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!The new CNH TEMASE 30/35/55 were unchanged to 0.2pt lower thismorning. The new CNH CHMEDA 30/35 were down 0.2pt. LGENSO 27-35stightened 1-3bps following the its 2Q25 operating profit rose 31% qoq from1Q25.HYUELE:Leverage declined as 2Q25 profit hit a record-high. Maintain buyon HYUELEs.HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 were 2-5bps tighter post results announcement, while HYUELE 6 ¼ 01/17/26 andHYUELE 6 ⅜ 01/17/28 were 2-5bps wider. See below.ROADKG:Road King, CVC seek full exit from Indonesian toll road businessfor USD1bn. ROADKG 28-30s were 0.2-2.3pts lower yesterday and wereunchanged this morning.Trading desk comments交易台市场观点Yesterday, in Chinese IGs, TENCNT 30/BABA 31 tightened 1bp, MEITUA 30widened1bp.ZHOSHK 28 tightened 5bps on onshore AM buying.Infinancials, CMINLE/CSILTD/BCLMHK Float 27-30s were unchanged to 2bpstighter amid mixed flows. SUMIBK/MIZUHO 30-31s were 1-2bps tighter.BBLTB 36-40s closed 1-3bps tighter. In insurance, CATLIF 34 tightened 1bp,NSINTW34 widened 1bp. MYLIFE/NIPLIF 55s were up 0.1pt. In AT1s, BNP7.75/HSBC 6.95 Perps were up 0.2-0.4pt. EFGBNK 5.5/INTNED 4.25 Perpswere up 0.4-0.6pt. In HK, DAHSIN/BNKEA 32-34s were 1-2bps tighter on PBbuying. REGH 6.5 Perp/HYSAN 4.1 Perp/LASUDE 26 lowered 0.5-0.9pt. InChineseproperties,ROADKG 28-30s were 0.2-2.3pts lower,ROADKGPerps were unchanged. Road King launched a holder identification for all ofits three perps. Outside properties,WESCHI 26 was 1.7pts higher following1H25 positive profit alert. See our comments on24 Jul ’25.FOSUNI25-28swereup 0.1-0.5pt following Fosun announced to early redeem its o/sUSD178.9mn FOSUNI 5.95 25 at 101 on 22 Aug’25. In SEA, GLPSP Perpswere up 0.4-0.5pt. VLLPM 29 was down 0.7pt.In CNH space, the new CNH TEMASE 1.85 30/TEMASE 2.05 35 were 0.1-0.2pt lower, while TEMASE 2.55 55 was 0.3pt higher from ROs at par. Thenew CNH CHMEDA 2 30/CHMEDA 2.3 35 were 0.2-0.3pt lower from ROs atpar.In LGFVs, there were two way interests on CNH names such as LZINHOCMBI 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 27.528s/SDCDGP 5.5 28s/ZOUCAO 6.9 27s and USD names such as JZSOCO 6.5 28s/CHDOHU 7.628s/QICHEN 7 27s. In SOE perps, CHPWCN Perp was up 0.1pt. SPICPD Perp was down 0.1pt.Last Trading Day’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeWESCHI 4.95 07/08/2692.31.7ROADKG 5.9 09/05/2824.8-2.3GRNLGR 5 7/8 07/03/3023.21.3ROADKG 5.2 07/12/2923.7-2.3NSANY 7 3/4 07/17/32101.40.7ROADKG 6.7 03/30/2825.1-1.4NSANY 4.81 09/17/3091.40.6ROADKG 6 03/04/2924.6-1.2EFGBNK 51/2 PERP97.20.6REGH 6 1/2 PERP21.7-0.9Marco News Recap宏观新闻回顾Macro–S&P (+0.07%), Dow (-0.70%) and Nasdaq (+0.18%) weremixedon Thursday. US Jul’25 S&P GlobalManufacturing PMI was 49.5, lower than the market expectation of 52.7. US Jul’25 S&P Global Services PMIwas 55.2, higher than the market expectation of 53.0. Trump and Powell clash at Fed headquarters.UST yieldwas higher onThursday, 2/5/10/30 yield at 3.91%/3.98%/4.43%/4.96%.Desk Analyst Comments分析员市场观点HYUELE: Leverage declined as 2Q25 profit hit a record-high. Maintain buy on HYUELEsWe maintain buy on HYUELEs in view of SK Hynix’s resilience against trade war given its strong market positionglobally and solid operating cash flow, as well as HYUELEs’ more balance risk-return profile.Within theHYUELE complex, we prefer HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 most for lower cash prices. At98.5 and 88.4, HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 was traded at YTM of 4.7%/Z+34bps andYTM of 4.8%/Z+117bps, respectively. HYUELEs also provide 6-30bps yield pick-up over Micron’s bonds.Table 1: Bond profiles of HYUELEsSecurity NameAmt o/s(USDmn)CouponModDurAsk pxYTMZ-Spread(bps)Rating (M/S/F)HYUELE Float 11/17/253006.024%0.1100.44.8%46Baa2/-/BBBHYUELE 6 ¼ 01/17/267506.250%0.5100.74.7%35Baa2/BBB-/BBBHYUELE 1 ½ 01/19/2610001.500%0.598.54.7%34Baa2/BBB-/BBBHYUELE 5 ½ 01/16/275005.500%1.4101.24.6%79Baa2/BBB-/BBBHYUELE 6 ⅜ 01/17/2810006.375%2.3104.04.7%102Baa2/BBB-/BBBHYUELE 5 ½ 01/16/2910005.500%3.1102.64.7%108Baa2/BBB-/BBBHYUELE 2 ⅜ 01/19/3110002.375%5.088.44.8%117Baa2/BBB-/BBBHYUELE 6 ½ 01/17/337506.500%5.9108.05.2%145Baa2/BBB-/BBBSource: Bloomberg.SK Hynix achieved record-high revenue and operating profit in 2Q25, reflecting robust industry demand. Thisgrowth was primarily driven by aggressive AI investments from leading techcompanies, as well as customersaccelerating inventory purchases ahead of changes in tariff policies.DRAM bit shipments rose by mid-20% qoq, fueled by the full-scale expans