固定收益日报市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asia IG space was 2-5bps tighter this morning. TW lifers were 3-5bps tighter.MEITUAswere 2-3bps wider post multi-tranches USD and dim sumissuance mandate. We saw better buying on JP/EU AT1s. Moody’s revisedFrance’soutlook to negative from stable, affirmed Aa3 rating. FAEACO12.814 Perp was 1.3pts higher. GLPSP 28/Perps were 0.7-1.0pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LASUDE:FY25 net loss narrowed; near-term refinancing pressure remains.LASUDE 26 was 0.4pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HSBC:HSBC Holdings will recognize a provision of USD1.1bn in itsconsolidated financial results for 3Q25, c15bps impact on the group’s CET1capital ratio. HSBCs 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 The macro tone was largely cautious ahead of US CPI last Friday. The newGLPCHI 29 was 0.4pt lower whileGLPCHI 26 was unchanged. GLPSP28/Perps were 0.2-0.5pt higher. GLP China privately placed USD300mn torefinance GLPCHI 26. See our comment on24 Oct’25.In China, MEITUA28-30s were 5-7bps tighter. This morning, Meituan mandated multi-tranchesUSD144A/Reg S and dim sum Reg S issuance.MINMET 26s wereunchanged. China Minmetals put forward HKD1per share privatizationproposal for Minmetals Land, maximum cash consideration is HKD1.3bn(cUSD164mn). In financials, Japanese insurance hybrids edged 0.1-0.3pthigheramid better buying from PBs against thin offer liquidity. Yankee AT1swere better offered from London.In properties, FTLNHDs 26-27/FUTLAN 28were 0.1pt higher. See our comment Seazen’s USD50mn retap on FUTLAN28 on24 Oct’25. LASUDE 26 was 0.5pt higher. Last Friday evening, Lai SunDevelopment announced lower net losses at HKD2.9bn in FY25, down fromHKD3.7bn in FY24.See comments below.On the other hand, NWDEVLPerpswere 1.0-1.2pts lower and NWDEVL 27-31 were 0.1-0.6pt lower.VNKRLE 29 was 0.3pt higher while VNKRLE 27 was 0.2pt lower. In SEA,BIMLVN 26/VLLPM 29 were 1.2-1.7pts higher. VEDLN 29-33s were 0.1-0.3pthigher. In LGFVs, we saw two-way flows in higher-yielding issues and skewed tobetter selling. CDECST 27 was 0.4pt higher. In non-LGFV CNH, we sawsome selling in high-grade issues in the long end from RM ahead of thepotential Xi-Trump meeting, yet these quality bonds were still very well bid. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.79%), Dow (+1.01%) and Nasdaq (+1.15%) were higher on last Friday.US Sep’25 CPI was+0.3% mom/+3.0% yoy, lower than the market expectation of +0.4% mom/+3.1% yoy. 10/30yr UST yield washigher while 2/5yr UST yield was unchanged on last Friday. 2/5/10/30 yield was at 3.48%/3.61%/4.02%/4.59%. Desk Analyst Comments分析员市场观点 LASUDE: FY25 net loss narrowed; near-term refinancing pressure remains Lai Sunreported lower net losses of HKD2.9bn in FY25 (ended 31 Jul’25) from HKD3.7bn in FY24. The lowernet losses were driven by lower asset impairment charges and fair value losses on IPs, alongside with lowerfinance costs. The cost control measures helped bring admin expenses down 5% and other opex down 39.4%,delivering total savings of HKD667mn compared to FY24. These improvements were partially offset by weakerproperty sales (down 42% yoy to HKD885mn) and lower contribution from film and TV program (down 86% yoytoHKD47mn), and a 42% yoy increase in share of losses of JVs to HKD1.1bn. Despite improved financial results and progresses in refinancing YTD, we view Lai Sun’s near-term refinancingpressure remains elevated. As of Jul’25, its short-term debts stood atHKD14.8bn compared to cash and bankbalances of HKD4.2bn, resulting in a net current liability position. The HKD14.8bn short-term debts comprised70% bank borrowings, 26% USD bond LASUDE 5 07/28/26 of USD493mn, and 4% other borrowings and leaseliabilities. In Sep’25, Lai Sun refinanced HKD3.1bn (c30% of short-term bank borrowings) as part of HKD3.5bn5-year syndicated loan secured on Cheung Sha Wan Plaza. Lai Sun still faces HKD7.3bn of bank borrowingsmaturing within nine months, with LASUDE 26 due in Jul’26. Management is pursuing asset disposals to improve liquidity and meet debts obligations. Lai Sun targetsHKD8bn of asset disposals over the next two years as announced in its 1H25 interim report ending 31 Jan’25.Since 1 Feb’25, Lai Sun has sold non-core assets totaled HKD2.2bn and is currently in advanced discussionsfor further disposals with estimated proceeds of HKD4.5bn. However, weak Hong Kong property marketconditions, i.e. elevated office vacancies and subdued transaction volumes, could weighon the timing of assetsales and asset values. In our view, furtherasset disposals and property sales are the keys for the refinancingof LASUDE 26. At 66.4, LASUDE 26 is trading at 70.0% YTW, we view the current valuation priced in a potentialconsensual LME with partial upfront repayment and a maturity extension. Offs