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 Thismorning,the new MUFG 31-36/MUFG 6.35 Perp/MITSCO 28-35s/KYUSEL 35/ORIX 30 were unchanged to3bps wider. The new SUMITR28 floaters widened 7bps. The new SUMITR 4.35 30s/MITSCO 28 floaterstightened 3-5bps. The new NOMURA 36 widened 5bps. The new NORBK30-35s were unchanged. The new ACAFP 7.125 Perps rose 0.3pt. Glenn Ko, CFA高志和(852) 36576235glennko@cmbi.com.hk FOSUNI:Neutral on the new FOSUNI6.8 09/09/29, which was 0.3pt higherfrom RO at par this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk ADANEM:Adani Electricity Mumbai repurchased USD44.7mn ADANEM3.867 07/22/31 in the open market, the o/s amount reduced to USD255.3mn.ADANEM 30-31s were 0.2-0.5pt higher this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,in the IG new issuance pipeline, there were 6Japanese and 1Indian bonds. As a result, the secondary IG market in Japan space was underpressureamid heavy supply.New issues last weeksuchasJERA/HOKKEL/MITSCOwidened 2-4bps.Perpetuals were also underpressure amid the bear-steepening in USD yield curve. Japanese insurancehybrids/AT1s were 0.1-0.3pt lower amid better selling from AMs in mostly on-the-run NC10 issues. Yankee AT1s and insurance hybrids lowered by 0.4-0.5pt under heavy selling from AMs and RMs on the recent NC7-10yr papers.MTRC 5 5/8 and 4 7/8 PERPs were down by 0.1-0.3pt. NWDEVL PERPsdropped 1.6-2.2pts, and NWDEVL 27-31s declined by 1.7-2.3pts. NWDdenied the media rumors on funding proposal from the Cheng family. ChinaIG widened 2-4bps. We saw better selling on TMT benchmark namesBABA/TENCNT/MEITUA/WB/XIAOMI.FOSUNI26-28s were 0.1-0.3pthigher.Fosun's USD400mn 6.8%4NC2.5 was priced at par,and itconcurrently launched a tender offer to purchase at par any and all of its due-2026 notes. See comments below. DALWAN 11 02/13/26 was 0.6pt higher.The buyout fund for the acquisition of 48 Wanda malls was established on 25Aug’25 with registered capital of approximately RMB22.43bn (cUSD3.15bn).In Chinese properties, LNGFOR 27-32s were unchanged to 0.7pt higher.FUTLAN26-28swere0.1-0.5pthigher.InMacaugaming,SANLTD/STCITY/WYNMAC/MPEL/MGMCHI/SJMHOL were 0.2pt lower to0.1pt higher. The Gross Gaming revenue (GGR) in Macau for 8M25 wasMOP163.05bn (cUSD20.27bn), up 7.2% yoy. Visitor arrivals Macau in Jul’25surged 19.6% mom/14.5% yoy to 3.46mn. TW lifers tightened despite thenewissue mandate of Fubon Life,see our comments on 1 Sep’25.NSINTW/SHIKON tightened 1-3bps. Korea IG space was 1-5bps wider.FRNs were1-2bps wider and fixed curve was 1-3bps wider. In SEA space,GLPSP Perps retreated 2.1-2.3pts. BBLTB curve widened 5bps and the newOCBCSP 35 closed unchanged with small selling. PTTGC 31-52s were 3bpstighter to 5bps wider. See our comments on PTTGC’s new issues and tenderoffersyesterday. In LGFV space, we saw a mixed two-way session from RMs skewed towards better selling, as trade printscontinued to reprice bonds at c30-50bps widerfrom YTD tights seen a month ago. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.69%), Dow (-0.55%) and Nasdaq(-0.82%) were lower on Tuesday. US Aug’25 S&P GlobalManufacturing PMI was 53.0, lower than the market expectation of 53.3. US Aug’25 ISM ManufacturingPMI/Prices was 48.7/63.7, respectively, lower than the market expectation of 49.0/65.1. UST yield was higher onTuesday. 2/5/10/30 yield was at 3.66%/3.74%/4.28%/4.97%. Desk Analyst Comments分析员市场观点 FOSUNI:Neutral on the new FOSUNI 6.8 09/09/29 Fosun International (Fosun) priced USD bonds, FOSUNI 6.8 09/09/29 (S&P: BB-), at 6.8% (vs IPT of 7.2%).The issue size is capped at USD400mn on an order book of over USD2.5bn. The new bond has a tenor of 4years with first 2.5 years non-call period, callable at 103.4 from 9 Mar’28to 8 Mar’29, and at 101.7 anytimethereafter. At 100.3, FOSUNI 6.8 09/09/29 is trading at YTM of 6.7%, moved 0.3pt higher from RO at par thismorning.We view the valuation of the new bond is fair, taking cues from FOSUNI 8.5 05/19/28 is trading atYTM of 6.4% at 105.1. We are neutral on FOSUNI 6.8 09/09/29 on valuation.For Chinese HY, we preferBTSDF 9.125 07/24/28 and EHICARs for better risk-adjusted return profiles. At 105.3, BTSDF 9.125 07/24/28is trading at YTM of 7.1%, while EHICAR 26-27 are trading at YTM of 37.1-40.3%. Concurrently, Fosun announced a tender offer for USD500mn FOSUNI 5 05/18/26, offering to buyback anyand all tendered at par. The tender offer will be financed by the new bond issue and/or internal resources. Thetender offer will expire on 10 Sep’25 4pm (GMT), and to be settled on or about 16 Sep’25.We noted thatparticipation in the tender offer does not provide priority allocation for the new bond. The new issuance and tender offer are part of Fosun’s active management ofits debt maturity profile. During2025, Fosun has repurchased USD186.1mn and USD35mn of FOSUNI 5.95 10/19/25 via tender offer in Jan’25and Jun’25, respect