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 light this morning with China/Taiwan/Korea out for holiday.Japan’s governing partyelected former Economic Security Minister SanaeTakaichi as new prime minister. SOFTBK 31-35 were 0.1-0.2pt higher.NUFAU 30 was 0.3pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk ZHOSHK:Rating withdrawals are cost-saving measures. ZHOSHK 28 wasunchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk RAKUTN:Rakuten expects to record an impairment loss of JPY27bn(cUSD183.5mn) in 3Q25 relating to its online grocery delivery service.RAKUTN 27-29s/Perps were unchanged to 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 Theflows in Asia IG space was light last Friday with China out for the GoldenWeek Holiday. Chinese IG ZHOSHK 28 was unchanged. Moody’s and Fitchwithdrew the rating on Zhongsheng.We believe that the withdrawals arecost-cutting measures.See comments below. Chinese HY GWFOOD 30was0.4pt higher. We saw better buying from offshore investors in high-betaChinese credits while flows remained largely muted. In financials, NANYAN7.35 Perp was down 0.7pt.Japanese insurance hybrids and AT1s werec0.3pt higher with decent liquidity against a firmer macro backdrop. Inproperties, LASUDE 26 rose 2.7pts while FAEACO Perp increased 1.3pts.NWDEVL 27-31 were 0.3-0.7pt higher while NWDEVL Perps were 0.6-1.1ptshigher. VNKRLE 27-29 were 0.1-0.3pt higher.Elsewhere, GLPSP Perpswere 0.4-0.6pt higher. EHICAR 26 was 0.4pt lower. In the Philippines, ACPMPerps rose 0.1-1.0pt. UAE-based supermarket chain Spinneys has enteredinto a JV with Ayala Corp to establish the first stores in the Philippines.VLLPM 27-29 were 1.0-2.3pts lower. Vista Land director Camille Villar underinvestigation over PHP18bn (cUSD310mn) flood projects.In India, IHFLIN27-28 rose another 0.4-0.8pt post IHC’s cUSD1bn investment inSammaanCapital. VEDLN 29-32s rose 0.1-0.2pt.In LGFV space, overalltone remained afloat. We saw better offering in IG LGFVs. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.01%), Dow (+0.51%) and Nasdaq (-0.28%) weremixed on last Friday. US Sep’25 ISM Non-manufacturing PMI was 50.0, lower than the market expectation of 51.8. The release of US Sep’25 nonfarmpayroll has been delayed by the federal government shutdown. UST yield was higher on last Friday. 2/5/10/30yield was at 3.58%/3.72%/4.13%/4.71%. Desk Analyst Comments分析员市场观点 ZHOSHK:Rating withdrawals are cost saving measures Last week,both Moody’s and Fitch withdrew the senior unsecured ratings of Zhongsheng. We believe that therating withdrawals are more of cost saving measures instead of indications of deterioration in credit fundamentaland transparency.S&P is the only rating agency to rate ZHOSHK 5.98 01/30/28, the company’s onlyoutstanding USD bond.We expect Zhongsheng to keep the S&P rating.As we discussed in our commentstitled:ZHOSHK: Credit profile remains solid under a challenging operating environment on 29 Aug’25,Zhongsheng’s operating performance in 1H25 continued to be dragged by the negative gross margin of newcar sales.However, its credit and liquidity profiles remain solid, supported by growing income from parts,packages and after-sales services, consistent positive FCF generation, reducing debts and low near-termrefinancing pressure through the active liability management since Jul’24.ZHOSHK 5.98 01/30/28 has beenoutperforming since Jul’25, cash price has been c2pts higher and credit spared tightened 70bps since then.That said, we still consider ZHOSHK 5.98 01/30/28 one of the few good shorter-dated carry plays in ChineseIG space and hence maintain buy on ZHOSHKs. Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) Onshore primary issuances suspend during the National Day HolidayIndonesia authorities mulling use of Patriot Bonds as credit collateral instrumentMacau average daily arrivals at 158kduring first 5 days of Oct’25 Golden Week despite Typhoon Matmo[DALWAN]Dalian Wanda is in talks to sell sports marketing firm Infront Sports & Media to investor group[FTHDGR]Fantasia says creditors holding 84.54% of its existing bonds backed itsproposed offshoredebt restructuring by the 3 Oct’25 early deadline[GRNLGR]Greenland terminates tender offer and consent solicitation for bonds due in 2028-2031 dueto lack of new funding[RAKUTN]Rakuten Group expects to record an impairment loss of around JPY27bn (cUSD183.5mn) in3Q25 relating to its online grocery delivery service[TOPTB]Thai Oil’s board approved an asset monetization plan to raise more than THB18bn(cUSD555mn) to reduce debts, subject to shareholders’ approval in Dec’25[VEDLN]Vedanta 1HFY26 aluminum output rises 1% yoy to record high at 1.22mn tons; will investcUSD1.5bn to boost aluminum capacity to 3.1mn tons by FY28[ZHOSHK]Fitch withdrew Zhongsheng’s BBB rating for commercial reasons Fixed Inc