固定收益日报市场更新

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 widened 10bps and NSINTW 34 widened 5bps this morning.NACF/SHINFN 29-30s widened 1-2bps.HYSAN 4.85/FAEACO 12.814Perps were down 0.3-0.4pt. WESCHI 26 up another 0.5pt.CPDEV:USD90.4mn of CPDEV 4.65 01/19/26 validly tendered at expiration,adjourn meeting to 5 Aug’25. Maintain buy on CPDEVs.CPDEV 26 was0.1pt higher this morning.See below.VEDLN:Hindustan Zinc 1QFY25 results beat estimates on record outputand silver gains. VEDLNs were unchanged this morning.Trading desk comments交易台市场观点Yesterday,the long end of Chinese IGs such as TENCNT/BABA 50-57s were0.5-0.7pt higher (unchanged to 5bps tighter) while JD 50 was 0.8pt lower(12bps wider). In insurance, SHIKON 35 was another 5bps tighter (0.6pthigher) after tightening 20bps (moving 1.4pts higher) over the last week.CATLIF/NSINTW 34s were unchanged to 2bps tighter amid mixed flows.NIPILF 51/MYLIFE 55 were up 0.1pt, ASAMLI/SUMILF Perps were down 0.1-0.2pt. In AT1s, BACR 9.675/HSBC 7.05/UBS 6.85 Perps were up 0.1-0.3pt.In HK, HYSAN 4.85 Perp wasup 0.6pt. NWDEVL 28-31s/Perps were 0.7ptlower to 0.3pthigher. MTRC Perps were 0.1-0.2pt higher.In Chineseproperties, ROADKG 28-30s were 0.1-0.4pt lower while ROADKG Perpsclosedunchanged.See our comments on Road King’s new consentsolicitation on21 Jul ’25. LNGFOR 28/DALWAN 26 were down 0.3-0.5pt.Outside properties, WESCHI 26 was up 0.9pt. In SE Asia, MEDCIJ 30 wasup 0.6pt. Elsewhere, MONMIN 30 was up 1.0pt.In CNH space, the recent new SWIPRO 35 was 0.1pt higher with yieldcontinued to tighten towards 3%. In LGFVs, CPDEV 26 was down 0.2pt,CPDEV 29 was up 0.2pt. CDPEV adjourned the meeting to consider thetender offer for and consent solicitation on CPDEV 4.65 01/19/26 to 5 Aug’25from 21 Jul’25. See comments below. There were two way interests on USDnames such as CHDOHU 7.6 28s/KNMIDI 8.5 26s and CNH names such asZCHTCD 6.7 28s/QHURGR 7.8 26s. In SOE perps, AVIILC Perp was up0.2pt, CHPWCN Perp were down 0.2pt.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 LastTradingDay’s Top MoversTop PerformersPriceRILIN 3 5/8 01/12/5268.9MONMIN 8.44 04/03/3095.9WESCHI 4.95 07/08/2689.4CCAMCL 5 02/08/4887.0BHP 5 09/30/4393.9MarcoNews Recap宏观新闻回顾Macro–S&P (+0.14%), Dow (-0.04%) and Nasdaq(+0.38%) were mixed on Monday. The S&P 500 Indexfinished the session at 6305.6, its highest close ever.UST yield was lower onMonday, 2/5/10/30 yield at3.85%/3.91%/4.38%/4.94%.Desk Analyst Comments分析员市场观点CPDEV:USD90.4mn of CPDEV 4.65 01/19/26validly tendered at expiration, adjourn meeting to 5 Aug’25Central Plaza Development (CDPEV) has adjourned the meeting to consider the tender offer for and consentsolicitation on its CPDEV 4.65 01/19/26 to 5 Aug’25 from 21 Jul’25 due to a lack of quorum. Tender instructionsalready submitted and not subsequently revoked will remain valid for the adjourned meeting.As of theexpiration deadline, CDPEV has received totaled USD90.42mn in aggregate principal amount of CPDEV 4.6501/19/26 validly tendered. See Table 1.The voting deadline for the consent solicitation has also been extended to 31 Jul’25. The consent solicitation,if approved, would provide CPDEV with the option to redeem all, but not some only, of CPDEV 26 outstandingat any time at par, bygiving not less than five business days' notice.We maintain our buy recommendation on CPDEVs.We take comfort with Beijing SASAC’s ownership in BeijingCapital Group, CPDEV’s strategic importance to the government in city development, and CPDEV’s goodaccess to onshore funding channels. Meanwhile, CPDEV is proactively managing its offshore maturity profile.In Mar’25, CPDEV issued USD450mn of CPDEV 28 and concurrent tender offer for CPDEV 25, repurchasedUSD386.8mn of the CPDEV 25. In Apr’25, CPDEV issued USD500mn of CPDEV 29 and concurrent tenderoffer for and CPDEV 25 andCPDEV 26, repurchased totaled USD319.4mn of the two bonds.Table 1: Summary of the tender offerSecurity nameAmt o/s (USDmn)Amtsubject to the tender offerEarly tender pxSubsequent tender pxAmt validly tendered as of early deadline (USDmn)Amt validly tendered as of expiration deadline (USDmn)Total (USDmn)Voting deadline ofthe consent solicitationMeeting date 2CPDEV 4.65 01/19/26188.238Any and all100.210089.221.290.4231 Jul’255 Aug’25 Offshore Asia New Issues (Priced)Issuer/GuarantorSize (USDmn)No Offshore Asia New Issues Priced TodayOffshore Asia New Issues (Pipeline)Issuer/GuarantorCurrencyNo Offshore Asia New Issues Pipeline TodayNews and market colorRegarding onshore primary issuances, there were 8