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 Asia IG space overall widened 2-4bps this morning. There was some sellingon JP insurance bonds andlast week’s JP new issues HOKKEL 30/JERA30s/MITSCO 30s because of the abundant supplies in the pipeline, such asNOMURA 10.75NC5.75/NORBK 30-35s/ORIX 30. We saw two-way flowson CNH LGFV bonds. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk PTTGC:FV of the new PTTGC PerpNC5.25 and PerpNC10 to below-to-mid 6% and low-7%, respectively; concurrent tender offers for any and allof the PTTGC 4.3 03/18/51 and PTTGC 5.2 03/30/52. PTTGC 31-32stightened 5-6bps while PTTGC 51-52s tightened 21-24bps yesterday, andwere unchanged this morning. See below Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk FOSUNI:Fosun launches a tender offer to purchase any and all of theUSD500mn FOSUNI 5 05/18/26 at par, to be funded by concurrent issuanceand/orinternal resources.Expiration deadline 10 Sep’25 4pm GMT.FOSUNI 26 was 0.1pt higher this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Tradingdesk comments交易台市场观点 Yesterday,wesawbetter-sellinginEU/US/JapanFRNsandJapan/Korea/SEA corps. TW lifers NSINTW/SHIKON opened 3-5bps wideras Fubon Life mandated its 10.25yr T2 issuance, and later bounced back andclosed 1-3bps wider. See our comments on Fubon Life’s new issuanceyesterday. BABAs tightened 1-4bps on the back of strong 1H25 results andshareperformance.CNMDHL 26-30s widened 1-2bps.ZHOSHK 5.9801/30/28 was 1bp wider. AVICCP 26/AVIILCs were 0.1pt lower to 0.1pthigher. AVICIndustry-Finance failed to disclose 1H25 results by 31 Aug’25as requested.The company previously also delayed financial reporting inMay’25.In Chinese properties,FUTLAN 28 was 0.2pt higher.Seazenreported largely stable 1H25 results and will raise cHKD50mn throughintroducing strategic partner to issue tokenized private debt in Hong Kong by2025. LNGFOR 27-32s were 0.2-1.3pts higher. Longfor 1H25 revenue rose25.4%yoy to RMB58.8bn(cUSD8.2bn).In Macau gaming,SANLTD/STCITY/WYNMAC/MPEL/MGMCHI/SJMHOL were 0.1pt lower to 0.2pthigher. NWDEVL 27-31s led the space and rose 3.4-4.9pts, and NWDEVLPerps were 2.9-3.6pts higher. NWD denied the media report on the capitalinjection from the controlling shareholder. FAEACO 12.814 Perp lowered1.4pts. In Japan space, the new HOKKEL 30s closed unchanged amid two-way flows, while SEKIS/NORBK/NTT/NOMURA traded 1-2bps wider. In SEA,PTTGC 31-32s tightened 5-6bps, and PTTGC 51-52s tightened 21-24bps.PTT Global Chemical mandated USD PerpNC5.25 and USD PerpNC10issuances, and launched tender offers for any and all of the PTTGC 4.303/18/51 and PTTGC 5.2 03/30/52. See comments below. TOPTB 28-50stightened another 2-12bps. In LGFVs, we saw some cautious recovery flows focused on front-end CNH cash-parking papers,whereas therecent 28s issues, such as KAFEDI 5.7 09/05/28 and FSNHLD 2.65 09/04/28, remained heavy amid supplypressure from the primary side. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–US stock markets were closed on Monday.UST yield was unchanged,2/5/10/30 yield at3.59%/3.68%/4.23%/4.92%. Desk Analyst Comments分析员市场观点 PTTGC:FV of the new PerpNC5.25and PerpNC10 to be low-to-mid 6% and low-7%, respectively PTT Global Chemical (PTTGC) launched tender offers for any and all of the PTTGC 4.3 03/18/51 and PTTGC5.2 03/30/52, to deleverage and reduce financing cost. The tender offers are subject to successful settlementand completion of the issue of the new securities, i.e. the proposed USD PerpNC5.25 and PerpNC10 issuance.Holders wish to subscribe the new perps in addition to tendering the bonds for purchase may receive preferencein allocation of the new securities. We view the FV of the new PerpNC5.25 and PerpNC10 to be low-to-mid 6% and low-7%, respectively, in viewof its global peers in material sector in the absence of direct Asian peer perps, adjusted for tenor premiums.The new PTTGC perps arerated at Ba2/-/BB (M/S/F). The PerpNC5.25 is first callable in Dec’30 and on anycoupon distribution date thereafter; after the initial 5.25-year non-call period, the coupon will be step-up by25bps and further 75bps in 2050. Similarly, the PerpNC10 is first callable in Sep’35 and on any coupondistribution date thereafter; with a 25bps step-up after the initial 10-year non-call period and a further 75bpsstep-up in 2055. These two new perps will havedividend stopper clauses, with an internal exemption allowingPTTGC to advance loans or invest debts of the PTT group. PTTGC is Thailand’s largest petrochemical producer and the chemical flagship of PTT Public Company (PTT),Thailand’s national oil company, which owned 48.2% of PTTGC.PTTGC is engaged in production anddistribution of refinery products, aromatics, olefins and polymer products. We view PTTGC’s leverage remainselevated amid a prolonged industry downturn and modest earnings recovery.As of Dec’24, PTTGC’sdebt/EBITDA was 9.5x, up from 8.3xin Dec’23, while the EBITDA/interest coverage was 2.