固定收益日报市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new MITEST 4.352 10/02/30 was 1bp tighter from RO atT+58. The new HANMIL 4 ¼ 10/01/30 was 1bp wider from RO at T+78. Therecent CHKK 4 ¼ 09/26/30 tightened 1-2bps. OCBCSP 35 widened 1-2bps.HYUELEs tightened 1-2bps. BABA 35s tightened 2-3bps. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VNKRLE:Maintains bond paymentpriority. VNKRLE 27-29 were 0.4-0.9pthigher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NWDEVL:NWD signs up to HKD5.9bn (cUSD506mn) term loan backed byVictoria Dockside assets. NWDEVL 27-31/ Perps were down 0.1-0.4pt thismorning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the recent PINGIN 5 10/08/35 and the new CKHH 4.25 09/26/30tightened 2bps on continuous deployment. Asia IG names overall tightened1-3bps. Chinese financials/leasing/corps benchmarks were 2-3bps tighter.See our comments on MEITUAyesterday. We saw better selling on higher-beta Greater China credits such as YXREIT and HONGQI. The NWDEVLcomplex were down 0.1-0.6pt. However, EHICAR 26-27s were up 0.1-1pt. InChinese properties, VNKRLE 27-29s recovered 0.9-1pt. See commentsbelow. GRNLGR 28 was down 0.7pt. FUTLAN 28/FTLNHD 26 were 0.1ptlower to 0.1pt higher. In Korea space, HYNMTR/HYUELE/KOROIL/KHFCfixed notes tightened 1-3bps amid local buying from Korea. On the other hand,Korean FRNs were unchanged to 1bp wider. In Japan space, we saw betterbuying on financial FRNs MIZUHO/MUFG. In Southeast Asia, VLLPM 27-29sweredown 0.8-1.9pts.VEDLN 28-33s were 0.1-0.5pt lower.See ourcomments on Vedanta Ltd on24 Sep’25. SMCGL Perps were unchanged to0.1pt higher. AT1s were slightly weaker during the London session as buyersfrom Asian institutions were largely focused on the front end of the curve. There were mixed flows in the LGFV space. On one hand, we saw moderatedemand for AAA-guaranteed papers. On the other hand, higher-yieldingissues down the credit curve continued to berepriced towards 11%+ as themarket seemed to have found a new equilibrium level from the new ZOUCAO6.7 09/25/28. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.50%), Dow (-0.38%) and Nasdaq (-0.50%) were lower on Thursday. US 2Q25 GDP was +3.8%qoq, higher than the market expectation of+3.3%. The latest initial jobless claims was +218k, lower than themarket expectation of +233k. Trump announces 100% tariffs on pharmaceuticals unless drug makers are buildingU.S. factories. UST yield was higher on Thursday. 2/5/10/30 yield was at 3.64%/3.75%/4.18%/4.75%. Desk Analyst Comments分析员市场观点 VNKRLE:Maintains bond payment priority Vanke is again under spotlight this week, with multiple media reported that Vanke had deferred interest oncertain onshore bank loans while negotiating rate cuts and maturity extensions with the coordination by theShenzhen government. We expect this to be resolved soon as we saw Vanke and SZ Metro’s strongcommitment to honour offshore and onshore bond repayments. While the treatments for different classes ofcreditors may be different, we believe that the ongoing support from onshore banks will remain very importantand hence expect Vanke to resolve the issues, if any, of onshore bank loans in a consensual manner. Vanke announced to redeem totaled RMB4.1bn puttable bonds over the next two months, i.e. RMB2.5bn20Vanke07 on 31 Oct’25 and RMB1.6bn 20Wanke08 on 13 Nov’25. This marks a continuation of Vanke’s trackrecord of meeting all offshore and onshore public bond obligations throughout 2025. Since Feb’25, SZ Metrohad provided Vanke with shareholder’s loans totaled cRMB25.9bn, the most recent shareholder’s loan wasobtained last week of RMB2.064bn for the onshore bond maturing on 21 Sep’25. After theredemption of thetwo puttable bonds, Vanke will have RMB5.7bn maturing in in Dec’25, with no public offshore bonds maturingbefore 2027. We consider Vanke a survivor of the Chinese property sector in view of Vanke’s more manageable offshoredebt maturities and strong financial support from the SZ Metro. VNKRLEs have been performing well and havemoved c20-25pts higher YTD. Nonetheless, offered at 76.7 and 68.6, VNKRLE 3.975 11/09/27 and VNKRLE3 1/2 11/12/29 still offer good carry with YTM of 17.6% and13.7%, respectively. We maintain buy on VNKRLEs. News and market color Regardingonshore primary issuances, there were 119 credit bonds issued yesterday with an amount ofRMB89bn. As for month-to-date, 2,104 credit bonds were issued with a total amount of RMB1,893bnraised,representing a 32.9% yoy increase [CTFSHK]CTF Services denied plans to sell a package of toll roads in mainland China [FUTLAN/FTLNHD]Seazen Holdings issues RMB900mn MTNs guaranteed by CBICL; terminatessubscription agreement relating to real-world asset applications [FRIDPT]Freeport Indonesia declared force majeure at the Grasberg Block Cave (GBC) mine after amassive mudflow entered the mine earlier