固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The Asset Asian G3 Bond Benchmark Review 2025 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We 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! Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk JP insurance had long-end buyers. IG space was mostly unchanged to 3bpstighter. AVIC floaters tightened 15-20bps.NWDEVLs was 2-4pts higher.Shares of NWD surge 14% at the time of writing on news of lower landpremium in Northern Metropolis. JerryWang王世超(852)3761 8919jerrywang@cmbi.com.hk LIFUNG:LI & FUNG accepts USD50mn in LIFUNG 5.25 Perp in tender.LIFUNG 5 ¼ Perp was 0.5pts lower this morning. VEDLN:All-time high 1Q EBITDA; net leveragein check. VEDLN 28-33sretreated 0.1-0.4pts yesterday, and were 0.1pt lower to 0.3pts higher thismorning,amid the macro tone that Trump would double India tariff to 50%over buying oil from Russia. See below. Trading desk comments交易台市场观点 Yesterday,Asia IG was +/-2bps amid two-way flows. China IG space wasoverall unchanged to 2bps tighter. BABA 30/MEITUA 30 tightened 0-1bp.Wesaw better buying on recently issued CNMDHL 4 7/8 07/10/30 but the bondclosed largely unchanged.FRESHK 26-28stightened another1-3bps. Seecomments on4Aug’25.NWDEVL 27-30s moved 1.6-2.4pts higher yesterday.At the time of writing, the share of NWD surge 14% and NWDEVLs are 2-4pts higher this morning.Media reported that NWD and China ResourcesLand would pay a reduced premium for their JV development in NorthernMetropolis. NWD is one of the largest landlord of North Metropolis.LIFUNG5 ¼ Perp rose 0.3pts.It accepted USD50mn of the perps in tender asplanned. WESCHI 4.95 07/08/26 increase another 0.9pt.Media reportedWESCHI’s plan to USD bond and conducta concurrent tender offer forWESCHI 26. In Chinese properties, VNKRLE 27-29s were down 0.2-0.4pts.See our comments on WESCHI and VNKRLEyesterday.In JP, NTT 30 FRNexperienced better buying flows, while NTT 30-35s were unchanged to 3bpswider.InKR,DAESEC26-29stightened1-2bps,andHYNMTR/HYUELE/LGENSOstightened 1-3bps.Mirae Asset Securities2Q25 operating revenue rises 29% yoy to KRW713.8bn.Flows were betterbuying in Japanese and Yankee insurance hybrids and AT1s in the belly andlong-endofthecurves.AU/JapanT2Bankpapers,namelyCBAAU/WSTP/NABs widened 1-2bps. TW lifers NSINTW/CATLIFs/SHIKONwere unchanged to 2bps wider. In SEA, UPLLIN 28-30s lowered 0.3pts. Moody’s revised the outlook of UPL Corp to stable from negative on improved credit profile and affirmed Ba2rating. VEDLN 28-33s retreated 0.1-0.4pts. See comments below. Indian HY bonds performed relativelyweaker amid the concerns of highertariffs on India on buying energy from Russia. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.73%), Dow (+0.18%) and Nasdaq(+1.21%) were higher on Wednesday. The US Crude OilInventories was-3.029mn barrels, lower than the market expectation of +0.2mn. Trump claimed to impose a100% tariff on semiconductor imports, but would exempt companies bring production to the US. TrumpdoublesIndia tariff to 50% over buying oil from Russia.UST 2yr yield was lower while 30yr yield was higher onWednesday,2/5/10/30 yield at 3.69%/3.77%/4.22%/4.81%. Desk Analyst Comments分析员市场观点 VEDLN: All-time high 1Q EBITDA; net leverage in check Vedanta Limited (VEDL) reported all-time high 1Q EBITDA of INR107.5bn in 1QFY26.VEDL achieved arecord alumina, mined metal at HZL as well as ferrochrome production.These more than offset the softercommodity pricing environmentdue to the US tariffs as well as higher material costs and marketingexpenses.Besides, VEDL’s 1QFY26 average interest cost declined to 9.66%, from 10.46% in 1QFY25,contributingto lower finance cost in 1QFY26.This,in our view,reflects the improvement in liabilitymanagement.VEDL’s PBT rose modestly by 2% yoy to INR60.5bn.During 1QFY26, VEDL spent INR51.6bnin capex, accounting for c35-40% of its FY26 capex target of cINR125-142bn (USD1.5-1.7bn).We expectVEDL to continue to fund its capex by operating cash flow. As of Jun’25, VEDL had cash and cash equivalent of INR221.4bn, 7% increase from Mar’25. The increase wasattributable to INR42.7bn of operating cash inflow, INR30.3bn proceeds from the sale of stakes in HindustanZinc, and net of INR42.8bn dividend payout.VEDL’s net leverage was slightly higher at 1.3x as of Jun’25,compared to 1.2x as of Mar’25.VEDL targets to lower the net leverage at 1.0x by Mar’26, supported by higherFYE26 EBITDA. VEDL’s parent Vedanta Resources (VRL) remains committed to deleverageUSD3bn over the next three yearsstarting from Apr’24. VRL had lowered its debts by USD1bn from Apr’24-Jun’25 to USD4.8bn. In 2Q-4QFY26,VRL standalone’s loan refinancing requirement will be USD770mn (incl. principal and interest).These w