固定收益每日市场更新

Fixed Income Daily Market Update固定收益部市场日报 This morning, the new NSINTW 5 7/8 03/17/41 tightened 10bps from RO atT+185, and the rest of TW lifers CATLIFs/SHIKON/FUBON were 1-2bpstighter. The new KOMATS 4.196 30 and the new KHFC 3 7/8 09/17/30tightened 2bps from RO. Higher-yielding LGFV papers slightly retraced. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Asia ex-JP USD bonds issuance:Gross issuance increased 20.7% yoy in8M25. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China economy:Persistent deflation points to continued liquidity easing.See the comments from CMBI economic research below. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new NIPDES 4.282 09/17/30 tightened 8bps from RO at T+68.The rest of Japan IG space was 1-2bps tighter. We saw better buying on NTT30s and mixed two-way flows on SMBCAC 28-34s.Japanese and YankeeAT1s and insurance hybrids were a touch softer. Buying interests from Asiaslightly slowed down.TW lifersCATLIFs/SHIKON/FUBON/NSINTW initiallywidened 1-3bps in the morning, after Nanshan Life announced the IPT of newUSD T2. See our comment on the FV of the new NSINTW bondyesterday.CATLIFs/FUBON held up relatively well and closed 1-2bps tighter. NSINTW34s closed unchanged while SHIKON 35s were 2bps wider. In China IGspace, MEITUA curve was 1-3bps tighter with Chinese AMs buying, while theother IG names were unchanged. In the China FRN space, there was cashdeployment for 28-30s banks and leasing papers. We saw RMs selling long-end HK names AIA/MTRC and bank T2s. FAEACO12.814 PERP droppedanother 0.7pt.Far East Consortium and CTFE need to repay AUD120mn(cUSD79.0mn) more ahead of the Australian JV loan refinance. MTRC 5 ¼and 4 7/8 PERPsleaked 0.1pt amid selling by AMs. In Korea space, therecentHYUELE 28-30s were 1bp tighter,while the rest was largelyunchanged. In Chinese properties, YUZHOU 28-34s dropped 0.5-0.7pt.LNGFOR 27-32s were unchanged to 0.2pt higher, and FUTLAN 28 was up0.2pt. In SoutheastAsia, PTTGC 31-52s tightened 2-5bps.PTT GlobalChemical will accept all the USD100.405mnPTTGC 4.3 03/18/51 andUSD41.815mn PTTGC 5.2 03/30/52 tendered;USD273.926mn ofPTTGC4.303/18/51 and USD61.165mn of PTTGC 5.2 03/30/52 will remainoutstanding. RILIN 45 and PETMK 55 were 0.8-0.9pt higher,whereasVLLPM 9 3/8 07/29/29 was down by 1pt. In LGFVspace, we saw moderatetwo-way flows across higher-yielding issues, as valuations retraced a touchwider amid thin liquidity. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.30%), Dow (-0.48%) and Nasdaq (+0.03%) were higher on Wednesday. The US Aug’25 PPIwas-0.1% mom, lower than the market expectation of+0.3% mom. The US Crude Oil Inventories was +3.939mn,higher than the market expectation of-1.9mn. UST yield was lower on Wednesday. 2/5/10/30 yield was at3.54%/3.59%/4.04%/4.69%. Desk Analyst Comments分析员市场观点 Asia ex-JP USD bonds issuance: Grossissuance increased 20.7% yoy in 8M25 In Aug’25, the gross issuance of Asia ex-JP USD bonds (excl. supranational banks) increased by 28.5% yoy toUSD15.9bn from USD12.4bn in Aug’24.China (USD8.4bn), Singapore (USD4.5bn) and Macau (USD1.0bn)were the largest issuers. IGs contributed 44.4% of the gross issuance amount.Issuance from financials andreal estate totaled USD7.5bn and USD5.2bn, accounting for 46.8% and 32.8% of total gross issuance of themonth, respectively. In 8M25, gross issuance of Asia ex-JP USD bonds increased 20.7% yoy to USD130.4bn.China (USD58.0bn), South Korea (USD24.3bn), Hong Kong (USD11.8bn) were the major issuers. IGscontributed 67.5% ofthe gross issuance amount. Financial institutions issued USD bonds totaled USD51.7bn,accounting for 39.7% of the gross issuance amount. For Chinese USD bonds, the gross issuance totaled USD8.4bn in Aug’25. IGs and unrated contributed 24.5%and 75.5% of the gross issuance amount, respectively. Issuances from real estate and LGFV totaled USD4.7bnand USD2.1bn, accounting for 56.0% and 25.5% of the gross issuance amount in Aug’25, respectively.In8M25, the gross issuance of Chinese USD bonds totaled USD58.0bn.IGs, HYs, and unrated contributed45.4%, 3.9% and 50.7% of the gross issuance amount in 8M25, respectively.Issuance from LGFVs andfinancials totaled USD23.4bn and USD18.5bn, accounting for 40.4% and 32.0% of gross issuance amount in8M25, respectively. The offshore LGFV USD bonds issuance (including only issues with an issue size of at least USD100mn) wasUSD2.1bn in Aug’25, decreased by 0.6% yoy from USD2.2bn in Aug’24.In 8M25, the gross issuance wasUSD23.4bn, increased by 129.6% from USD10.2bn in 8M24. On the other hand, the Asia ex-JP Dim Sum bonds issuance in Aug’25 increased 2.1% yoy to RMB89.8bn fromRMB88.0bn in Aug’24. In 8M25, the gross issuance was RMB470.1bn, increased 6.2% yoy from RMB442.5bnin 8M24.On LGFV Dim Sum issuance, the gross issuance in Aug’25 decreased by 18.5% yoy to RMB19.8bnfrom RMB24.2bn in Aug’24. In 8M25, the gross issuance was RMB81.4bn, d