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!This morning, the new CNH TEMASE 1.85 30/TEMASE 2.05 35 were 0.1-0.2pt lower, while TEMASE 2.55 55 was 0.5pt higher from ROs at par. Thenew CNH CHMEDA 2 30/CHMEDA 2.3 35 wereunchanged to 0.1pt lower.VLLPM 29 was up 0.5pt.WESCHI:Positive profit alert. Maintain neutral on WESCHI 4.95 07/08/26which was up 1.0pt this morning post positive profit alert. See below.HYUELE:SK Hynix 2Q25 EBITDA rose 47%yoy to KRW12.7tn(cUSD9.1bn). HYUELEs were unchanged this morning.Trading desk comments交易台市场观点Yesterday, GUOTJU priced 3yr floating rated bond at SOFR+60 (IPT atSOFR+115). In KR, DAESEC/SHINFN/NACF 26-30s were 1-2bps wider.HYNMTRFloat 30 tightened 8bps,HYNMTR 5.3 29/HYNMTR 3.5 31tightened 2-4bps. In Chinese IGs, BABA/HAOHUA 28-35s were unchangedto 1bps tighter, while MEITUA 30 widened 2bps. In financials, BBLTB/KBANK31-40s tightened 2-4bps. NANYAN/BNKEA 30-34s tightened 2-3bps. Ininsurance,SHIKON/CATLIF 34-35s were unchanged to 1bp tighter.MYLIFE/NIPLIF 54-55s and SUMILF/FUKOKU Perps were up 0.1-0.3pt. InAT1s, NWG 7.3/BNP 7.375/HSBC 6.95 Perps were up 0.2-0.8pt. In HK,AIA/CKHH 30-35s tightened 1-2bps under buying from PBs. LIFUNG 5.25Perp was 3.1pts higher, LIFUNG 5.25 08/18/25 was up 0.1pt. Li & Funglaunched a tender offer for LIFUNG 5.25 Perp up to USD50mn at USD55 andmandated 3.5yr USD bond issuance. HYSAN/FAEACO Perps were up 0.2-0.5pt. LASUDE 26 was up 0.7pt. Media reported Lai Sun Development hasbeen working to win banks’ backing for a HKD3.5bn 5yr loan refinancing deal.NWDEVL27-31s/Perps were unchanged to 0.4pt lower.In Chineseproperties, ROADKG 28-30s were 0.5-3.6pts lower, ROADKG Perps wereunchanged to 0.2pt lower. Outside properties, WESCHI 26 was up 0.2pt. Seeour comments below on WESCHi’s positive profit alert. FOSUNI 25-28s wereup 0.3-0.5pt. Elsewhere, MONMIN 30 was up 0.7pt, closed 2.6pts higherWTD.In CNH space, TEMASE priced 5yr, 10yr and 30yr CNH bonds at par to yield1.85%, 2.05% and 2.55% (IPT at 2.3%, 2.55% and 3.05%) respectively.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 2CHMEDA priced 5yr and 10yr CNH bonds at par to yield 2% and 2.3% (IPT at 2.55% and 2.85% area)respectively. See our comments on23 Jul ’25. In LGFVs, there were two way interests on CNH names such asLZJHFH 7 28s/QDOCID 6.8 28s and USD names such as BADNHI 6.9 28s/TAIANH 6.9 28s. In SOE perps,SPICPD Perp was up 0.1pt, CHPWCN Perp was down 0.1pt.Last Trading Day’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeLIFUNG 5 1/4 PERP51.43.1ROADKG 5 1/8 01/26/3022.8-3.6NSANY 5 1/4 07/17/29100.91.1ROADKG 6.7 03/30/2826.5-1.7NWG 7.3 PERP102.30.8ROADKG 6 03/04/2925.8-1.7MONMIN 8.44 04/03/3097.40.7GRNLGR 5 7/8 07/03/3021.9-0.9LASUDE 5 07/28/2652.00.7ROADKG 5.2 07/12/2925.9-0.6Marco News Recap宏观新闻回顾Macro–S&P (+0.78%), Dow (+1.14%) and Nasdaq (+0.61%) werehigheron Wednesday. Trump says countrieswill face tariffs ranging from 15% to 50% as he sets rates ahead of a 1 Aug’25 deadline.US may impose a broadtariff of 15% on EU goods imported into US which mirror the framework agreement with Japan.UST yield washigher onWednesday, 2/5/10/30 yield at 3.88%/3.94%/4.40%/4.95%.Desk Analyst Comments分析员市场观点WESCHI: Positive profit alertWest China Cement (Weschi) expects the profit attributable to the owners of the company to increase 80-100%yoyto RMB696-774mn in 1H25, from RMB387mn in 1H24.The significant profit growth was driven by (i) theoverseas cement revenue, which doubled to RMB1.9bn in 1H25 from RMB923mn in 1H24, supported by 230%yoy increase in sales volume to 3.8mn tons in 1H25 from 1.16mn tons in 1H24; (ii) gross profit from mainlandChina cement sales, which increased by 48% yoy to RMB420mn in 1H25 from RMB284mn in 1H24, primarilydue to higher ASP and lower COS per ton; (iii) RMB98mn in profit from sales of properties; and (iv) RMB115mnreversal of impairment losses.Recalled that Weschi plans to utilize the net proceeds from the sale of non-core assets in Xinjiang to partlyrepay its WESCHI 4.95 07/08/26 due in Jul’26. The transaction prices were totaled RMB1.65bn (cUSD230mn),representing c38% of the o/s amount of the WESCHI 4.95 07/08/26 of USD600mn. Weschi also plans to sellthe assets in Xinjiang, Guizhou and Sichuan for RMB2-3bn (cUSD276-414mn) as well as offshore projects tofund bond repayment.While the Chinese cementmarket may show signs of recovery through higher ASP, we remain cautiousregarding Weschi’s ability to remit significant amounts of cash from its African operations.The full and timelyrepayment of the bo