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!Asia IGs were 1-3bps tighter this morning. The new CNH CHMEDA 30/35were 0.1-0.2pt lower. GLPSP Perp was up another 0.5pt.VEDLN:USD550mn PCF prepayment in Aug’25. We maintain buy onVEDLN 10.875 09/17/29, changed our recommendation on VEDLN 9.47507/24/30 from neutral to buy. VEDLNs were unchanged this morning. Seebelow.HKAA/NWDEVL:Media reported Airport Authority Hong Kong is exploringthe possibility of bringing in a new partner to take over and complete the 11Skies shopping center project, originally led by NWD. NWDEVL 30 was up0.2pt this morning.Trading desk comments交易台市场观点Last Friday, in KR, LGENSO 26-35s tightened 1-4bps. Its 2Q25 operatingprofit rose 31% qoq from 1Q25. HYUELE 26-33s were unchanged. See ourcomments on25 Jul ’25.In insurance, CATLIF 34/39 tightened 1-2bps.MYLIFE/NIPLIF 54s and ASAMLI Perps were up 0.1-0.3pt. Meanwhile in JP,NSANY 26-30s were unchanged to 1.0pt higher. In HK, NWDEVL Perps/27-31s were unchanged to 0.4pt higher. HYSAN Perps were 0.4-0.8pt higher.LASUDE 26 rose 0.7pt. On the other hand, LIFUNG Perp lowered 0.8pt,closed 2.8pts higher WoW. In Chinese properties, DALWAN 26 was up 0.8pt.ROADKG 28-30s were 0.2-1.3pts lower, closed 3.8-5.6pts lower WoW.ROADKG Perps were 0.1pt higher, closed unchanged to 0.1pt lower WoW.Outside properties, EHICAR 26-27s were up 0.4-0.9pt. WESCHI 26 was up0.3pt, closed 4.1pts higher WoW. FOSUNI 25-27s lowered 0.1-0.5pt. In SEAsia, GLPSP Perps/28 were up 0.4-1.7pts, closed 1.2-2.5pts higher WoW.VLLPM 29 was up 0.8pt. VEDLN 28-33s were unchanged to 0.1pt higher.Media reported Vedanta Resources plans to prepay USD550mn o/s privatecredit loan. See comments below.In CNH space, the new CNH TEMASE 30/35/55 and CNH CHMEDA 30/35were unchanged to 0.1pt lower. In LGFVs, BINHCO priced 3yr bond at par toyield 4.95% (IPT at 5.8% area). DAZAKI priced 3yr bond at par to yield 7%(IPT at 7% area). SCDFGU priced 3yr bond at par to yield 6.8% (IPT at 6.8%area). There were two way interests on CNH LGFVs such as SZYTAM 4.5CMBI 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 228s/XMCYIG 6.5 26s and USD LGFVs such as CHDOHU 7.6 28s/BADNHI 6.9 28s. In SOE perp, CHPWCNPerp was down 0.1pt.Last Trading Day’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeGLPSP 4.6 PERP51.21.7ROADKG 5 1/8 01/26/3021.3-1.3GLPSP 4 1/2 PERP53.81.4LIFUNG 5 1/4 PERP50.7-0.8TSIVMG 1.55 12/17/2971.51.4ROADKG 5.2 07/12/2923.0-0.7NSANY 4.81 09/17/3092.51.0ROADKG5.9 09/05/2824.3-0.6NSANY 7 3/4 07/17/32102.41.0FOSUNI 5.95 10/19/25100.0-0.5Marco News Recap宏观新闻回顾Macro–S&P (+0.40%), Dow (+0.47%) and Nasdaq (+0.24%) werehigheron last Friday. The EU reaches atariff deal with the US that will see the bloc face 15% tariffs on most of its exports. The US Jun’25 Durable GoodsOrders was-9.3% mom, compared to the market expectation of-10.4%.UST yield was lower onlast Friday,2/5/10/30 yield at 3.91%/3.95%/4.40%/4.92%.Desk Analyst Comments分析员市场观点VEDLN: USD550mn PCF prepayment in Aug’25Vedanta Resources (VRL) has notified providers of its originally USD1.25bn private credit facility (PCF) that itwould prepay the remaining USD550mn due Apr’26. The PCF will be prepaid in Aug’25, which will be fundedby the bank facilities up to USD600mn that VRL has already obtained commitment of USD500mn. The averagematurity of these facilities are 3-year. These bank facilities carry an interest cost of SOFR+450bps, significantlylower than the PCF’s 18% interest cost, and represent c900bps reduction in borrowing as per our estimate.Meanwhile, VRL may consider a buyback of its USD bonds to reduce leverage and lower the funding costsfollowing the PCF refinancing and thedemerger of Vedanta Ltd.The credit profile VRL continues to improve given its smooth access to various funding channels.Its debtmaturity profile has been notably lengthened and funding costs has been lowered.We also believe that theperformance ofVEDLNs will be supported by the potential early redemptions.We maintain buy on VEDLN10.875 09/17/29 and changed our recommendation on VEDLN 9.475 07/24/30 from neutral to buy. We preferthese 2 bonds within the curve in view of their more balanced risk return profile and lower cash prices.Furthermore, we saw a limited impact on VRL’s bonds following the short-seller Viceroy’s allegations. VEDLN28-31s down 0.2-0.5pts since Viceroy published its allegations on 9 Jul’25 while VEDLN 33s were up 0.6pt.Table 1: VRL’s o/s USD bondsSecurity nameISINAmt o/s(USD mn)Ask PxYTMIssue rating(M/S/F)VEDLN 10.25 06/03/28US92243XA