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!SHIKON 35 was another 5bps tighter (0.4pt higher) this morning. PETMK32-55s tightened 3-5bps. LASUDE 26 was up 0.4pt. CNH LGFVs remainedsought after.ROADKG:Keeping the proposed PIK structure while imposing morerestrictions on company’s actions. ROADKGs were up 0.2-1.2pts afterannouncing not to proceed with the Jun’25 consent last Monday. See below.HYSAN:Hysan to redeem the remaining o/s USD59.9mn HYSAN 4.1 Perpon 18 Aug’25, which is callable any time after the first call date on 3 Jun’25until 3 Sep’25 and callable semi-annually thereafter. The coupon will bereset to 5yrUST+initial spread of 288.7bps (no step-up) on 3 Sep’25 if it isnot called. HYSAN 4.85 Perp up 0.2pt whileHYSAN 27 down 0.2pt thismorning.Trading desk comments交易台市场观点Last Friday, the new KOHNPW Float 30 tightened 2bps to SOFR+73. InChinese IGs, BABA 35s/TENCNT 30s were 1-3bps tighter. The long end ofJD/BABA 50-57s were 0.4-0.9pt higher (unchanged to 5bps tighter). China'sregulators summoned major online food delivery platforms including Meituan,JD.com,and Alibaba Group Holding's Ele.me to engage in rationalcompetitionamidescalatingMIZUHO/HSBC/STANLNFloat 30-31s tightened 1-3bps.In insurance,SHIKON 35 was 10bps tighter (1.1pts higher). NSINTW/CATLIF 34-35stightened 3-5bps amid RM buying. MYLIFE/NIPLIF 55s and FUKOKU/DAILPerps were 0.1-0.2pt higher. In AT1s, HSBC 7.05 Perp/RY 6.75 85 were up0.1pt. BNP 7.375Perp was up 0.3pt, SOCGEN 6.75 Perp was down 0.2pt. InHK, BNKEA T2s were unchanged to 3bps tighter amid two way flows.NWDEVL 30-31s were 0.6-0.8pt higher, while the rest of NWDEVLs wereunchanged to 0.1pt lower. HYSAN Perps were unchanged to 0.1pt lower.Last Fri night, HYSAN announced to redeem the remaining o/s USD59.9mnHYSAN 4.1 Perp in whole on 18 Aug'25. MTRC Perps were 0.1-0.2pt higher.InChinese properties,LNGFOR/CHJMAO 28-32s were up 0.2-0.8pt.ROADKG 28-30s/Perps were 0.1-0.3pt higher. See comments below onRoad King's new consent solicitation. In SE Asia, the new SMCGL 8.95 Perpwas 0.4pt higher from RO at par. The old SMC complex perps wereCMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 pricewar.Infinancials, (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk unchanged to 0.2pt higher. See our comments on18 Jul ’25.VLLPM 29/GLPSP 28 were up 0.8-0.9pt.In LGFVs, thehigher yielding USD names such as TAIANH 6.9 28s/SUINKA 6.8 28s were sought after by RMs.There were two way interests on CNH names such as ZCHTCD 6.7 28s/WFNGWI 8.6 26s. In SOE perps,SPICPD/AVIILC Perps were 0.1-0.2pt lower.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceTAISEM 4 1/2 04/22/5289.52.1TSIVMG 1.55 12/17/2969.6SHIKON 6.95 06/26/35102.61.1CHIYBK 5 3/4 04/07/3298.5CNPCCH 5.95 04/28/41107.31.0ACPM 5 1/8 PERP84.9JD 4 1/8 01/14/5078.60.9PLBIIJ 5 3/8 05/05/4591.2VLLPM 9 3/8 07/29/2965.90.9CCLAND 5.2 09/20/2597.4MarcoNews Recap宏观新闻回顾Macro–S&P (-0.01%), Dow (-0.32%) and Nasdaq (+0.05%) were mixed on last Friday. US Jul’25 MichiganConsumer Sentiment was 61.8, higher than the market expectation of 61.4.US Jul’25 Michigan 1-year/5-yearInflation Expectations was 4.4%/3.6%, lower than the market expectation of 5.0%/3.9%, respectively.UST yieldwas lower onlast Friday, 2/5/10/30 yield at 3.88%/3.96%/4.44%/5.00%.Desk Analyst Comments分析员市场观点ROADKG: Keeping the proposed PIK structure while imposing morerestrictions on company’sactionsRoad King launched a new consent solicitations for its five USD bonds due in 2028-2030 last week. At thesame time, it terminated the consent solicitation launched in Jun’25, despite holders representing a majority ofthe aggregate outstanding principal amount of the bonds voted in favor of. SeeTable 1 below for the keydifferences between the new and the terminated consents.Road King expects that it does not have sufficient cash to pay interest due on the bonds in Jul’25 and Sep’25if the consent solicitations are not consummated, such that it will have to consider alternative debt restructuringoptions, including holistic restructuring plans through one or more schemes of arrangement to restructure all ofthe offshore indebtedness. Recalled that Road King deferred the coupon payments on its three USD perpssince Nov’24.The consent solicitation shows Road King is under high liquidity pressure amid slow recovery in the propertymarket. Prices of new homes in the mainland China fell at their fastest mom clip in eight months in Jun’25.Road King reported RMB2.3bn contracted sales in 1Q25, down 44% yoy from RMB4.1bn in 1Q24. The yoydecrease was higher than that of most of its