固定收益日报市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new HYUELE 28-30s were unchanged to 3bps tighter.The new FUBON 5.45 12/10/35 tightened 2bps, and the other TW lifersNSINTW/CATLIFs/SHIKON were 3-4bps tighter. The new JP new issueswere unchanged to 2bps tighter. The newSUMILIF 5.875 55 rose 0.3pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Macau gaming:GGR continues to recover and funding access normalized.Our top picks are MPELs and STCITYs, we also consider WYNMAC’27 and‘29 yield pick-up plays. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk RNW:Renew Energy is exploring refinance plans for its USD400mn RNW7.95 07/28/26; considering a split between onshore and offshore debts, withthe offshore portion potentially in the form of a USD bond. RPVIN 28s was0.1pt higher this morning, while the rest of bondsof RNW complex wereunchanged. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点  Yesterday,wecontinued to see the digestionof new issues in our space. Thenew NDAFH 6.75 PERP rose 0.5pt, while the new SUMILF 5.875 55 and therecent MUFG 6.35 PERP/FUKOKU 5.75 55 only edged a tad higher. TheUST bull-flattening emboldened profit-taking on the front-end and 10yr IGbonds,adding pressure on credit spreads.In Japan space,the newKYUSEL/MITSCO curves and MUFG 31-36s/SUMITR 4.35 30/NOMURA 35widened 2-4bps before gradually getting support. FRNs longer than 6 yearsin tenor such as the new MUFG Float 09/12/31 were heavy. The new TWFUBON 5.45 12/10/35 steadily leaked 4-5bps from RO at T+120bps, andNSINTW 5.45 09/11/34 was also 2-3bps wider. Seeour comment on FUBONyesterday.InChina IG space, MEITUAs led the retracement by widening 3-4bps, while the other benchmark names SINOPE/BABA/TENCNT/HAOHUAwere mixed. In Chinese properties, GRNLGR 29-31s were down by 0.5pt.LNGFOR 28-32s were unchanged to 0.3pt higher. FUTLAN 26-28s wereunchanged to 0.1pt higher. In Macau gaming, SJMHOL 26-28s/MGMCHI 27-31s/MPEL 26-32s/SANLTD 26-31s/STCITY 28-29s/WYNMAC 26-34s wereunchanged to 0.4pt higher. See comments below. NWDEVL 27-31s andNWDEVL PERPswere 0.1-1pt higher. FAEACO fell by 2.2pts. TheGreaterChina high-beta space also welcomed the return of buyers in high-yieldingpapersFOSUNI/HONGQI/BTSDF.MTRC PERPs,Yankee AT1s andinsurance hybrids recovered by 0.1-0.3pt, in light of buying from AMsandPBs out of Asia.In SEA, BBLTB curve widened 5-7bps on the longer, T2papers. PTTGC 51-52s were 5-7bps wider. SMCGL PERPs were unchangedto 0.1pt higher. San Miguel is in talks to raise a syndicated loan of aboutUSD1.5bn. InLGFV space, we saw overall balanced two-way flows acrossCNH and USD papers in a largely stable session. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.83%), Dow (+0.77%) and Nasdaq (+0.98%) were higher on Thursday. US Aug’25 ADP nonfarmemployment change was +54k,lower than the market expectation of +73k. US latest initial jobless claims was+237k, higher than the market expectation of +230k. Trump signs order nearly halving tariffs on Japanese carimports to 15%. UST yield was lower on Thursday. 2/5/10/30 yield was at 3.59%/3.65%/4.17%/4.86%. Desk Analyst Comments分析员市场观点 Macau gaming: GGR continues to recover and funding access normalized Our top picks are MPELs and STCITYs As discussed, the conviction level of Macau gaming bonds are notably lower, nonetheless,we consider Macaugaming bonds lower-beta and good carry plays with improving credit stories.We expect more new issues tocome in view of the maturity profile and much more affordable funding costs after the solid bond performancesince the end of COVIDlockdown.Our top picks are MPELs and STCITYs in view of the improving marketshares and growing adj. EBITDA of Melco and Studio City, as well as the more appealing risk-return profiles ofMPELs/STCITYs. Meanwhile, we consider WYNMAC’27 and ‘29 yield pick-up plays, trading at 30-82bps overbonds of its US parent. We are neutral on MGMCHIs, SANLTDs, and SJMHOLs on valuation. Clickherefor the full report. Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances, there were 87 credit bonds issued yesterday with an amount ofRMB80bn. As for Month-to-date, 198 credit bonds were issued with a total amount of RMB153bnraised,representing a 21.5% yoy decrease [BABA]Alibaba launches exchange offers for BABA 4.875 05/26/30, BABA 5.25 05/26/35, and BABA5.625 11/26/54, the new bonds will be identical in all material respects to the outstanding bonds exceptthe new bondshave been registered under the Securities Act [FOSUNI]Fosun International-owned Portuguese insurer will sell a 40% stake in healthcare group LuzSaude for EUR310mn (cUSD361.1mn) in cash [HYUELE]SK Hynix and labor union reach deal to compensate workers,costs may hit KRW3.8tn(cUSD2.7bn) [JD]JD.com seeks commitments for EUR loan to back Ceconomy takeover [LMRTSP]Lippo Malls Indonesia Re