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, the new SOFTBK 7.625 04/29/61 and SOFTBK 8.2510/29/65lowered 0.3-0.5pt from RO at par. The new YANTZE 1.79 10/22/28 tightenedup to 6bps from initial pricing at T+16. Asia IG space was overall unchangedto 2bps wider. We saw AMs buying front-end KR bonds. MTRC Perps rose0.3-0.7pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SANLTD:3Q25 results supported by the growing contribution from TheLondoner Macao.SANLTD 26-31s were unchanged this morning. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SHIKON:Nvidia’s plan to build headquarters in Taipei will progress afterShin Kong Life Insurance Company,which owns the development rights ofthe land sites, agreed to end the contract with Taipei city government.TWlifers were unchanged 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 new ASBBNK 4.155 30 tightened 2bps from issuance at T+60,and ASBBNK Float 30 tightened 12bps from RO at SOFR+90. The newGSCCOR 4.25 30 was initially traded by AM flippers and tightened 2bps frompricing at T+77, and later had small PB buyers. See our comment onGSCCOR on21 Oct’25. For the rest of KR space, we saw front-end buyerson HYUELEs and sellers on HYNMTRs/KTGCs, but the overall spreads werelargely unchanged. In JP space, SOFTBK 27-35swere unchanged to 0.2pthigher.See our comment on SOFTBK yesterday.Japanese insurancehybrids were 0.1-0.3pt higher amid better-buying from RMs. AMs out of Asiawere buying front-end HSBC/BNP while retail buyers for long-end papers.Yankee AT1s fell a touch softer after London opened.There was street liftingfor ultra-long China TMT bonds like TENCNT while only light flows from PBson the rest of TMT front-end bonds and belly-to-10-years. REGH 6.5 Perpwas 1pt higher. The NWDEVL complex dropped 0.1-1pt. In Macau gaming,SJMHOLs/MGMCHIs/MPELs/SANLTDs/STCITYs/WYNMACswere 0.1ptlower to 0.1pt higher. See comments below on Sands China. In Chineseproperties, YUZHOU 27 recovered 0.7pt. VNKRLE 27 underperformed andclosed 0.9pt lower, while VNKRLE 29 was 0.5pt higher. LNGFOR 27-32swere down by 0.1pt. In Southeast Asia, VLLPM 27-29 continued to lead thespace and rose 1.4-1.6pts. SMCGL Perps were 0.1pt lower to 0.1pt higher.San Miguel Global Power fully redeemed USD750mn SMCGL 7 PERP. In LGFV space, the new GEZHOU 4.25 PERP edged a few cents higher fromRO at par. There were more AM buyers for AAA-guaranteed and higher-yielding issues, while tactical investors were trimming exposure of HY bonds. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.53%), Dow (-0.71%) and Nasdaq(-0.93%) were lower on Wednesday.US Crude OilInventories was-0.961mn, lower than the market expectation of +2.2mn. UST yield bull flattened on Wednesday.2/5/10/30 yield was at 3.45%/3.56%/3.97%/4.54%. Desk Analyst Comments分析员市场观点 SANLTD:3Q25 results supported by the growing contribution from Londoner Macao In 3Q25, Sands China’s revenue and adj. property EBITDA increased 7.6% and 2.7% yoy to USD1.9bn andUSD601mn, respectively, supported by the growingcontribution from The Londoner Macao which was the onlyfacility of Sands China posted yoy growth in revenue and adj. property EBITDA.Recalled that The LondonerMacao hotel tower was under rebranding and renovation starting from 2Q24, and the works were completed in2Q25.In 9M25 Sands China’s revenue increased 1.1% to USD5.4bn while adj property EBITDA declined 3.1%to USD1.7bn.The growing contributions from The Londoner Macao mitigated the weaker performance ofSandsChina’s other facilities.Its adj. property EBITDA margin was 31.5% in 9M25, compared with 32.9% in9M24.Sands China’s market share by mass market revenueshare and adj. property EBITDA recovered to25.4% and 27.8% in 3Q25 from 24.0% and 27.4% in 2Q25,respectively.Nonetheless, the adj. propertyEBITDA, market share by mass market revenue share and adj. property EBITDA in 3Q25 remain below thelevels of USD610mn, 25.6% and 30.1% prior to the rebranding and renovation works in 1Q24. We are neutral on SANLTDs on valuation.Within the Macau gaming sector, our top picks are MPELs andSTCITYs in view of the improving market shares and growing adj. EBITDA of Melco and Studio City, as well asthe more appealing risk-return profiles of MPELs/STCITYs.Additionally, we consider WYNMAC’27, ‘28 and ‘29yield pick-up plays, trading at 40-60bps over bonds of its US parent.We are also neutral on MGMCHIs andSJMHOLs on valuation. SeeourMacau gaming sector piece on5 Sep’25for more discussions. Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances, there were 179 credit bonds issued yesterday with an amount ofRMB171bn. As for month-to-date, 1,087 credit bonds were issued with a total amount of RMB1,062bnraised, representing a 33.2% yoy increase Danantara aims to consolidate the country’s state-owned enterpr