固定收益日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new KEBHNB Float 28 tightened 5bps from issuance atSOFR+60,and KEBHNB 30 was 2bps tighter from T5+43.TWlifers/HYUELEs/HYNMTRs/OCBCSP 35 were unchanged to 2bps tighter.JP AT1s and insurance hybrids recovered 0.1pt. IPT of the new CWAHK 30at6.375%. See our comment on the FV yesterday.CWAHK 26 wasunchanged this morning. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:CCI approved JPA acquisition. Maintain buy on VEDLN 9.47507/24/30. VEDLN 30-33s were 0.1-0.2pt higher this morning. See below. European AT1:Swiss Federal Administrative Court ruled thatthe Mar’23decreeto write down the CHF16.5bn(cUSD20.5bn)AT1 bonds wasunlawful, but has not yet decided on the reversal request. European AT1swere 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  Yesterday,the macro sentiment remainedfragile amid more trade headlines.Korean IG space was 1-4bps wider. There was better selling on the HYUELEcurveand front-end FRNs.JP bank FRNs and the recent issuesNOMURA/HOKKEL/MITEST widened 2-5bps. Yankee and Japanese AT1sand insurance hybrids were down by 0.1-0.2pt even with dip buying from AMs,prop desks, and PB clients in tactical sizes.TW lifers space widened 3-5bpsamid global money and China AM accounts selling. Wesaw better buying onChinaTMTs MEITUA/BABA,but the overall China IG spreads wereunchanged to 3bps wider. There was small selling on BNKEA 28/34s, as wellas long-end HKAAs/HKINTLs. In Greater China higher-beta credits, FOSUNI26-29s/LIFUNGs as well as HK property HYSAN Perps/LASUDE 26 weredown by 0.5-1.4pts.FAEACO 12.814 Perp/CWAHK 26 edged 0.1pt higher.See our comment on FAEACO on13 Oct’25, and analysis on the fair valueof the new CWAHK 30yesterday.In Chinese properties, VNKRLE 27-29were down another 1.2-1.3pts amid headlines on the detention ofVanke'sformer President and CEO Zhu Jiusheng. Zhu had already resigned fromVanke back in Jan’25, and we view that the detention should have limitedimpact to Vanke andits relationship with SZ metro.In Southeast Asia space,OCBCSP 35 widened another 2bps.PETMKcurve was 2-5bps wider amidBanks/AMs selling. BBLTB sub curve was up to 5bps wider, while there wasbetter buying on BBLTB 33-34s senior.VLLPM 29 increased by 1.1pts.GARUDA 6 1/2 12/28/31 dropped 2pts. VEDLN 28-33s lowered 0.2-0.8pt.See comments below.AU bank FRNs were up to 3bps wider. PBs/ChineseAMs were selling ANZ/NAB Bank T2 papers. LGFVs were largely stable across the credit curve as the sector once againshowed some negative-correlation against the broader risk sentiment. Buyingflows furtherrecovered in higher-yielding LGFV names amid weakness inequities. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.16%), Dow (+0.44%) and Nasdaq (-0.76%) were mixed on Tuesday. UST yield was lower onTuesday. 2/5/10/30 yield was at3.48%/3.60%/4.03%/4.62%. Desk Analyst Comments分析员市场观点 VEDLN:CCIapproved JPA acquisition The Competition Commission of India (CCI) approved Vedanta Ltd (VEDL) proposed acquisition of JaiprakashAssociates (JPA), a keymilestonein VEDL’s INR170bn (cUSD1.9bn) bid under the Insolvency and BankruptcyCode (IBC) process.VEDL emerged as thetop bidder outbidding the Adani Group in Sep’25, with thetransaction structured as an upfront payment of INR38bn (cUSD428mn) followed by annual instalments ofINR25-30bnover the subsequent five years, funded by a mix of debt and cashon hand. The closingisstillsubject to customary approvals and process timelines under IBC. As discussed in our daily on24 Sep’25, the acquisition of JPA by VEDL could slow down its deleveragingtrajectory given incremental funding needs.JPA’sbusinesses are concentrated in cyclical, capital-intensivesegments such as real estate, cement, and infrastructure where synergies with VEDL’s core metals and miningplatform are limited, and such expansioncould also weaken VEDL’s operating profile.In addition, JPA’s lendershavesought provisions for contingent payments linked to an ongoing Yamuna Expressway IndustrialDevelopment Authority land dispute, which create more uncertainties of VEDL’s cash flow. The matter ispending before the Supreme Court, after the Allahabad High Court cancelled the 1,000 hectares landallotmentin Mar’25 for its sports city project near New Delhi, given JPA’s non-payment of dues and failed to develop coresports facilities within deadline. On a RV basis, we still prefer VEDLN 9.475 07/24/30 for a better risk-adjusted profile. At 100.3, VEDLN 9.47507/24/30 is trading at 9.4% YTW, and offer 78bps yield pickup over Nickel Industries’ recent new issue NICAU9 09/30/30 (B1/-/B+). Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances, there were 105 credit bonds issuedyesterday with an amount ofRMB181bn. As for month-to-