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 PINGIN 5 10/08/35 was 2-3bps tighter from pricing atT+89.The new CKHH 4.25 09/26/30s were initially 1-2bps wider butrecovered to RO at T+62.5. The new KOCRGF 28 was 2-3bps tighter frompricing at SOFR+65. There was slight recovery in demand across higher-yielding LGFV names. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VEDLN:Take profits on VEDLN 10.875 09/17/29. VEDLNs were unchangedthis morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SJMHOL:Media reported SJM plans to issue its first dim sum bonds of atleast RMB1bn as early as next month to fund its hotel project in Zhuhai.SJMHOLs were 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 space was overall quiet amid the arrival of typhoon andholiday in Japan. The new KOROIL 3yrs FRN tightened 2-3bps from pricingat SOFR+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. In Yankee AT1s, we saw overall light flowsskewedtoslightlybetterbuying.TWlifersNSINTWs/FUBON35/CATLIFs/SHIKON were 1-2bps tighter. In Macau gaming, SJMHOL 26-28s/STCITY 28-29s were unchanged to 0.1pt lower. WYNMAC 27-34s/MPEL26-32s were 0.2pt lower to 0.1pt higher. See our comment on MPEL on22Sep’25. EHICAR 26-27s rose another 1.2-1.7pts. CTFSHK 29 was 0.9ptshigher. The NWDEVL complex was unchanged to 0.7pt lower In Chineseproperties, VNKRLE 27-29s dropped 4.1-4.5pts. Media report that Vankeskipped interest payments on certain onshore loans. We expect that to beresolved soon taking cues from SZ Metro’s financial support for onshore bondrepayment due on 21 Sep’25. FUTLAN 28/FTLNHD 26 were down by 0.3pt.See our comment on the FV of Seazen’s new issueyesterday. In SoutheastAsia, GLPSP 4.5 PERP was down by 0.9pt. SMCGL Perps were unchangedto 0.1pt higher. In LGFV space, liquidity was thin. On one hand, there was more hitting inliquidity bids across a few higher-yielding issues down thecredit curve. Onthe other hand, we continued to see sporadic demand from asset managersin selected higher-yielding names and AAA-guaranteed papers across CNHand USD. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.55%), Dow(-0.19%) and Nasdaq (-0.95%) were lower on Tuesday. US Sep’25 S&P GlobalManufacturing/Services PMI was 52.0 and 53.9, respectively, lower than the market expectation of 52.2 and 54.0.UST yield was lower on Tuesday. 2/5/10/30 yield was at 3.53%/3.68%/4.12%/4.73%. Desk Analyst Comments分析员市场观点 VEDLN:Take profits on VEDLN 10.875 09/17/29 We recommend investor to take profit from VEDLN 10.875 09/17/29, which rose c8pts since our initiation ofbuy recommendation in May’25. Meanwhile, we maintain buy on VEDLN 9.475 07/24/30 on betterrisk-adjustedprofile within VEDLN curve. Weview the potential acquisition of Jaiprakash Associates (JPA) by Vedanta Ltd (VEDL) could slow down itsdeleveraging effort. VEDL is the highest bidder for JPA under the Insolvency and Bankruptcy Code. TheCommittee of Creditors will vote on the revised plans, and the closing of the transaction will be subject tomultiple regulatory approvals which could take 8-12months. The proposed transaction is valued at INR170bn(cUSD1.9bn), funded by a mix of debt and internal cash, comprising an upfront payment of INR38bn(cUSD428mn) with INR25b-30bn to be paid annually over the subsequent five years. At Jun’25, VEDL reported total debts of INR803.6bn (cUSD9.4bn), cash and cash equivalent of INR221.4bn(cUSD2.6bn), and net debt/LTM EBITDA of 1.3x. Assumingthe INR38bn upfront payment is all debt-funded,pro-forma net leverage would rise modestly to 1.4x. While we view the increase in net leverage as manageablefor VEDL, the acquisition will slow down the deleveraging effort, or could push leverage higher ifsubsequentinstallments are mainly debt-funded.Moreover, JPA is an industrial conglomerate with operations in power,cement, real estate, and fertilizers business and most of them are loss-making. This could raise the risk ofincremental capex and working capital needs for VEDL post acquisition. Diversification into non-core segmentscould also weaken VEDLN’s operating profile.We see limited near-term upside catalysts for further yieldcompression as deal overhang and integration risk, as well as afterthe bond prices rally YTD. The Indian Ministry of Petroleum & Natural Gas rejected the application submitted by VEDL, Oil & Natural GasCorporation (ONGC), and Invenire Energy (formerly Tata Petrodyne) for extension of the production sharingcontract(PSC)for the CB-OS/2 offshore block(Lakshmi and Gauri fields).Weview the decision,communicated on 22 Sep’25, will have a limited impact on VEDL’s credit profile, as the block contributes lessthan 0.3% to group EBITDA. As an interim measure, ONGC, holding the largest 50% interest, has been