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 BABAs/TENCNTs were 1-2bps tighter this morning. SOBKCO 35 widened5bps. TOPTBs widened 5bps. FAEACO Perp lowered 1.5pts. CKINF/CKPHPerps lowered 0.4-0.6pt. LASUDE 26 lowered 0.6pt. RCBPM:Redeem RCBPM 6.5 Perp on the first call date in Aug’25. RCBPM6.5 Perp was unchanged while RCBPM 29-30s were down 0.1pt thismorning. See below. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk HENLND:Henderson Land issued HKD8bn(cUSD1.0bn) 0.5% CB due in2030.The initial conversion price is HKD36 per share, i.e. a conversionpremium of 27% over the last close.HENLNDs were unchanged thismorning. Trading desk comments交易台市场观点 Yesterday, the new SHINFN 30/LOTCOR 28 widened 1-2bps from ROs. Therecent new KORGAS 28-30s were unchanged to 1bp wider. Meanwhile inKR,HYNMTR/LGENSO 28-30s were 1-3bps tighter.In Chinese IGs,CNOOC 42-43s were 0.2-0.6pt higher (unchanged to 5bps tighter in spreads).ZHOSHK 28 tightened 6bps. In financials, BBLTB 34s widened 2bpsamidmixed two way flows. HSBC/STANLN Float 31s closed 1-2bps tighter. Ininsurance,SHIKON/NSINTW34-35stightenedanother2-5bps.MYLIFE/NIPLIF 53-55s and FUKOKU 6.8/SUMILF 5.875 Perps were down0.1-0.3pt. In AT1s, SOCGEN 8.125/INTNED 7.5 Perps were up 0.2-0.3pt. InHK, REGH 6.5 Perp was up 0.3pt. HYSAN 4.1 Perp lowered 0.5pt. NWDEVLPerps/27-31s were unchanged to 0.3pt lower.Media reportedthat NWD isselling its K11 property in Shanghai’s Huaihaizhong Road for RMB2.85bn(cUSD397mn). MTRC Perps were 0.1-0.3pt lower. In Chinese properties,ROADKG 28-30s were up 0.2-0.3pt. VNKRLE 27-29s lowered 0.3-0.4pt.Outside properties, EHICAR 26-27s lowered 0.2-0.3pt. In SE Asia, RCBPMannounced to fully redeem the USD300mn RCBPM 6.5 Perp at par on 27Aug ’25, the first call date.See comments below. VLLPM 27-29s were up0.5pt amid media report that Vista Land & Lifescapes obtained PHP3.4bn(cUSD60.3mn) loan for refinancing. LGFVs remained sought after following media report of Southbound Bond Connect’s potential expansion. Seeour comments on8 Jul ’25. The CNH LGFVs such as CDTFDG 7.3 27s/SDGAOC 6.9 27s/LUOYNG 7.5 26swere skewed to better buying despite some profit taking. The higher yielding USD LGFVs such as BADNHI 6.928s/SCJYFG 6.45 28s were also firm. In SOE perps, CHCOMU/CHSCOI Perps were up 0.1pt. LastTradingDay’s TopMovers MarcoNews Recap宏观新闻回顾 Macro–S&P (-0.07%), Dow (-0.37%) and Nasdaq (+0.03%) were mixed on Tuesday.Trump vows no tariffextension on his 1 Aug’25 deadline.Trump plans a 50% tariff on copper import and 200% tariff on drug import,while he said that levies on semiconductors and pharmaceuticals were coming soon.UST yield was higher onTuesday, 2/5/10/30yield at 3.90%/3.99%/4.42/4.94%. Desk Analyst Comments分析员市场观点 RCBPM: Redeem RCBPM 6.5 Perp on the first call date in Aug’25 Rizal Commercial Banking Corp. (RCBPM)announced the call ofits only o/s USD AT1 capital securities,RCBPM 6.5 Perp, in full at par on the first call date (27 Aug’25). In Jun’25, RCBPM has received the approvalfrom the Bangko Sentral ng Pilipinas (BSP) for the redemption.We understand that the bank must maintainthe minimum capital adequacy ratio required by BSP before and after the redemption of the capital securities.As of Mar’25, RCBPM’s CET1 ratio and CAR was 13.5%/16.0%, respectively, higher than the regulatoryminimum requirement of 8.5%/12.5% (incl. capital conservation buffer of 2.5%) required by BSP on RCBPM. We have buy recommendation on RCBPM 6.5 Perp. Please see Table 1 for our AT1 and T2 picks in the Asianuniverse.We believe the likelihood of calling these AT1 and T2 ontheirrespective first call datesis high,considering their track records of call on the first call datesand their sufficient capital buffers above theregulatory minimum requirements. Offshore Asia New Issues (Priced) News and market color Regarding onshore primary issuances, there were 139 credit bonds issued yesterday with an amount ofRMB193bn. As for month-to-date, 453 credit bonds were issued with a total amount of RMB509bn raised,representing a 21% yoy increaseChina Jun’25 passenger car sales rise 18% yoy boosted by government trade-in subsidies[COGREN]Fitch affirmed Continuum RG2's COGREN 7.5 06/26/33 at BB+; outlook stable[FIRPAC]First Pacific’s MGen to exceed 1,500MW renewables target 3 years ahead of timeline[LENOVO]Lenovo 2Q25 worldwide PC shipments climb 15% yoy to 17mn units[MOLAND]Modern Land (China) expects to publish delayed FY23, FY24 results by Sep’25[NSANY]Nissan Motor to upsize planned CB issuance to JPY200bn (cUSD1.4bn) fro