固定收益日市场动态

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 were 0.4-0.5pt lower. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk YLLGSP:Further buy back of YLLGSP 5 1/8 05/20/26. YLLGSP 5 1/805/20/26 was unchanged this morning. See below. ROADKG:Not to proceed with the Jun’25 consent solicitation; to launch anew consentbefore 18 Jul’25. See below. Trading desk comments交易台市场观点 Last Friday, the new NTT 27-35s tightened another 2-3bps. The new NSANY30/32/35 were unchanged from ROs at par. The old NSANY 26-30s wereunchanged to 0.6pt higher. Meanwhile, the long end of TACHEM 54-64swere1.3ptslower(unchangedto2bpswider).InKR,HYNMTR/PKX/LGENSO 27-35s tightened 2-5bps. In Chinese IGs, HAOHUA28-30s were 4-5bps tighter. BABA/TENCNT/MEITUA/WB 30-35s tightened1-3bps. In financials, CMINLE/FRESHK 27-30s were unchanged to 2bpstighter.In insurance,SHIKON 35s/NSINTW 34s tightened 4-7bps.JPinsurance hybrids were under better buying from RMs/PBs. NIPLIF/MYLIFE54-55s and FUKOKU/SUMILF Perpswere up 0.1-0.3pt. In AT1s, INTNED7.25/BACR 8 Perps and RY 6.75 85 were up 0.1-0.3pt. In HK, MTRC Perpswere 0.1pt lower. On the other hand, LASUDE 26 was up 1.4pts, closed 0.3ptlower WoW.FAEACO Perp was up 0.1pt,closed 5.7pts lower WoW.NWDEVL Perps/27-31s were unchanged to 0.4pt higher. CTFSHK 28-29swere up 0.2-0.3pt amid the issue of HKD850mn CTFSHK 2.8 01/18/27 CBfor the repurchase of HKD780mn CTFSHK 4 07/22/25 CB. In Chineseproperties, ROADKG 28-30s/Perps were up 0.2-0.8pt, closed 0.1pt lower to1.7pts higher WoW. See our comments below. YLLGSP 26 was up 0.1pt.YLLGSP repurchased another USD40.7mn of YLLGSP 5.125 26. See ourcomments below. GRNCH 28 was 0.1pt lower. In SE Asia, SMCGL Perpswere 0.1-0.3pt lower. See our comments on11 Jul ’25. In LGFVs, higher yielding Shandong names such as CNH WFBHIN/ZCHLIM 27s were unchanged to 0.1pt loweramid new issues of WFBHIN 6.928s/ZCHLIM 6.7 28s. On the other hand, the USD JMUDIV6.927/JIMOTM6.927sfurther compressed to mid-8%, thanks to cross-border RM demand. In SOE perps, CHPWCN Perp wasdown 0.1pt. LastTradingDay’s Top Movers MarcoNews Recap宏观新闻回顾 Macro–S&P (-0.33%), Dow (-0.63%) and Nasdaq(-0.22%) were lower on last Friday. Trump announced 30%tariffs on goods from EU and Mexico, effective 1 Aug’25. UST yield was higher on last Friday, 2/5/10/30 yield at3.90%/3.99%/4.43%/4.96%. Desk Analyst Comments分析员市场观点 YLLGSP: Further buy back ofYLLGSP 5 1/8 05/20/26 Yanlord announced that it had further bought back USD40.7mn in principal amount of its only o/s USD bondYLLGSP 5 1/8 05/20/26, the o/s amt is reduced to USD423.61mn.Recalled that Yanlord has repurchasedUSD32.99mn in Apr’25.We maintain buy on YLLGSP 5 1/8 05/20/26 and believe that Yanlord is anothercandidate to early redeem its o/s USD bonds. Despite the weaker FY24 results, Yanlord continued to generate positive free cash flow, supporting notable netdebt reductions over the past few years. We take additional comfort with Yanlord’s financial flexibility, offeredby its IPs and manageable debt maturity profile.Meanwhile, Yanlord recorded contracted sales of RMB8.9bnin 1H25 according to the CRIC statistics, representing yoy decrease of 21% from 1H24.See our comments on28 Feb’25for more detailed analysis. ROADKG: Not to proceed with the Jun’25 consent solicitation; to launcha new consent before 18 Jul’25 Road King obtained supports from the holders representing a majority of the aggregate outstanding principalamount of the bonds across all series voted in favor of the proposed amendments and waivers in the consentsolicitation launchedinJun’25. However,Road King decided not to table the consent solicitation at the meetingsin their current forms, as certain minority holders who requested Road King to consider specific clarificationsand improvements of the terms of the consent solicitation, proposed amendments and waivers. Meanwhile, Road King is not able toapply the specified assets proceeds towards the interest payment onROADKG 5.2 07/12/29 as the proposed amendments and waivers have not yet become effective. No EoD hasarisen under T&C given 30-day grace period, and Road King intends to pay the interestwithin the grace period. Road King will launch a new consent solicitation and new timetable before 18 Jul’25 4pm GMT. The newconsent solicitations will be conducted in accordance with the supplemental consent s