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, PINGIN 35/OCBCSP 35/FUBON 35 widened 1-3bps. NORBK30-35s widened 5-10bps against the headlines that a JV betweenNorinchukin Bank and Mitsui & Co. faces USD1.75bn of exposure tobankrupt First Brands Group. We saw better selling on HSBC/BNP/STANLNAT1s. PTTGC 7 1/8 Perp and PTTGC 6.5 Perp were down 0.3pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk ZHHFGR:FV of the new dim sum ZHHFGR 28 to be low-3% vs IPT at3.5%.See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk IHFLIN:Sammaan Capital priced USD450mn 5yr senior secured bonds at7.5%. Proceeds will be used in accordance with its sustainable financingframework, and as may be permitted by the RBI ECB guidelines includingfor onward lending purposes. The new IHFLIN 30s were 0.3pt higher thismorning while IHFLIN 27-28s moved-0.1pt to +0.1pt. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,activities picked up as onshore Chinese accounts returned fromGolden Week holiday. In Asia IG space,we saw overall better buying acrossthe space. China onshore funds were buying Japanese banks FRNs, andoffshore Chinese PBs were adding Middle Eastern/Chinese/Japanese banksFRNs. In Korea space, there were two-way flows on HYNMTR FRNs.Japanese and Yankee AT1s and insurance hybrids were softer. HSBC Perpssoftened 0.1-0.4pt on back of the Hang Seng privatization news. See ourcommentsyesterday. BNP Perps lowered up to 0.4pt despite the recovery inFrench government yields. BHP 5 1/2 09/08/53 was down by 0.5pt. In TWlifers, FUBON 35/NSINTW 34-41s were 1bp tighter amid better-buying fromPBs. REGH 6.5 Perp gained 2.3pts. Regal Hotels put Kowloon City hotel upfor sale at an indicative price of HKD1.5bn (cUSD192mn). FAEACO Perp lost0.1pt after gaining 20pts since Monday as Far East Consortium is set to paythe perp coupon on 18 Oct’25. LASUDE 26 was down by 0.3pt. NWDEVLswere 0.1-0.9ptlower. In Chinese properties, VNKRLE 27-29s were up by 0.3-0.4pt. In Southeast Asia, there was small selling from PBs on Indian names.VLLPM 27-29 were 0.5-2.8pts higher. GLPSPs lost 0.1-0.2pt. Flows were mixed in LGFV space. IG/quality USD bonds yielding less than5% were still sought after, whereas higher-yielding issues across USD andCNH remained moderately heavy despite the slight emergence of tacticalAMs buyers. CDECST 6 1/2 11/18/27 and FZSZJJ 7 12/27/27 gained 0.5pt. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.28%), Dow (-0.52%) and Nasdaq (-0.08%) were lower on Thursday. UST yield was higher onThursday.2/5/10/30 yield was at 3.60%/3.74%/4.14%/4.72%. Desk Analyst Comments分析员市场观点 ZHHFGR:FV of the new dim sum ZHHFGR 28 to be low-3% vs IPT at 3.5% Zhuhai Huafa Group proposes to issue 3-year dim sum bond (Fitch: BBB). We view the FV of the new ZHHFGR28 to be low-3%vs IPT at 3.5%, taking cues from its existing ZHHFGR 27 trading at 3.1% YTW. Theproceedswill be used to refinance offshore debts, its only o/s USD bond ZHHFGR 2.8 11/04/25 of USD400mn will bedue on 4 Nov’25. The newZHHFGR 28 will be issuedthrough Huafa 2024 I Company Limited with the full guarantee from ZhuhaiHuafa Group, The structure is the same as that of existing dim sum issuesZHHFGR 4 ½ 12/23/27 and ZHHFGR6 Perp. Zhuhai Huafa Group is 93.48% owned by Zhuhai SASAC and 6.52% by Guangdong ProvincialDepartment of Finance.We view the government support towards Zhuhai HuafaGroup is strong.ZhuhaiHuafa Group received government capital injection totaled RMB24.1bn in the forms of assets and equity during2020-2024. These represented 13.9% of Zhuhai Huafa Group’s total owner’s equity as of Dec’24. In May’25,Fitch revised the outlook of Zhuhai Huafa Group to positive from stable and affirmed the BBB rating. The outlookrevision reflects its strengthening position and financing role as a core government-related entity following tworounds of reforms in 2024 and 2025, which could increase the government's incentive to provide support to thecompany. Zhuhai Huafa Group is the largest state-owned platform in Zhuhai with RMB729.3bn total assets. Zhuhai HuafaGroup holds a strategic infrastructure mandate by the Zhuhai Governmentincluding SZM CBD with RMB35.8bnestimated investment. The Group demonstrates business diversification beyond property development, with45.5% of the FY24 total revenue was from sales and trading of materials and commodities, 36.4% from propertydevelopment, and the remainder from urban operations and other sectors. Furthermore, Zhuhai Huafa Grouphas diversified funding channels onshore and offshore. It has RMB256.4bn undrawn bank facilities as of Mar’25. Offshore Asia New Issues (Priced) News and market color Regarding onshore primary issuances, there were 37 credit bonds issued yesterday with an amount ofRMB36bn. As for month-to-date, 37 credit bonds were issued with a total amount of RMB36bn raised,representing a 35.5% yoy decrease China tightens rules