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, TW lifers/PETMKs tightened 1-3bps. LGFVs and EuropeanAT1s/insurance bonds were unchanged to 0.3pt higher amid better-buyingflows. VLLPM 29/DALWAN 26 were 0.5-1.3pts higher. CKINF 4.2 Perp wasdown by 0.5pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SHUION:Plan to issue 3-year USD bond to refinance SHUION 5.5 06/29/26,which was unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HACLSP:Halcyon Agri to fully redeem USD200mn HACLSP 3.8 Perp on 18Nov’25, which was 0.1pt higher this morning. Tradingdesk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Last Friday,Asia IG space was 3-7bps wider against a weaker macrobackdrop. TW lifers FUBON/CATLIFs/NSINTWs/SHIKON widened 4-7bps.China TMTs were 3-5bps wider amid selling flows on belly-to-front-end bondsof BABAs/TENCNTs. We saw selling on AIA long-end bonds and CKHH 5-10yr tenor papers. LIHHK 4.8 06/18/26 lowered 1.1pts. On the other hand,NWDEVLs continued to perform and rose another 0.6-1.7pts. FAEACO12.814 Perp/MTRC Perps were 0.3pt higher. The coupon for FAEACO12.814 Perp, due on 18 Oct’25, should be paid today.We have a buyrecommendation on FAEACO 12.814 Perp. See our comments on13 Oct’25.In Chinese properties, GRNLGR 28-31s dropped 1-3.4pts. LNGFOR 27-32swere 0.2-0.4pt lower. VNKRLE 27-29s were up by 0.1-0.7pt. Wesaw clientstrimming HY risks by selling on-the-run issues such as CWAHK 30/PTTGCs.CWAHK 30 was 0.5pt lower from Thursday, and 0.7pt lower than RO at 98.9.Korea/Japan/SEA/AU IG names were 3-5bps wider with better selling onbank T2s OCBCSP/NAB/MIZUHO/NOMURA. Yankee and Japanese AT1swere down by 0.3-0.6pt after London opened. We saw better selling on thelong-end bonds of UBS/MUFG/ACAFP from RMs and FMs, whereas demandin the front end by asset managers from Greater China in attempt to buy atthe dip. Insurance hybrids were 0.3pt lower amid better-selling flows fromRMs out of Asia. PETMK curve was 3-5bps wider overall, but there were two-way flows on PETMK 35s.VEDLN 28-33s were 0.2-1.1pts lower. VLLPM 27-29 were up by 0.6-1.2pts. SMCGL Perps were 0.1-0.2pt higher.The LGFVspace remained largely stable and unaffected by macro volatilities amidmoderate two-way flows across higher-yielding names. LGFV IG USD issuescontinued to be sought after by cross-border RMs. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.53%), Dow (+0.52%) and Nasdaq (+0.52%) were higher on last Friday. UST yield was higheron last Friday. 2/5/10/30yield was at 3.46%/3.59%/4.02%/4.60%. Desk Analyst Comments分析员市场观点 SHUION:Plan to issue 3-year USD bond to refinance SHUION 5.5 06/29/26 Media reportedthat Shui On Land (Shui On) is gauging investor appetite for a potential 3-year USD bondissuance targeting an 8% yield, to refinance its sole outstanding USD bond, the USD400mn SHUION 5.506/29/26, due in Jun’26.Amid broader industry headwinds, Shui On is one of the few property developershonoring its debt obligations, supported by onshore funding access and asset disposals. Since Aug’24, ShuiOn has redeemed two USD bonds totaled USD990mn, financed by onshore bank borrowings and proceedsfrom asset sales. The potential issuance will help strengthen Shui On's financial flexibility, although thecompany has alternative funding channels that could also enable the bond redemption. Meanwhile, Shui On established a fund with subsidiaries of Dajia Insurance and AIA Life Insurance in Jul’25,in which Shui On will ultimately hold a 57.63% stake.Shui On will sell two projects totaled RMB3.5bn to thisfund, including Lingnan Xintiandi, NOVA (a shipping center), and Lingnan Tiandi Commercial Plaza (an officebuilding) in Foshan. The transaction is expected to generate net cash proceeds of RMB683mn (cUSD95mn) toShui On. At 99.5,SHUION 5.5 06/29/26 is trading at 6.3% YTM. We are neutral on SHUION 5.5 06/29/26 onvaluation.In Chinese properties space, we like CHJMAO, DALWAN, FUTLAN/FTLNHD, GRNCH, LNGFORand VNKRLE. Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 123 credit bonds issued last Friday with an amount ofRMB83bn. As for month-to-date, 663 credit bonds were issued with a total amount of RMB664bn raised,representing a 32.3% yoy increaseDanantara will infuse the Indonesian capital market with IDR16tn (cUSD964.6mn) in the near term[BABA/JD]JD.com and Alibaba-backed Ant Group are among the companies halting stablecoin plans dueto government concerns[BCLMHK]BOCOM Leasing CNY Yulan bonds IPT at 2.5%[BIOLIN]Biocon Biologics explores IPO, merger with parent, for True North, Tata Capital exit[JSTLIN]JSW Steel 1HFY26 consolidated EBITDA rises 34.2% yoy to INR146.9bn (cUSD1.7bn)[KOEWPW]Korea East-West Power mandates Reg S USD bond offering[NIO]NIO says suit filed by Singapore’s GIC is groundless, stems from false accusations[PLNIJ]PLN will invest IDR3.4tn (cUSD202mn) to bui