固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Flows were lighter overall this morning with China out for Golden Week.LASUDE 26 rose 2.0pts and NWDEVL 30 was 0.4pt higher. IHFLIN 27-28were 0.3-0.8pt higher post IHC’s cUSD1bn investment.GLPSP Perpsincreased0.3pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Asia ex-JP USD bonds issuance:Gross issuance increased 22.1% yoy in9M25. See below. Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk ZHOSHK:Moody’s has withdrawn Zhongsheng’s Baa2 rating at thecompany’s request. The outlook was negative prior to the withdrawal. Webelieve that the withdrawal of Moody’s ratings is part of the cost controlmeasuresof Zhongsheng and should have limited impact on theperformance of its only outstanding USD bond, ZHOSHK 28.Please seeour comments on Zhongsheng on29 Aug’25for more discussions. ZHOSHK28 was 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,Asia IG opened in a firm tone post weaker-than-expected ADPdata which drove rates rally overnight. We sawsome profit taking on recentnew issues CKHH 30s/HANMIL 30s. China IG ZHOSHK 28 traded two-waydespite Moody's withdrawal of its Baa2 rating at the request of Zhongsheng.As discussed above, we consider this part of the cost saving measures ofZhongshengand should have limited impact on the performance of ZHOSHK28. Korea IG HYUELEs were 5bps tighter, there was better selling on the 26-27s andswitches to longer duration 28-33s.SK Hynix and SamsungElectronics will supply memory chips for a USD500bn Stargate project. Wealso saw some profit taking on BOCAVI/HYNMTR. In financials, TW liferspace active again.FUBON/NSINTW/SHIKON were 4-5bps tighter. Therewere better buying on Chinese/Japanese FRNs. Japanese insurance hybridsand AT1s were sought after by AMs. In properties, NWDEVL 27-31 were 1.1-1.5pts higher while NWDEVL Perps were 2.1-3.0pts higher. LASUDE 26 rose1.1pts on the signing of loans of HKD3.5bn at an all-in cost of HIBOR+140bps.VNKRLE 27-29 were 0.3-0.5pt higher. LIHHK 26 was 0.2pt higher.LifestyleInternational obtains unanimous consent from lenders to waive covenantbreach on HKD6.98bn loan. In India, IHFLIN 27-28 were 2.4-4.8pts higher.International Holding Co (IHC) agreed to invest INR88.5bn (cUSD998mn) inSammaanCapital, subject toregulatory approvals. VEDLN 29-33s were 0.2-0.6pt higher. In the Philippines, VLLPM 27-29 were 2.9-3.8pts lower. VistaLand director Camille Villar under investigation over PHP18bn (cUSD310mn)flood projects. In Thailand, PTTGC Perps were 0.6-0.7pt higher.LGFV spacewas firmeron duration following the post-ADP rally in rates. Flows were lightin high-beta credit such as HYSAN/MTRC Perps in light of onshore longholiday. HYSAN Perps were 0.2-0.4pt higher while MTRC Perps were 0.1-0.2pt higher. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.06%), Dow (+0.17%) and Nasdaq (+0.39%) were higher on Thursday. The release of USeconomic data, latest initial jobless claims and Aug’25 factory orders,have been delayed by the federalgovernmentshutdown that began 1 Oct’25.UST yield was lower on Thursday.2/5/10/30 yield was at3.55%/3.67%/4.10%/4.69%. Desk Analyst Comments分析员市场观点 Asia ex-JP USD bondsissuance: Gross issuance increased 22.1% yoy in 9M25 InSep’25,thegross issuance of Asia ex-JP USD bonds (excl. supranational banks) increased by 29.8% yoy toUSD24.9bn from USD19.2bn in Sep’24.China (USD11.3bn), South Korea (USD6.8bn) and Hong Kong(USD2.8bn) were among the largest issuers.IGs contributed 58.5% of the gross issuance amount. Issuancefrom financials and real estate totaled USD11.2bn and USD7.2bn (but cUSD6.7bn out of these are related tonew Kaisa bonds after the company’s debt restructuring), accounting for 45.0% and 29.0% of total grossissuance ofthe month, respectively. In 9M25, gross issuance of Asia ex-JP USD bonds increased 22.1% yoyto USD155.3bn. China (USD69.3bn), South Korea (USD31.1bn), Hong Kong (USD14.5bn) were the majorissuers. IGs contributed 66.1% of the gross issuance amount. Financial institutions issued USD bonds totaledUSD62.9bn, accounting for 40.5% of the gross issuance amount. For Chinese USD bonds, the gross issuance totaled USD11.3bn inSep’25. IGs, HYs and unrated contributed31.3%, 5.0%, 63.7% of the gross issuance amount, respectively. Issuances from real estate and financialstotaled USD6.9bn (cUSD6.7bn are related to new issues under Kaisa’s debt restructuring) and USD2.6bn,accounting for 60.6% and 23.0% of the gross issuance amount in Sep’25, respectively.In 9M25, the grossissuance of Chinese USD bonds totaled USD69.3bn.IGs, HYs, and unrated contributed 43.1%, 4.1% and52.8% of the gross issuance amount in 9M25, respectively.Issuance from LGFVs and financials totaledUSD24.9bn and USD21.1bn, accounting for35.9% and 30.5% of gross issuance amount in 9M25, respectively. The offshore LGFV USD bonds issuance (including only issues with an issue size of at leas