固定收益部市场日报

PLEASE READTHE 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!SHIKON/NSINTW/CATLIF34-35sTENCNT/BABA 30-31s tightened 1-2bps. VLLPM 29 was up 0.9pt. The newCNH SWIPRO 28-35s were unchanged.SMCGL:Issues USD400mn SMCGL 8.95 Perp and accepted totaledUSD223.2mn in the exchange offers. The new SMCGL 8.95 Perp rose 0.1ptfrom RO at par this morning. We maintain buy on SMCGL 5.7 Perp, SMCGL5.45 Perp and SMCGL 8.125 Perp. See below.ROADKG:Road King announced a new consent solicitation for seniorbondsdue 2028-30.Proposed amendments include PIK interest andmandatory repurchase or redemption. Early/base consent fee is 0.6%/0.2%of the principal amount of the bonds, respectively, early deadline/expirationtime will be 29 Jul’25/5 Aug’25 4pm GMT.Trading desk comments交易台市场观点Yesterday, the new KOHNPWFloat 30 tightened 4bps from RO. The recentnew NHSECS 30s/NACF 29-30s tightened 1-2bps. In Chinese IGs, BABA31s/TENCNT30s/XIAOMI 30s were 1-3bps tighter.In financials,MIZUHO/HSBC/STANLNFloat 30-31s tightened 1-2bps.In insurance,NSINTW/SHIKON 34-35s were 2-3bps tighter amid mixed flows. NIPLIF55s/SUMILF Perp were 0.1pt lower. In AT1s, SOCGEN 9.375/UBS 7.125Perps were 0.2-0.3pt lower. In HK, MTRC 55-62s were 0.2-0.4pt higher(unchanged to 4bps tighter in spread). NANYAN/BNKEA 34s were 1-2bpstighteron AM buying. NWDEVL Perps/27-31s were 0.3pt lower to 0.1pthigherfollowing media report of NWD’s potential sales of K11 Skies.SUNHKC26 was unchanged.Last night,SUNHKC announced it hasrepurchased USD21.9mn of SUNHKC 5 09/07/26 and cut the o/s size toUSD359.8mn.In Chinese properties,ROADKG 28-30s/Perps wereunchanged to 0.1pt higher. Last night, Road King announced new consentsolicitationfor outstanding senior bonds due 2028-2030.YXREIT26s/CHIOLI 34-43s were 0.1-0.4pt higher under better buyingfrom RMs/PBs.Outside properties, WESCHI 26 was up 0.6pt. In SE Asia, VLLPM 27-29sclosed 0.1-0.3pt lower. SMCGL priced NC5 Perp of USD400mn at par to yield8.95% and accept the exchange offers totaled USD223.2mn for SMCGL 7Perp and USD192.914mn for SMCGL 5.7 Perp. The old SMC Complex Perpswere unchanged to 0.1pt higher. See our comments below.CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 tightened3-8bpsthismorning. (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk 2In CNH space, the new CNH CGB 27-35s were unchanged from ROs at par. The CNH SWIPRO 28-35s wereunchanged to 0.1pt higher. In LGFVs, there were active two way flows in the higher yielding CNH names suchas ZCHLIM 6.98 27s/LUOCHU 8 26s and USD names such as WFURCD 7.5 27s/TAIANH 6.9 28s. We also sawmore profit taking on the front end CNH papers which had compressed into 6% or lower. In SOE perps, AVIILCPerp was0.2pt higher, CHPWCN Perp was 0.3pt lower.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeCHGDNU 4.8 09/11/4888.01.2SOCGEN9 3/8 PERP106.0-0.3CDECST 6 1/2 11/18/2797.61.1VLLPM 9 3/8 07/29/2965.1-0.3FWDGHD 8.4 04/05/29104.30.8ARION 8 1/8 PERP102.3-0.3WESCHI 4.95 07/08/2688.30.6NWDEVL 3 3/4 01/14/3147.3-0.3FWDGHD 6.675 PERP98.20.5VONTOB 9.68 PERP115.3-0.3MarcoNews Recap宏观新闻回顾Macro–S&P (+0.54%), Dow (+0.52%) and Nasdaq (+0.75%) were higher on Thursday. US Jun’25 core retailsales/retail sales was +0.5%/+0.6% mom, higher than the market expectation of +0.3%/+0.1%, respectively.UST yield was higher onThursday, 2/5/10/30 yield at 3.91%/4.01%/4.47%/5.01%.Desk Analyst Comments分析员市场观点SMCGL:Issues USD400mn SMCGL 8.95 Perp and accepted totaled USD223.2mn in the exchangeoffersSan Miguel Global Power (SMCGL) accepted all of the USD30.277mn of SMCGL 7 Perp and USD192.914mnof SMCGL 5.7 Perp validly offered for the exchange, totaled USD223.191mn. The o/s amount of SMCGL 7Perp and SMCGL5.7 Perp will reduce to USD163.115mn and USD300.423mn, respectively.Meanwhile, SMCGL priced the new NC5 Perp at 8.95%, in line withour FV estimation. The issue size isUSD400mn. At 100.1, SMCGL 8.95Perp rose 0.1pt from RO at par this morning, and trading at YTC of 8.9%.The coupon of the new SMCGL 8.95 Perp will be reset to 5yrUST+initial spreadof 494.5bps+step-up marginof 250bps on 24 Jul’30, and the new SMCGL 8.95 Perp is first callable at par three months prior to the couponreset date, i.e. 24 Apr’30. The coupon reset formula and the 250bps step-up margin of the new SMCGL 8.95Perp is the same as all SMCGL existing USD perps.Considering the total issue size of USD400mn and totaled USD223.191mn offered for exchange, the differenceis sufficient for SMCGL to repurchase or redeem the remaining SMCGL 7 Perp of USD163.115mn which willbe firstcallable in Oct’25. As discussed before, we view the par