固定收益部市场日报

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!HAOHUA 28-30s tightened 1-2bps, while MEITUA 30 widened 3bps thismorning. DAESEC 27-29s were under better selling and widened 1-2bps.LASUDE 26 was up 0.5pt.CHMEDA:FV of the new CNH CHMEDA 30/35 to be 2.25%/2.55% vs IPTof 2.55%/2.85%, respectively. See below.LIFUNG:Li & Fung launched tender offer for LIFUNG 5.25 Perp up toUSD50mn at USD55; mandates 3.5yr USDbond issuance. Pricing of thenew bonds expected to be on 28 Jul’25 and expiration date of the tenderoffer will be on 31 Jul’25. LIFUNG 5.25 Perp was unchanged this morning.Trading desk comments交易台市场观点Yesterday, the long end of Chinese IGs such as BABA/JD/SINOPE 48-57swere 0.5-1.9pts higher (1-15bps tighter). In financials, HSBC/STANLN Float30-31s were under better buying and closed 2-3bps tighter. In insurance,SHIKON/NSINTW/CATLIF 33-35s widened 1-5bps. S&P assigned FubonLife A-rating with outlook stable. The market is expecting more supply fromTaiwan lifers. NIPLIF/MYLIFE 55s and FUKOKU Perp was up 0.1pt. In AT1s,SOCGEN6.75/LLOYDS 6.413 Perps were 0.3-0.6pt lower.INTNED3.875/HSBC 7.05 Perp were up 0.1-0.2pt. In HK, BNKEA/NANYAN 34s wereunchanged to 2bps wider amid mixed flows. LIFUNG announced new issuemandate of 3.5yr USD bond while LIFUNG 5.25 08/18/25 comes near itsmaturity. HYSAN 7.2 Perp was up 0.5pt. NWDEVL Perps were 0.2-0.7ptlower,while NWDEVL 27-31s were unchanged.In Chinese properties,GRNCH 28/CHIOLI 42-43s were 0.4-0.6pt higher. ROADKG 28-30s/Perpswere unchanged to 0.7pt lower. Media reported a creditor group of Road Kingcontinued to oppose the company’s new consent solicitation for five USDbonds due 2028-2030. Outside properties, WESCHI 26/HONGQI 28were0.7-1.0pt higher. In SE Asia, VEDLN 28-33s were up 0.2-0.5pt. Elsewhere,MONMIN 30 was up another 0.8pt, closed 1.9pts higher WTD.In CNH space, CHMEDA announced new issue mandate of 5yr and 10yrCNH bonds. In LGFVs, the higher yielding CNH names such as LYGYIH 7.527s/SDGAOC 6.9 27s remained sought after. The onshore AAA guaranteedCNH LGFVs such as QINLID 5.9 28s/HSIVEH 6.5 28s continued to compressCMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 (852) 36576235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk 2towards mid-5%.In USD LGFVs, CPDEV 28 was up 0.1pt. See our comments on22 Jul ’25. The higher yieldingUSD names such as HBTUID 7.5 26s/XHCTID 7 27s/FZSZJJ 7 28s tightened around 10bps. In SOE perps,CHPWCN Perp was up 0.1pt, SPICPD Perp was down 0.1pt.Last Trading Day’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeJD 4 1/8 01/14/5079.71.9ROADKG 5.9 09/05/2827.5-0.7TSIVMG 1.55 12/17/2971.01.2NWDEVL 10.131 PERP35.0-0.7WESCHI 4.95 07/08/2690.41.0SOCGEN 6 3/4 PERP98.6-0.6MONMIN 8.44 04/03/3096.70.8ROADKG 6.7 03/30/2828.3-0.6HONGQI 7.05 01/10/28102.80.7ROADKG 6 03/04/2927.5-0.5Marco News Recap宏观新闻回顾Macro–S&P (+0.06%), Dow (+0.40%) and Nasdaq(-0.39%) were mixed on Tuesday. Trump said he reacheda deal with Japan to set the tariff rate at 15%. US Treasury Secretary said he would meet China next week todiscuss an extension to the 12 Aug’25 deadline set for tariffs on imports from China.UST yield was lower onTuesday, 2/5/10/30 yield at 3.83%/3.88%/4.35%/4.90%.Desk Analyst Comments分析员市场观点CHMEDA:FV of the new CNH CHMEDA 30/35 to be 2.25%/2.55% vs IPT of 2.55%/2.85%, respectivelyChina Mengniu Dairy (Mengniu) proposes to issue 5yr and 10yr CNH senior bond (S&P: BBB+). We considerthe FV of new CNH CHMEDA 30 to be 2.25% vs. IPT of 2.55%, and the FV of new CNH CHMEDA 35 to be2.55% vs. IPT of 2.85%, in view of the bonds of its peers BIDUs and CHGRIDs below, adjusted for new issuepremium and credit rating differential. The proceeds will be used to refinance its existing debts in accordancewith the NDRC certificate.Table 1: Bond profile ofMengniu’s peersSecurity NameISINAmt o/s(CNYmn)PxSpread(bps)YTMMod durIssue rating(M/S/F)BIDU 2.7 03/12/30HK00011063737,500102.4592.1%4.2A3/-/ACHGRID 2 06/12/30HK00011511222,000100.4371.9%4.5-/A+/-BIDU 3 03/12/35HK00011063812,500104.5712.5%8.1A3/-/ACHGRID 2.25 06/12/35HK00011511302,000100.9392.1%8.6-/A+/-Source: Bloomberg.Mengniu is a leading Chinese dairy company and ranked one of the top 10 in global diary company. Mengniuhas end-to-end capabilities across its thevalue chain from consolidating raw milk supply and production tooperating through omni-channel networks. It also leverages on a traceable digital platform connects fromfarming, production, logistics and sales to consumer.Mengniu has 400+ ranch partners including ChinaModern Dairy and China Shengmu.In FY24, Mengniu generated RMB88.7bn revenue, with liqu