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, there were two-way flows on front-end CICCHK FRNs andfront-end LGFVs. We saw small selling on long-end AT1s. VLLPM 9 3/807/29/29 was down 1.3pts. NUFAU 30/YUEXIU 31/QDJZWD 28 were 0.4-0.5pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk NWDEVL:Near-term refinancing risk considerably relieved despite widenedFY25 losses on non-cash write-down. NWDEVL30 was down 0.9pt thismorning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:Vedanta Resources to market USD 144A/Reg S 7NC2 USD bondstoday. VEDLN 29-33s were down 0.1-0.3pt this morning. Yujing Zhang张钰婧(852)39000830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the new MITEST 4.352 10/02/30 was 1bp tighter from RO atT+58. The new HANMIL 4 ¼ 10/01/30was 1bp wider from RO at T+78. Therecent CHKK 4 ¼ 09/26/30 tightened 1-2bps. OCBCSP 35 widened 1-2bps.AMs/RMs were buying front-end FRNs to park cash and offload risk. Chinesefinancial FRNs tightened 1-3bps, along with some JP financial FRNs and KRquasi-sovereign/corps FRNs. HYUELE/HYNMTR closed unchanged amidbetter-buying.We saw better selling on AU/JP capital papers likeCBAAU/NOMURA, which widened 2-3bps.RMs were selling long-dated-to-call perps across Greater China and APAC higher-beta bonds, JapaneseAT1s and insurance hybrids, and Yankee AT1s.The NWDEVL complex were0.2-1pt lower. See comment below.We saw better-selling flows on higher-yieldingnames HONGQI/FOSUNI/CPDEV/GRNCH from institutions inattempt to lock-in profit and trim risk.On the other hand, LASUDE 26/EHICAR26-27s were up 0.4-1.3pts.In Chinese properties,VNKRLE 27-29srecovered 1.1-1.6pts. See our commentslast Friday. FUTLAN 28/FTLNHD25-26s were 0.1-0.2pt higher. Seazen issued RMB900mn MTNs guaranteedby CBICL. LNGFOR 27-32s were 0.1pt lower to 0.2pt higher. In SoutheastAsia, VLLPM 27-29s were down 1.6-1.7pts. VEDLN 28-33s were unchangedto 0.5pt lower. SMCGL Perps were unchanged to 0.3pt higher.LGFVs weregenerally stable amid light flows ahead of next week’s China National Daylong holiday. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.59%), Dow (+0.65%) and Nasdaq (+0.44%) were higher on last Friday. US Aug’25 Core priceindex was +0.2 mom/+2.9% yoy, same as the market expectation. UST yield was higher on last Friday. 2/5/10/30yield was at 3.63%/3.76%/4.20%/4.77%. Desk Analyst Comments分析员市场观点 NWDEVL: Near-term refinancing risk considerably relieveddespitewidened FY25 losses on non-cashwrite-down NWD reported weaker FY25 results with lower core operating profit and widened net losses, reflectingsignificant non-cash impairment and valuation losses. Core operating profit fell 13% yoy to HKD6.0bn, whilethe attributable net loss widened to HKD16.3bn from HKD11.8bn in FY24. Revenue declined 23% yoy, mainlydue to lower construction revenue and fewer bookings from Mainland China property developments. Projectsdelivered in Hong Kong during the year included Mount Pavilia, Uptown East, Fleur Pavilia, and 888 Lai ChiKok Road. Gross profit declined 10% yoy, while gross margin increased by 609 bps yoy. See Table 2. In FY25, contract sales and NCD totaled HKD26bn; NWD set an FY26 target ofHKD27bn. Pre-sales for ThePavilia Forest, State Pavilia, and Deep Water Pavilia were well received since launches, recording contractsales of HKD4.0bn, HKD3.6bn, and HKD6.3bn, respectively. NWD expects HKD20.0bn of contract sales to bebooked in FY26 andFY27, of which HKD16.9bn are from Hong Kong projects, including The Pavilia Farm III,Deep Water Pavilia, State Pavilia, Mount Pavilia, and The Pavilia Forest. Capex was HKD12.6bn in FY25,meeting the revised target of below HKD13bn; FY26 capex is targeted below HKD12bn. As of Jun’25, NWD’s net debt (excl. perps) was HKD129.6bn, down marginally from HKD133.5bn in Jun’24.Net gearing, however, rose to 62.7% from 59.4% in 1H25, reflecting the lower equity resulting from non-cashwrite-down. That said, we take comfort with the refinancing of bank loans of HKD88.2bn, as well as securingnew loans from DB of up to HKD5.9bn (cUSD760mn).As per the press release dated 25 Sep’25, the initialcommitted tranche is up to HKD4.0bn. The new facility is secured by a first-ranking mortgage over VictoriaDockside assets, and NWD also retains the ability to use Victoria Dockside as security to obtain other additionalfinancing. The debts maturing over the coming 2 years dropped HKD44.8bn to HKD29bn. We take additionalcomfort that its gross interest expenses in FY25 reduced HKD1.3bn with average funding cost lowered to 4.8%in FY25 from 5.0% in FY24. Last Friday evening, NWD indicated that it has not received any notice of shareholder capital injection, and hasno planfor a rights issue or CB issuance, NWD has emphasized cash preservation, suspending dividends aswell as USD perps coupon payments to prioritize debt reduction. We believe NWDEVLs have already priced inLMEs at current levels. In our