固定收益每日市场更新

PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEThe Asset Asian G3 Bond Benchmark Review 2025We 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!The new NACF Float 29/NACF 4.375 30 tightened 2bps this morning.NHSECS 28-30s and HYNMTR/HYUELE 27-31s tightened 1-4bps. The newCNHSWIPRO 28-35s were up 0.5-2.5pts from ROs at par.Taiwan Lifers:Prefer SHIKON for the most attractive risk-adjusted return.See below.ChinaEconomy:Solid growth lowers policy easing likelihood.CMBIexpects expect a further 10bps LPR cut and 50bps RRR cut. We see theneed to ramp up direct fiscal support to households and the property sector,as lifting purchase restrictions and trade-in scheme seem hardly sufficientnow.See below for comments from CMBI economic research.Trading desk comments交易台市场观点Yesterday, SWIPRO priced 3yr, 5yr and 10yr CNH bonds at par to yield 2.6%,2.85% and 3.45%, respectively. The new NSANY 32-35s were up 0.1-0.2pt.The new NACF Float 29 tightened 4bps from RO (SOFR+68) and NACF4.375 30 tightened 3bps from RO (T+50) amid mixed flows. LGENSO 27-35stightened 2-7bps. HYNMTR Float 30s tightened 2bps. In Chinese IGs, thelong end of SINOPE/CNOOC 37-43s were 0.3-0.7pt lower (unchanged to2bps wider in spreads). In financials, STANLN/CSILTD Float 28-31s wereunchangedto 2bps tighter amid mixed flows.In insurance,SHIKON35s/NSINTW34s were 1-3bps tighter despite small selling from someChinese accounts. See our comments below on Taiwan lifers. Meanwhile inJP, MYLIFE/NIPLIF 51-54s and FUKOKU Perp were down 0.1-0.2pt. In AT1s,HSBC 6.95/INTNED 7.25 Perps were down 0.1-0.2pt. HSBC 6/SOCGEN6.75 Perps were up 0.1-0.3pt. In HK, NANYAN/BNKEA 32-34s were 2-5bpstighter. REGH Perp was up 1.3pts. LASUDE 26 was up 1.1pts. NWDEVLPerp/27-31s were down 0.1-0.3pt. In Chinese properties, VNKRLE 27-29swere unchanged to0.1pt higher. See our comments on Vanke’s 1H25 profitwarning on15 Jul ’25. Outsideproperties, EHICAR 26-27s declined 0.5-0.6pt.WESCHI 26 was up 0.6pt. FOSUNI 25-28s were unchanged amid mediareport that Fosun Group sells office space at Shanghai HQ.The news wasdenied by Fosun. In SE Asia, VEDLN 28-33s were up 0.2-0.3pt. VLLPM 27-29s lowered 0.3pt.CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk 2In LGFVs, WFURCD priced a 3yr USD bond at par to yield 6.5%. There were buying interests on CNH namessuch as ZOUCAO 6.9 28s/CDTFDG 7.3 27s and USD names such as TAIANH 6.9 28s/JMUDIV 6.9 27s.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeREGH 6 1/2 PERP22.61.3GRNLGR 6.9 02/12/2925.1-1.9LASUDE 5 07/28/2651.71.1GRNLGR 7 1/8 04/22/2925.1-1.9WESCHI 4.95 07/08/2687.50.6GARUDA 6 1/2 12/28/3176.2-0.7TSIVMG 1.6 12/17/3945.70.5TAISEM 41/2 04/22/5287.1-0.7VEDLN 9.85 04/24/3399.00.4SINOPE 4.6 09/12/4891.1-0.7MarcoNews Recap宏观新闻回顾Macro–S&P (-0.40%), Dow (-0.98%) and Nasdaq (+0.18%) weremixedon Tuesday. Nvidiaplans to resumeH20 AI chip sales to China. Trump says Indonesia goods to face 19%tariff under new deal. The US Jun’25 CoreCPI mom was 0.2%, lower than the market expectation of 0.3%. The US Jun’25 CPI mom was 0.3%, same asthe market expectation. UST yield was higher on Tuesday, 2/5/10/30 yield at 3.95%/4.05%/4.50%/5.01%.Desk Analyst Comments分析员市场观点Taiwan Lifers: Prefer SHIKON for the most attractive risk-adjusted returnThe USD bonds of Taiwan lifers widened 40-70bps since early-mid Apr on the concernsof TWD appreciationand new supply. This indeed offers better entry opportunities. Since mid-Jun, the USD bonds of Taiwan liferstightened 30-40bps as the market turned less cautious after revisiting the hedging policies of Taiwan lifers.SHIKON 6.95 06/26/35 tightened c40bps from the wide since issuance and is now a touch tighter than our initialFV estimation. See our comments on17 Jun’25on Shin Kong Life.Notwithstanding the recent outperformance, we continue to seeTaiwan lifersofferingbetter RV than that of herregional peers. Indeed, we believe these three lifers are facing largely the same macro risk (See Table 2).Thecomposition of the investment portfolio of these three lifers were similar as of Dec’24, in which 70-75% of theirinvestment portfolios exposed to forex risk.Out of these investments, 60-65% of their FX assets are hedgedwith hedging instruments suchas currency swap and non-deliverable forwards. YTD, TWD appreciated againstUSD by c11%. Nonetheless, we take comfort with their equity cushions against the regulatory requirements,along with moderating TWD appreciation against USD during past two monthsafter the cliff in early May’25.Hence, we considerSHIKON 6.95 06/26/35as our top pick, followed by NSINTW and CATLIF.At 101.3,SHIKON 6.95 06/26/35 is tr