固定收益每日市场动态

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new HYUELE 4.25 28/4.375 30 widened 1-2bps this morning. TW lifersCATLIFs/FUBON/NSINTW/SHIKONwere 1-2bps wider.ZHOSHK 28widened 5bps after S&P changed Zhongsheng’s outlook to negative fromstable. Asia Perps were 0.3-0.5pt higher and we saw better buying from Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LNGFOR:Passed through the repayment hump. LNGFOR 28 was 0.1ptlower this morning while LNGFOR 27/29/32 were unchanged. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SHUION:Shui On is looking to issue USD bonds this month to refinanceUSD400mn SHUION 5.5 06/29/26.SHUION 26 was 0.4pt higher this Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the new HYUELE 28-30s tightened 2-3bps as flippers took profitto sell to onshore Koreanbuyers. TW lifers were active. SHIKON 35 tightenedanother 10bps (20bps in two days), CATLIFs/NSINTW 34 tightened 4-8bps,and the new FUBON 35 was 5bps tighter. See our commenton4 Sep’25.Japan space was stabilized after the recent heavy supply of new issues. ThenewKYUSEL 35/NOMURA 35/MITCO 28-35s/NORBK 30-35s/SUMIBKwere3-5bps tighter.The recent MUFG 6.35 PERP/SUMILF 5.87555/FUKOKU 5.75 55 increased by 0.3pt, and ACAFP 7.125 PERP/INTNED7 PERP/NDAFH 6.75 PERP/ALVGR 6.55 PERP rose 0.5pt. The rest ofYankee and Japanese AT1s and insurance hybrid notes were 0.3pt higher.We saw buying from Asia PBs and AMs. In China space, MEITUA curve wasstill under pressure after Fitch revised outlook on Meituan from positive tostable. The rest of China IG space was largely unchanged. We saw buyingfor FOSUNI 28-29s. The new FOSUNI 29s inched 0.1pt firmer. See ourcomment on3 Sep’25. In Macau gaming, SJMHOL 26-28s/MGMCHI 27-31s/MPEL 26-32s/SANLTD 26-31s/STCITY 28-29s/WYNMAC 26-34s were Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.32%), Dow (-0.48%) and Nasdaq(-0.03%) were lower on last Friday. US Aug’25 nonfarmpayrolls was +22k, lower than the market expectation of +75k. US Aug’25 unemployment rate was 4.3%, sameas the market expectation. UST yield was lower on last Friday. 2/5/10/30 yield was at 3.51%/3.59%/4.10%/4.78%. Desk Analyst Comments分析员市场观点 LNGFOR:Passed through the repayment hump Maintain buy on LNGFORs Longfor has demonstrated its ability to manage its debt maturities well and continue to reduce debts despitethe weak 1H25 results.We take additional comfortwith the growing contribution from investment propertiesand property management which partly offset the impact of weak property sales and margin pressure.We Clickherefor the full report. News and market color Regardingonshore primary issuances, there were 83 credit bonds issued yesterday with an amount ofRMB54bn. As for Month-to-date, 278 credit bonds were issued with a total amount of RMB207bn raised, Shenzhen eased home purchasing rules to prop up real estate sales, following in the footsteps of [AVIILC]Moody’s withdrew the Baa2 rating of AVIC Industry-Finance [BABA]Alibaba reduced its stake in Singapore Post, cashing out SGD65mn (cUSD50.4mn)[CCAMCL]Central Huijin becomes China Cinda’s largest shareholder with 58% stake[DALWAN]Wanda Group to raise up to USD200mn in private debt from Deutsche Bank[EMPINT]Emperor International to sell Macau properties for HKD90mn (cUSD11.5mn)[LGELEC]LG Electronics looks to double European sales in five years[MEITUA]Fitch revised outlook on Meituan to stable from positive, affirms BBB+ rating[NSANY]Nissan mulls sale-and-leaseback deal for global Yokohama headquarters[ZHOSHK]S&P revised Zhongsheng’s outlook to negative from stable on declining profitability; affirmedBBB rating Fixed Income DepartmentTel:852 3657 6235/ 852 3900 0801fis@cmbi.com.hk The author who isprimary responsible for the content of this research report, in whole or in part, certifies that with respect to thesecurities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly,related Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by The HongKong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3 Important DisclosuresThere are risks involved in transacting in any securities.The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared withoutregard to the individual investment objectives, financial position or special requirements.Past performance has no indication offuture