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 This morning, the JP new issues MITSCO 28-35s/ORIX 30/NORBK 30-35swidened 2-4bps. MEITUAs widened 1-2bps, while the other China TMTswere unchanged. The new SUMILF 5.875 30NC10 was 0.2pt higher, andALVGR 6.55 PERP/INTNED 7 PERP were 0.1pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FUBON:FUBON 5.45 12/10/35 offers room for compression of 20bps.FUBON 5.45 12/10/35 was 2-3bps widerthis morning. SHIKON remains ourtop pick among Taiwan lifers. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk PTTGC:PTT Global Chemical priced its new USD600mn PTTGC 6.5NC5.25 Perp at 99.962, and its new USD500mn PTTGC 7.125 NC10 Perpsat par. The two bonds rose 0.3-0.5pt this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the primary market was active. The new FOSUNI 6.8 09/09/29was 0.2pt higher during the day amid two-way flows. See our commentyesterday. In JP space, the new MITSCO 28/SUMITR 28 FRNs held up andtightened 1-5bps from RO, given the relatively generous spreads at ROpricing and buyers on short FRNs. However, the new fixed JP corps creditsMITSCO 28-35s/ORIX 30/NORBK 30-35s/KYUSEL 35 leaked 2-5bps intra-day and slightly recovered in the late afternoon. MUFG 6.35 PERP also failedto perform in light of its tight primary offering yield, and traded around parover the day. The new SBIIN 30 widened 2-3bps. The new ACAFP 7.125PERP and INTNED 7 PERP rose 0.3-0.4pt in Asiamorning thanks to retail-buying flows, before retreating by 0.2-0.3pt after London opened. On secondary front, the Asia IG bids were 1-2bps wider on benchmark names.TW lifers NSINTW/SHIKON were unchanged withFUBON 5.45 12/10/35inthe pipeline. See our comment on FUBON below. We saw better buying fromAMs for 2-3yr Chinese financials/leasing FRNs. For Greater China high-betacredits, the space remained largely afloat. NWDEVL 27-31s and NWDEVLPERPs nonetheless dropped 0.4-1pt. MTRC PERPs, Yankee and JapaneseAT1s, and insurance hybrids had another choppy session amid heavy sellingfrom AMs. Bonds were overall down 0.3pt across the board, though we sawbuying from RMs during the London session in the belly of the curve, likeALVGR 6.55 PERP. In SEA, ADANEM 30-31s were 0.3pt higher. AdaniElectricity Mumbai repurchased USD44.7mn ADANEM 3.867 07/22/31 in theopen market, the o/s amount reduced to USD255.3mn. PTTGC 31-52stightened 3-10bps. There was recovery in the LGFV space yesterday. Wesaw RMs buying cheaper, repriced offers, bringing bonds 0.2pt higher acrossUSD and CNH credits. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.51%), Dow (-0.05%) and Nasdaq(+1.02%) were mixed on Wednesday. The Jul’25 US JOLTSJob Openings was 7.181mn, lower than the market expectation of 7.38mn. UST yield was lower on Wednesday.2/5/10/30 yield was at 3.61%/3.69%/4.22%/4.90%. Desk Analyst Comments分析员市场观点 FUBON:FUBON 5.45 12/10/35 offers room for compression of 20bps Fubon Life priced 10.25yr T2 USD bond, C (-/BBB+/BBB+) at T+120bps, tightened 30bpsfrom IPT at T+150bps.The issue size is USD650mn on an order book of over USD1.9bn.This is Fubon Life’s first USD T2 bondissuance and the coupon of this T2 will be FFL and non-deferrable.The new bond will be callable 10 yearsafter the issuance and within the three-month window preceding the maturity. At 100.0, FUBON 5.45 12/10/35is trading at T+123/YTM of 5.4%. This morning, FUBON 5.45 12/10/35 widened 2-3bps from RO at T+120bpsbut cash price stayed above reoffer price at 99.826. We divide Taiwan lifers into 2 buckets: CATLIF/FUBON;and NSINTW/SHINKON, based on their asset size and credit profiles.At current valuation, FUBON 5.4512/10/35 is trading 25-30bps wider than CATLIF 5.95 07/05/34and CATLIF 5.3 09/05/39.We believe thatFUBON 5.45 12/10/35 offers good relative value with room for compression of 20bps against CATLIFs.ForTaiwan lifers,SHIKON remains our top pick in view of its most appealing risk-return profile, especially after therecent widening from the tight.Please also read thenew issue color in our daily on1 Sep’25. Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 17 credit bonds issued yesterday with an amount ofRMB9bn. As for Month-to-date, 111 credit bonds were issued with a total amount of RMB74bn raised,representing a 42.3% yoy decrease [BHP]BHPGroup is set to raise USD1.5bn via dual-tranche bond issuance, with settlement slated for 5Sep’25 [COGARD]Country Garden's Aug’25 contracted sales were RMB2.96bn (cUSD414.9mn) [CTFSHK/NWDVEL]Former NWD chief executive Adrian Cheng resigns as director of Chow Tai FookEnterprises [FAEACO/NWDVEL]NWD and Far East Consortium’s new Kai Tak project generated HKD4.6bn(cUSD589mn) in sales [FTHDGR]Fantasia extended the consent fee deadlines in its offshore debt restructuring to 23 Sep’25 toaccommodate creditors [IHFLIN]Sammaan Capital board approved up