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 This morning, the new KOROIL 3yrs FRN tightened 2-3bps from pricing atSOFR+67. The new KOROIL 4 09/29/28 and KOROIL 4.125 09/29/30tightened 1-2bps from issuing at T+50. The new CBAAU 5yrs FRN tightened10bps from pricing at SOFR+78. TW lifers were 1-2bps tighter. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FUTLAN/FTLNHD:FV of the new FUTLAN 27 to be low-to-mid 12% vs IPTat 13.125%. FUTLAN 26/ FTLNHD 28 was down 0.2-0.3pt this morning. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NICAU:Nickel Industries proposes to issue new 5NC2 USD bond;concurrent tender offer to purchase USD 400m NICAU 11.25 10/21/28 at105.625. Expiration deadline at 29 Sep’25 5pm EDT. NICAU 11.25 10/21/28was 0.1pt higher this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday, there were selling flows on TW lifers in the morning. FUBON 35widened up to 3bps. NSINTWs/SHIKON were 5-6bps wider at one point, butclosed only 2-3bps wider with buyers emerging. In Macau gaming, MPEL 26-32s/SJMHOL 26-28s/WYNMAC 27-34s were 0.1pt lower to 0.1pt higher.Seeour comment on MPELyesterday. In Chinese properties, GRNLGR 28-31sdropped by 0.8-1pt.VNKRLE 27-29s were down by 0.4-0.6pt. FUTLAN28/FTLNHD 25-26 were unchanged to 0.2pt lower. See comment below.EHICAR 26-27s increased by 1.4-1.5pts. NWDEVL 27-31s were unchangedto 0.3pt lower, while NWDEVL Perps were 0.1-0.9pt higher. HYSAN Perpswere unchanged to 0.2pt higher. There was some trimming of duration fromAMs and prop desks, 5-to-10yrs-to-call perp issues across Greater China andYankee names MTRC/UBS/ALVGR. We saw cash parking demand on front-end issues. In Japan space, there was strong demand from RMs/AMs on 5+yrs financial FRNs MIZUHO/SUMIBK, lifting their spreads to 3-4bps tighter.Koreaspace was largely muted.However,the recent HYNMTR 4.509/18/30s tightened another 1-3bps amid sustaining local deployment fromKorea. In Southeast Asia, HMELIN 5.45 10/22/26 rose 6.4pts. PCORPM5.95/7.35 Perps were down by 0.1pt. SMCGL Perps were unchanged to 0.2ptlower. In LGFV space, there was continuous demand for higher-yielding papers.Names at the tail of the credit curve remained under pressure. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.44%), Dow (+0.14%) and Nasdaq (+0.70%) were higher on Monday. UST yield was higher onMonday.2/5/10/30 yield was at 3.61%/3.71%/4.15%/4.77%. Desk Analyst Comments分析员市场观点 FUTLAN/FTLNHD:FV of the new FUTLAN 27 to be low-to-mid 12% vs IPT at 13.125% Seazen proposes to issue 2-yr USD bond (S&P: B-) to refinance the maturing FTLNHD 4 5/8 10/15/25 ofUSD250mn. We view theFV of the new FTLNHD 27 to be low-to-mid 12% vs IPT at 13.125%. FTLNHD 26 istrading at YTM of 9.2% and FUTLAN 28 is trading at YTM of 12.2%, adjusted for tenor and guarantor differential.The new bond will be issued by New Metro Global, same as FTLNHD 25and FTLNHD 26, and guaranteedbyboth Seazen Group (1030.HK) and Seazen Holdings (601155.SH). We view this is a stronger issuing structurethan the single-guarantor profile of FTLNHD 25 (guaranteed by Seazen Holdings) and FTLNHD 26 (guaranteedby SeazenGroup). We also acknowledged that FUTLAN 28 was directly issued by Seazen Group.See Table1. We understand that Seazen has a NDRC quota of USD330mn for new issue, which will expire in Apr’26. Wemaintain buy on FUTLAN/FTLNHDs and consider them offeringgood carry. Successful refinancing in the USDbond market will be a catalyst to support further out-performance, in our view. Please also read our commenton Seazen’s 1H25 results in our daily on18 Sep’25. Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 144 credit bonds issued yesterday with an amount ofRMB169bn. As for month-to-date, 1,643 credit bonds were issued with atotal amount of RMB1,533bnraised, representing a 47.3% yoy increase [ADGREG]Adani Group is aiming to reduce the leverage over a 5-year period, and plans no overseasbond issuance till 2027; will continue Reg D and domestic bond issuances [BABA]AlibabaGroup Holding is seeking to woo brands that work with Amazon.com to its AliExpressshopping site, to expand its overseas footprint [BHP]BHP Group is in talks with Global Infrastructure Partners about the acquisition of assets inAustralia and Chile [CSIPRO]CSI Properties tapped USD50mn CSIPRO 10.5 05/21/28 at par [LMRTSP]LMIRT unitholders approve rights issue [NWDEVL]NWD in talks with HK Airport Authority to cut rental obligations for 11 Skies mall [PEAKRN]Peak Re to redeem USD250mn PEAKRN 5.35 Perp on the first call date on28 Oct’25 [SJMHOL]Moody's affirmed SJM's Ba3 rating and changed outlook to negative from stable, reflectslikelihood that financial leverage will remain elevated over next 12-18 months [VEYONG/XINAOG]ENN Natural Gas updates on proposal to privatise ENN Energy and related shareoption offer Fixed Income D