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 Thenew NTT 27-35s were unchanged to 2bps tighter this morning.CNMDHL 28 tightened 3bps. HAOHUA/MEITUA 28-30s tightened 2-5bps.HYNMTRFloat 27-30s tightened 3-5bps.LASUDE 26 was up 0.3pt.CKINF/CKPH Perps were0.4-0.5pt lower. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk SMCGL:FV of the new SMCGL Perp to be high-8%. SMCGL 7/5.7/5.45Perps were 0.1-0.2pt higher, SMCGL 8.75 Perp down 0.1pt while SMCGL8.125 Perp wereunchanged after the announcement of exchange offers forSMCGL 7 Perp and SMCGL 5.7 Perp and concurrent new perp issuanceyesterday. See below. FAEACO:Media reported Far East Consortium said it may need to reserveliquidity for a possible partial repayment of an AUD1.3bn loan due Dec’25 atits Australian JV; yet to finalize plan to address the USD360mn FAEACO12.814 Perp. FAEACO 12.814 Perp was 0.5pt lower this morning. Trading desk comments交易台市场观点 PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEYesterday,the new CSILTD Float 28 widened 8bps from RO. The new NTTFloat28s and NTT Float 30s tightened 12bps and 32bps from ROsrespectively. NTT 4.567 27/NTT 4.622 28/NTT 4.876 30/NTT 5.171 32/NTT5.502 35 tightened 6-10bps from ROs.NSANY priced 5yr, 7yr, 10yr bonds at7.5%, 7.75%, 8.125% (from IPTs at 7.5%, 7.75%, 8.125% area) respectively.The old NSANY 25-30s were unchanged to 0.3pt lower. In KR, HYNMTRFloat27-30swereanother2bpstighter.InChineseIGs,BABA/TENCNT/WB/HAOHUA30-35s tightened 1-3bps. See our commentson Alibaba’s HKD12.0bn (cUSD1.5bn)issuance of EBs on10 Jul ’25. Infinancials, BNKEA/NANYAN 27-34s were under better buying from AMs andclosed2-5bps tighter.In insurance,SHIKON 35 tightened 20bps.CATLIF/NSINTW 33-34s tightened 8-10bps. MYLIFE/NIPLIF 51-55s were up0.1-0.4pt. In AT1s, INTNED 4.25/LLOYDS 6.413/STANLN 4.75 Perps wereup 0.2-0.4pt. In HK, FAEACO Perp declined 0.3pt and closed 7.6pts lowerWTD. On the other hand, HYSAN 4.85/REGH 6.5 Perps were up 0.4pt.MTRC Perps were 0.1pt higher. CTFSHK 28-29s were 0.1-0.3pt higher. Lastnight, CTFSHK announcedtheissue of HKD850mn 2.8%CB due 2027 tofund the concurrent repurchase of HKD780mn CTFSHK 4 07/22/25. InChineseproperties,VNKRLE 27-29s were up 0.8-0.9pt.ROADKG 28-30s/Perps were 0.2pt lower to 0.3pt higher. Outside properties, FOSUNI 26- 32s were up 0.1-0.4pt. In SE Asia, VEDLN 28-33s were unchanged to 0.3pt lower. SMCGL Perps wereunchanged to 0.1pt higher. San Miguel Global Power launched an exchange offer for its SMCGL 7 Perp andSMCGL 5.7 Perp, as well as a concurrent new issue of a NC5Perp. See comments below. In LGFVs, there were strong cross-border buying flows from RMs.There were also two way interests on CNHnames such as JDZUDG 6.5 28s/QDOCID 6.8 28s/CQXHUC 7.5 26s/CWIPDC 7.5 26s and USD names suchas CHDOHU 7.6 28s/ZZECON 6.9 28s. In SOE perps, CHPWCN Perp was down 0.1pt. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (+0.27%), Dow (+0.43%) and Nasdaq(+0.09%) were higher on Thursday. The latest initial joblessclaims was +227k, lower than the market expectation of +236k. Trump says the US will impose a tariff of 35%on goods from Canada starting 1 Aug’25. 5yr/10yr UST yield was higher on Thursday, 2/5/10/30 yield at3.86%/3.93%/4.35%/4.86%. Desk Analyst Comments分析员市场观点 SMCGL: Exchange offers and concurrent new issue.FV of the new SMCGL Perp to be high-8% San Miguel Global Power (SMCGL) commences par for par exchange offers for SMCGL 7 Perp and SMCGL5.7 Perp. SMCGL will accept and cancel all the amount offered for exchange, and any amount not offered willremain outstanding. Concurrently, SMCGL intends to issue additional amount with the same T&C and fungiblewith the new SMCGL NC5Perp. We view the FV of the new SMCGL Perp at high 8% vs the minimum newissue initial distribution rate of 8.8%, in view of its SMCGL 8.125 Perp (first coupon reset on 2 Mar’30) is tradingat YTC of 8.7% plus “tenor” premium. The coupon of the new SMCGL Perp will be reset to 5yrUST+initial spread+250bps step-up margin on thecoupon reset date, andthe new SMCGL Perp is first callable at par three months prior to the coupon reset date.The coupon reset formula and the 250bps step-up margin of the new SMCGL Perp is the same as all SMCGLexisting USD perps. SMCGL will use the net proceeds for the cost and expenses related to the concurrent exchange offer and theissuance.After the above, SMCGL may apply the net proceeds to (i) repurchase and/or redemption of allremaining outstanding SMCGL 7 Perp and SMCGL 5.7 Perp following the exchange offers; (ii