固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The belly of HYNMTR were 2-3bps tighter this morning. There were sellingin STANLNs amid unlawful transactions allegations,as well as in JPlifers/HYSAN/CPREIT following the rates movement. HYSAN 4.85 Perpdown 0.7pt.CDBFLC 30 was 1-2bps wider. NWDEVL 30 was 0.3pt higher. GlennKo, CFA高志和(852) 3657 6235glennko@cmbi.com.hk CFAMCI:1H25 net profit to increase up to 16.3% yoy to RMB6.2bn.CFAMCI 5.5 47 down 0.5pt this morning while the rest of CFAMCIs wereunchanged. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HONGQI:Buy-back of 10.2mn shares. HONGQI7.05 28 down 0.1pt thismorning. See below. Tradingdesk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Asia IG space was unchanged to 3bps tighter yesterday. In Chinese IG, WB30s tightened by 2bps post 1H25 results. TENCNT 38-51s/HAOHUA 30/49were 1bp tighter. The belly of Korea IG HYNMTR/LGENSO was 1-3bpstighter.In financials, HK CHIYBK 32 was 0.4pt higher. JP MUFG 44s were0.6pt lower (unchanged in spread).TH banks were unchanged to 2bpstighter. We saw small selling on BBLTB 34/40s T2 and better buying onBBLTBsenior.STANLN 36s were 2bps wider from AMs selling postUSD9.6bn unlawful transactions allegations, while STANLN 31 FRNs wereunchanged.In lifers, SHIKON 35 was 1-2bp tighter under better buying byPBs.TYANLI 35 was 0.1pt lower. Media reportedTongyang Life Insuranceis facing KRW142.5bn (cUSD103mn) penalty for customer data breach.InHK, CTFSHK 29 was 1.6pt higher. NWDEVL 5.25 Perp/6.25 Perp were 0.3-0.4pthigher.HYSAN 4.85 Perp up 0.7pt.Hysan completed the fullredemption of the USD850mn HYSAN 4.1 Perp yesterday.In Chinese HY,BTSDF 28 down 0.4pt. WESCHI 26 was 0.1pt lower.West China Cementcompletedthe sale of cement products manufacturing subsidiaries.InChinese properties, CHJMAO 29 and CHJMAO Perp were 0.1-0.6pt higher.On the other hand, LNGFOR 28/32 were 0.1-0.2pt lower after theprofitwarning.ROADKG 29-30 and ROADKG Perps down 0.2pt.Moody’sdowngraded Road King to Ca, outlook remains negative.In SEA, VLLPM27-29s were 0.2-0.9pt higher. VEDLN 29-33s were 0.1-0.2pt higher.GLPSPPerps down 0.3-0.6pt. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.01%), Dow (-0.08%) and Nasdaq (+0.03%) were mixed on Monday.UST yield was higher onMonday, 2/5/10/30 yield at 3.77%/3.86%/4.34%/4.94%. Desk Analyst Comments分析员市场观点 CFAMCI:1H25 net profit to increase up to 16.3% yoy to RMB6.2bn China CITIC Financial AMC (CFAMCI) expects its 1H25 net profit attributable to the equity holders to rangebetween RMB6-6.2bn, representing a yoy increase of 12.5-16.3%. Excluding the Financing Leasing fromconsolidated financials, the yoy increase in 1H25 would be 23.9-28.2% The growth in the net profit was primarily attributable to (i)significant increase in revenue from core business,such as distressed asset relief and revitalization business and equity business, and steady improvement ofasset returns from increased investment; (ii) yoy reduction in financing cost due to enhanced funding flexibility,partly offset by (iii) asset impairment charges and unrealized losses on FV changes of major unlisted assetstotaled cRMB21.8bn in 1H25, reflecting strengthened risk managementpolicies. CFAMCI’s focus on higher-quality investments continues to support its recurring earnings and better returns.While CFAMCI maintains good access to diverse funding channels, onshore financing and refinancing activitiesenabled further reductionsin funding costs.These also support its profit growth. We expect the higher 1H25net profit to further boost CFAMCI’s capital adequacy to higher than 15.7% in Dec’24, and to provide anadditional buffer over the regulatory minimum requirement of 12.5%.We also anticipate a lower leverage ratioas of Jun’25, down from 10.1x in Dec’24 and compared to theregulatory cap of 16.7x. Despite the lower conviction, CFAMCIs remain our top picks in the Chinese AMC space for their better risk-return profiles.Within the CFAMCI curve, we prefer CFAMCI 3.875 11/13/29, CFAMCI 3.375 02/24/30 andCFAMCI 3.625 09/30/30 on lower cash price and higher yield. Furthermore, CFAMCI has announced theredemption of USD250mn CFAMCI 4.25 Perp on the first call date on 30 Sep’25.The certainty of call on thefirst call date remains high for AMC Perps, in our view.We maintain buy on CCAMCL 4.4 Perp (first callableNov’26), trading at 99.7 with YTC of 4.7%. We maintain neutral on GRWALL 7.15 Perp (first callable Jul’27)based on current valuation, which is trading at 104.4 with YTC of 4.7%. HONGQI: Buy-back of 10.2mn shares China Hongqiao (Hongqiao) announced the buy-back of 10.2mn shares for cHKD234mn. The latest mandatefor share buy-back is no less than HKD3bn, hence more buy-back will come. The buyback should be aimed atminimize thedilution as its o/s USD300mn CB due Jan'26 will be gradually converted into shares over thecoming months in view of the CB’s parity of over 400.The buy-back wo