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 still light this morning given that mainland China is still on holiday.GARUDA 31s rose 3.1-3.9pts. LASUDE 26 was 2.9pts higher. CHGDNU48/EHICAR 26 were 0.9-2.1pts lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VEDLN:Stay on VEDLN 9.475 07/24/30. VEDLN 28-33s were 0.1-0.3ptlower this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk IHFLIN:Moody’s placed Sammaan Capital's B2 rating on review for upgradefollowing the bank's announcement of INR88.5bn equity capital investmentby International Holding Company. IHFLIN 27-28 were 0.5-0.6pt lower thismorning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Flowswere light on Monday with mainland China/Taiwan/Korea out forholiday. We saw better-selling flows out of Asian institutions in particular inFrench names BNP/ACAFP/SOCGEN amid news on PM resignation, as wellas in Japanese and Yankee AT1s and insurance hybrids. In Greater China,ZHOSHK 28 tightened 2bps. See our comment onMonday. EHICAR 26-27swere unchanged to 1.1pts higher. In properties, FAEACO 12.814 Perp wasmarked 14.7pts higher after the passage of deadline to issue coupon deferralnotice. NWDEVL Perps were unchanged to 0.2pt higher, and NWDEVL 27-31s were 0.2pt lower to 0.3pt higher. HYSAN 4.85 Perp were up by 0.3pt.VNKRLE 27-29s lowered 0.2-0.4pt. FUTLAN 28/FTLNHD 26/LNGFOR 27-32s were 0.2pt lower to 0.2pt higher. In Southeast Asia, GARUDA 31s rose0.9pt. Media report that Garuda Indonesia has asked sovereign wealth fundDanantara for a USD600-800mn injection to complete the maintenance of 51aircrafts. VLLPM were down by 0.2-1.0pt. VEDLN 28-33s were unchangedto 0.1pt lower. See comments below. In LGFV space, TAIANH 6.9 07/16/28and FZSZJJ 7 12/27/27 leaked 0.9-1.7pts. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.38%), Dow (-0.20%) and Nasdaq (-0.67%) were lower on Tuesday. The release of US Aug’25trade balance has been delayed by thefederal government shutdown. 2/5yr UST yield was lower while 10/30yrUST yield was higher on Tuesday. 2/5/10/30 yield was at 3.57%/3.71%/4.14%/4.73%. Desk Analyst Comments分析员市场观点 VEDLN:Stay onVEDLN 9.475 07/24/30 Vedanta Resources (VRL) priced USD500mn VEDLN 9.125 10/15/32 (B2/-/B+) off an orderbook of overUSD1.6bn, with net proceeds earmarked to prepay the 18% private credit facility due Apr’26. Over the past 14months, VRL has raised USD3.6bn in USD bonds, smoothing its maturity profile beyond FY26 and loweringoverall funding costs. On a RV basis, we still prefer VEDLN 9.475 07/24/30 for a better risk-adjusted profile,with the new VEDLN 32s added to the curve and trading broadly in line with the VEDLN 31s at 9.0% YTW. At102.2, VEDLN 9.475 07/24/30 is trading at 8.8% YTW, and offer 46bps pickup over Nickel Industries’ recentnew issue NICAU 9 09/30/30 (B1/-/B+). Offshore Asia New Issues (Priced) News and market color Onshore primary issuances suspend during the National DayHolidayMacau logs over 1mn visitors in first 7 days of Oct’25 Golden Week[ADGREG]Adani Green inks USD250mn loan from four global banks for refinancing[GARUDA]Garuda Indonesia has asked sovereign wealth fund Danantara for a USD600-800mninjection tocomplete the maintenance of 51 aircraft[GLPSP]GLP has received interest from Middle East institutions for a strategic investment, fundraisesize is expected to be cUSD1bn[LGELEC]LG Electronics India USD1.3bn IPO sells out on first day[ORIX]ORIX’sIndian JV, Canara Robeco AMC, plans an IPO of INR13.3bn (cUSD149.4mn)[SINOPE]Sinopec is adding at least 169mn barrels of oil reserves amid global geopolitical tensions[SMCPM]San Miguel fined by securities regulator for 'misstatement' in 1H25 earnings report Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report inpreceding 12 The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, relatedto the specific views expressed by that author in this report.Besides, the authorconfirms that neither the author nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30calendar days priorto the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered inthi