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 This morning, the new NSINTW 5 7/8 03/17/41 tightened another 7bps. Therest of TW lifers CATLIFs/SHIKON/FUBON were 2-5bps tighter. TherecentHYUELE 28-30s were 1-2bps tighter. BBLTB sub curve tightened 5bps. Therecent MUFG Perp/SUMILIF55/FUKOKU rose 0.5-1pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk HYSAN:Raised junior subordinated 5NC2 notes of USD17mn. We areneutral onHYSANs on valuation but consider of HYSAN 7.2 PERP offersthe best risk-return profile compared with those of Hysan’s dated bonds andits FFL perp, HYSAN 4.1 PERP. HYSAN 7.2 PERP was up 0.5pt thismorning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk TOPTB:Thai Oil Public Company raised cap to USD300mn from theprevious USD199.9mn in partial tender for TOPTB 4 7/8 01/23/43s.TOPTBswere unchanged 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 new NSINTW 5 7/8 03/17/41 tightened up to 15bps from ROatT+185andclosed10bpstighter.OtherTWlifersCATLIFs/SHIKON/FUBON closed 1-2bps tighter.See our comment onNSINTW on10 Sep’25. The new KHFC 3 7/8 09/17/30 and the new KOMATS4.196 30 tightened 2-3bps. Away from new issues, the secondary IG spacewaslargelyunchanged,amidFRNbuyingflowacrossAU/Japan/China/Korea spaces.Greater China high-beta credits were largelyafloat. MTRC 5 ¼ and 4 7/8 Perps grinded a touch higher.FAEACO 12.814PERP recovered 2.9pts after the recent poor run. NWDEVL PERPs were 0.8-1.6pts higher, and NWDEVL 27-31s rose 0.3-0.9pt. HYSAN 7.2 PERP/4.85PERP and HYSAN 3.55 06/16/35 were 0.1-0.2pt higher. See comment below.FOSUNI26-29s were unchanged to 0.1pt higher.Fosun signed anUSD910mn sustainability-linked syndicated loan. The company will acceptall validly tendered notes of USD294.43mn FOSUNI 5 05/18/26, leavingUSD205.568mnoutstanding after settlement.In Chinese properties,VNKRLE 27-29s were down 0.5pt, and GRNLGR28-31s were 0.3-0.5ptlower. LNGFOR 28-32s continued to perform and were 0.2-0.3pt higher.Away from China, Japanese insurance hybrids and AT1s were up 0.3pt, ledbyon-the-run 7-10yr-to-call issues NOMURA/MUFG/SUMILF/FUKOKU/DAIL on the back of local buying. Meanwhile, their Yankee counterparts were0.1pt firmer amid better buying on LLOYDS/BNP/UBS/HSBC.In SoutheastAsia, thenew SMPHPM 4.75 09/16/30 was 0.1pt higher than RO at 99.8. Seeour commenton10 Sep’25.PTTGC 51-52s tightened 1-13bps.PTT GlobalChemical issued USD1.1bn unsecured subordinated perp. LGFVs were mixed. We continue to see demand for higher-grade USDissues but higher-yielding names remained lackluster as supply continued tojam the space. Trading volumes were overall thin ahead of the release of USconsumer inflation data. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.85%), Dow (+1.36%) and Nasdaq (+0.72%) were higher on Thursday. The US Aug’25 CoreCPI was +0.3% mom, and the US CPI was +2.9% yoy, both of which were the same as the market expectations.The US Aug’25 CPI was +0.4% mom, higher than the market expectation of +0.3% mom. The US Initial JoblessClaims was +263k, higher than the prediction of +235k. UST yield was lower on Thursday. 2/5/10/30 yield wasat 3.52%/3.59%/4.01%/4.65%. Desk Analyst Comments分析员市场观点 HYSAN:Raised junior subordinated 5NC2 notes of USD17mn Hysanraised junior subordinated 5NC2 notes of USD17mn (as per BBG).The notes, rated Ba1 by Moody’s,will be callable at 103.375 in Sep’27. The coupon rate is 6.75% and the coupon is deferrable and cumulative.As per Moody’s, junior subordinated notes rank junior to Hysan’s senior unsecured debts and subordinatedperps. The significance of this small private placement is that Hysan has to build a cushion of junior securities in orderto keep the rating of HYSAN 7.2 PERP at IG.During the tender offer and concurrent new issue in Mar’25,Hysan was quoted that it needed a minimum cushion of USD25mn junior securities upon the full redemption ofHYSAN 4.1 PERP in Aug’25. Hysan posted stable 1H25 results under a challenging operating environment.In 1H25, its turnover andEBIITDA grew 2.1% and 1.4% yoy to HKD1.7bn and HKD1.3bn, respectively.The occupancy rates of itsretail/office/residential were resilient at 94%/92%/70% as of Jun’25, compared with 92%/90%/70%, respectively.Its liquidity profile remains solid with cash to ST debts at 2.3x.Its credit and liquidity profiles should also bebenefitted from the capital recycling plan of HKD8bn over the coming 5 years. Hysan’s net gearing ratio (perpas debt) was 33% as of Jun’25 (vs 31% as of Jun’24). We are neutral on HYSANs on valuation. That said, within the curve, we consider of HYSAN 7.2 PERP offersthe best risk-return profile compared with those of Hysan’s dated bonds and its FFL perp, HYSAN 4.1 PERP.Table 1: Bond Profiles of HYSAN Offshore Asia New Issues (Pipeline) News andmarket color Regardingonshore primary issuances, there were 101 credit bonds issued yesterday with an amoun