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 There were China onshore buyers for CNH LGFV bonds this morning.NWDEVL 4.5 05/19/30 and EBIUH 1.638 01/13/26 rose 1.2-1.4pts. CKPH3.8 PERP and YUZHOU 4.5 06/30/29 were 0.7-0.8pt lower. Glenn Ko,CFA高志和(852) 3657 6235glennko@cmbi.com.hk PCORPM:FV of the new PCORPM Perp to be mid-7% vs IPT at 7.6%.Please also read our new issue color on9 Sep’25.PCORPM 5.95 Perp wasdown 0.1pt this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Economy:Credit weakness points to liquidity easing. CMBI expectsanother 10 bps LPR cut following the Fed rate cut in Sep and 50bps RRRcut; the MoF may increase subsidies to households and consumers in 4Q25to boost consumption. See the comments from CMBI economic researchbelow. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,there were active two-way flows in the TW lifer space.NSINTW41 tightened c20bps in two trading days fromRO at T+185. See our commenton 10 Sep’25. CATLIFs/SHIKON/FUBON/NSINTW 34 were also 3-7bpstighter, with TW fast money selling and global RMs/PBs topping. NWDEVLPERPs were 1.2-1.6pts higher, and NWDEVL 27-31s increased by 0.7-0.9pt,with the exception that NWDEVL 30 was unchanged. LASUDE 5 07/28/26rose1.3pts.HYSAN 7.2 PERP was up 0.7pt.Hysan raised juniorsubordinated 5NC2 notes of USD17mn to keep the rating of HYSAN 7.2PERP at IG. See our commentslast Friday. FOSUNI 26-29s were unchangedto 0.1pt higher.Fosun signed an USD910mn sustainability-linked syndicatedloan, and will accept all validly tendered notes of USD294.43mn FOSUNI 505/18/26.In Chinese properties, LNGFOR27-32s rose another 0.3-0.5pt.VNKRLE 27-29s/FUTLAN 28/FTLNHD 25 were 0.1-0.3pt higher. In Koreaspace, HYUELE 28-30s were 1-2bps tighter. We saw better selling on therecent KHFC 28-30s. In Japan, FRNs were 1-2bps tighter and fixed bondswere 1-4bps tighter. We saw better buying on NTT/NOMURA/SUMITR/MIZUHO. There were robust buying flows on Japanese insurance hybridsand AT1s from institutions such as AMs, HFs and prop desks. The Japanspacewas overall up 0.5-1pt,led by on-the-run issues MUFG 6.35PERP/NOMURA 7 PERP/SUMILF 55 alongside other 10yr callable papers.There were also buying flows from Asian AMs for Yankee AT1s in the recent7-10yr to call issues, which edged 0.3pt higher. In Southeast Asia, BBLTBsub curve was 5bps tighter, and OCBCSP 35s tightened 2bps. PCORPM5.95 PERP was up 0.2pt.See comment below.SMCGL PERPs wereunchanged to 0.3pt higher. BORLTD 9 ½ 08/07/32 was down 0.7pt. Liquidity in higher-yielding LGFV bonds remained lackluster. Liquidity bidswere more than 50bps wider than in levels of August, as primary supplycontinued to come into the space. However, the new CNH KNMIDI 8.5 27edged 0.4-0.5pt firmer, or 20-30bps tighter, from primary reoffer. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.05%), Dow (-0.59%) and Nasdaq (+0.44%) were mixed on last Friday. UST yield was higheron last Friday. 2/5/10/30 yield was at 3.56%/3.63%/4.06%/4.68%. Desk Analyst Comments分析员市场观点 PCORPM:FV of the new PCORPM Perp to be mid-7% vs IPT at 7.6% Petron announced IPT of 7.6% for the new PerpNC3, with the issue size capped at USD475mn. We maintainour view on the FV of the new perp to be mid-7%, in view of its PCORPM 5.95 Perp is trading at 6.7% YTC andadjusted for 2.5 years longer to first reset date. The new perp is callable at par from one month prior to thestep-up date and on each distribution payment date thereafter. If not called, the coupon will be reset in year 3with a step-up of 250bps. Coupons are deferrable at the issuer’s discretion on a cumulative and compoundingbasis, subject to a dividend stopper on junior and parity securities and a dividend pusher with a six-monthlook-back. Please also read the new issue color in our daily on9 Sep’25. Petron received USD333.19mn PCORPM 5.95 Perp validly tendered for the exchange offer and USD54.199mnfor the cash tender, totaled USD387.389mn at expiration deadline. Petron will accept all bonds validly tenderedinto the exchange offer, and will accept up to the net proceeds from the concurrent new issue in the tenderoffer. China Economy: Credit weakness points to liquidity easing China’s credit growth notably eased in Aug as government financing softenedamid a higher base last year.Meanwhile, private sector remained lethargic as loans to household and corporate sectors plunged. The liquiditycondition remained accommodative as the average DR007 rate edged down. The trend of shifting of householddeposits into equities also continued as new savings deposits saw the lowest increase since 2014, while non-bank financial institution deposits remained elevated. However, sustainability of the market rally hinges on aneconomic fundamental recovery supported bystronger consumer demand and a reflation in prices. Softeningeconomic activities in 3Q25 may drive further policy easing in 4Q25, as we expect