LGFVs were firm. BTSDF:Expects adj. net profit to increase up to 15% yoy in 1H25; objectedATO’s assessment.BTSDF 9.125 07/24/28 was down 0.3pt this morning.See below. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk FAEACO:Far East Consortium (FEC) extends HOA termination date withStar to 31 Jul’25 from 7 Jul’25. FAEACO 12.814 Perp lowered 0.4pts thismorning. See our comments on FEC on4 Jul’25. Tradingdesk comments交易台市场观点 Last Friday, the flows in Asia IG space was light with US out for holiday. Therecent new NHSECS/KORGAS 28-30s were 1-2bps tighter. The recent newCNMDHL 28 tightened2bps, while CNMDHL 26 widened 7bps. In ChineseIGs,MEITUA 30s/TENCNT 28s widened 1-2bps.The long end ofBABA/CNOOC 43-54s were 0.5-0.9pt higher (1-7bps tighter in spreads). Infinancials, NSINTW/SHIKON 34-35s tightened 2-5bps. DAIL Perp/KYOBOL52 were up0.1pt. In AT1s, the recent new RY 6.75 85/NOMURA 7 Perp wereup 0.1pt. BNP 8.5/SOCGEN 9.375/UBS 7.75 Perps were unchanged to 0.1pthigher. In HK, FAEACO Perp was up 0.1pt, but still closed 5.7pts lower WoW.See our comments on FEC on4 Jul ’25.H&H announced 1H25 unauditedfinancialupdates before last Fri close.BTSDF 28 lowered 0.4pt.Seecomments below. HYSAN Perps lowered 0.1-0.8pt. MTRC Perps were betteroffered by AMs and closed 0.1pt lower. CKPH/CKINF Perps lowered 0.4-0.5pt. NWDEVL Perps/27-31s were 0.5pt lower to 0.8pt higher, closed 1.3ptslower to 0.6pt higher WoW. CTFSHK 28-29s were up 0.1-0.5pt, closed 0.8-1.2pts higherWoW. In Chinese properties, ROADKG 28-30s/Perps were0.1pt lower to 0.5pt higher, closed unchanged to 0.4pt lower WoW. DALWAN26 declined 0.8pt, LNGFOR 32/YXREIT 26 lowered 0.3pt. Outside properties,EHICAR 26-27s lowered 0.5-1.3pts, closed 0.9-2.2pts lower WoW. WESCHI26 lowered 1.3pts, closed 1.4pts lower WoW. In SE Asia, VLLPM 27-29slowered 0.2-0.9pt. VEDLN 28-33s were down 0.1-0.3pt. LGFVs remained sought after across CNH andUSD spaces. The higher yielding CNH LGFVs such as HNSDCC7 26s/LUOYNG 7.5 26s further compressed around 25bps. There were selling interests on USD BADNHI 6.928s and buying interests on CNH QINLID 5.9 28s. In SOE perps, CHPWCN Perp was up 0.1pt, SPICPE Perpwas down 0.1pt. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–US stock markets were closed on last Friday.UST yield was unchanged,2/5/10/30 yield at3.88%/3.94%/4.35%/4.86%. Desk Analyst Comments分析员市场观点 BTSDF:Adj. net profit to increase up to 15% yoy in 1H25; objected ATO’s assessment Health & Happiness (H&H) expects its total revenue to increase mid-single-digit yoy in 1H25 on a like-for-likebasis, i.e. excluding the impact from forex, with growth across allbusiness segments ANC, BNC and PNC.ANC segment’s mid-single-digit growth was driven by double-digit growth in mainland China and other Asiaand Middle East markets from higher demand for beauty, anti-aging and detox products.BNC segmentrecorded low-single-digit growth, supported by high-single-digit growth in IMF and partly offset by double-digitdecline in pediatric probiotic and nutritional supplements. As of May’25, Biostime has 15.8% market shares inthe super-premium IMF segment in the mainland China, up from market shares of 13.0% a year earlier. PNCsegment showed high-single-digit growth under its premiumization strategy and expanding pet population. H&H expects its adjusted EBITDA to decline up to 5% yoy in 1H25, while the EBITDA margin tostay at mid-to-high teens. The net profit is expected to fall in a range of 45-65% yoy in 1H25, due to one-off premium paid forthe tender offer and early redemption of the BTSDF 13.5 06/26/2026 in 1Q25. Adjusting the non-cash and non-recurring items, theadjusted net profit is expected to increase in a range of 1-15% yoy in 1H25. As of Jun’25,H&H had cash of RMB1.8bn, up from RMB1.4bn as of Mar’25.H&H has no major maturity over the next 2years. In Apr’25, Australian Tax Office (ATO) had issued notices of amended assessment to H&H’s subsidiaryBiostime Healthy Australia Pty (BHA). Recalled that ATO conducted an audit on BHA regarding the value of IPand other assets transferred in 2018 where BHA has paid AUD19mn of tax.In Jun’25, BHA has formallyobjected to the ATO’s amended assessments which demanded tax, interest and penalty totaled AUD407mn.ATO then required BHA to provide cash deposit of AUD104mn by 15 Jul’25 which is an adminis