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 CNH INDON 2.5 30/INDON 2.9 30 increased by 0.1-0.4pt from RO at par. We saw buyers for front-end JP/KR floaters. LASUDE26/GLPSP 28 were 0.4-0.5pt higher, while LIHHK 26/HYSAN 4.85 Perplowered0.5-0.6pt. The new GLPCHI 29 down 0.5pt this morning. See below. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FUTLAN/FTLNHD:USD50mn retap on FUTLAN 11.88 06/26/28. FUTLAN11.88 06/26/28 was unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Policy:China targets tech self-reliance and economic transition inthe 15th Five-Year Plan. CMBI views the Plan signals an economic pivottoward consumption-led growth, shifting fiscal support from “investment inprojects” to "investment in people". See comments from CMBI economicresearch below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Asia IG spreads were largely unchanged amid balanced two-wayflows. In the Middle East, BSFR 5.761 09/03/35 was actively traded byChineseRMs and global PBs.There was better selling on 2-5yrCCAMCL/HAOHUA/TENCNT papers, OCBCSP 32-35s, and AIA 40/54s. InGreater China, MTRC Perps rose 0.3-0.5pt thanks to RM buyers. REGH 6.5PERP increased by 1.3pts. NANFUN 5 Perp/FAEACO 12.814 Pere were 0.2-0.4pt higher. NWDEVLs fell another 0.1-1.7pts.In Macau gaming, MGMCHI26-31s/SANLTD 27-31s/STCITY 28-29s were unchanged to 0.1pt higher.See comment on SANLTDyesterday. In Chinese properties, LNGFOR 27-32s were unchanged to 0.2pt higher. VNKRLE 27-29s dropped by 0.5-0.8pt.FUTLAN lowered 0.2pt. See comment on Seazen below. In JP space,SOFTBKs were 0.1pt lower to 0.1pt higher.Japanese insurance hybridsedged another 0.2pt firmer with PB buying. There was moderate buying fromAsia for Yankee AT1s but tone from London wasmore cautious.In SoutheastAsia, GLPSP Perps were unchanged to 0.3pt higher, while GLPSP 28lowered 0.1pt. See comments below on GLP China’s new issue. VLLPM 27-29s were unchanged to 0.3pt higher. PETMK 35s closed unchanged amidtwo-way flows.GARUDA 31s/VEDLN 28-33s were 0.1pt lower to 0.1pt higher. In LGFV space, liquidityremained overall weak amid mixed two-way interests.IG quality papers and onshore AAA-guaranteed issues remained firm asthere wassustaindemand from asset managers, whereas higher-yieldingissues down the credit curve leaked amid selling from tactical and retailinvestors. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.58%), Dow (+0.31%) and Nasdaq (+0.89%) were higher on Thursday.The release of thelatest initial jobless claims hasbeen delayed by the federal government shutdown. UST yield was higher onThursday. 2/5/10/30 yield was at 3.48%/3.61%/4.01%/4.58%. Desk Analyst Comments分析员市场观点 FUTLAN/FTLNHD:USD50mn retap on FUTLAN 11.88 06/26/28 Seazen retapped FUTLAN 11.88 06/26/28 for USD50mn. The bond was issued in Jun’25 with an original issuesize ofUSD300mn.Recalled that in late Jun’25, Seazen completed the tender offers to repurchaseUSD158.9mn of FUTLAN 4.45 07/13/25 and USD50mn of FTLNHD 4 5/8 10/15/25 in principal amounts, and aconcurrent new issue of FUTLAN 11.88 06/26/28.We take the small retap positively as this demonstratedonce again Seazen’s ability to access the USD bond market, and the retap is on the longer tenor FUTLAN11.88 06/26/28 instead of FTLNHD 11.88 09/30/27 issued last month.We estimate that Seazen has aremaining NDRC quota of USD120mn to be expired in Apr’26.We will not be surprised to see more retapsfrom Seazen over the next few months. Seazen posted weaker 1H25 results due mainly to the notably lower GFA delivered and ASP.The impact ofthese was partly mitigated by the higher contribution from IPs, supported by high occupancy rate of its IPs(97.8% as of Jun’25). In 1H25, total recurring income increased 8.6% yoy to RMB7.0bn, equivalent to 3.9x ofits gross interest expenses.Seazen maintained a largely stable credit profile.It obtained additional securedloans of cRMB4.5bn against its IPs in 1H25.We estimated that total secured loans against itsIPs werecRMB50bn with an LTV of c40%. Seazen has 18 malls remain unpledged, and this could be translated into aheadroom of additional cUSD1bn secured loans against its IPs (vs total o/s USD bonds of USD954mn).Seeour daily on18 Sep’25for more discussions on Seazen’s 1H25 results. Seazen has demonstrated a notably better access to funding channels than most of its peers.In addition tooperating loans secured by its IPs, Seazen raised CBICL-guaranteed bonds totaled RMB1.9bn at funding costsof 2.68% and 3.29% for refinancing YTD.It also raised USD510mn from the USD bond market to refinanceUSD bonds totaled USD600mn maturing in Jul’ and Oct’25.We believe that the maturity profile of Seazen ismanageable in view of the financial flexibility offered by its IPs and the gradual resumption of access to variousfunding channels. Hence, we maintain buy on FUTLAN and FTLNHDs for their goo