固定收益每日市场动态

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new KOEWPW 31 was 1bp tighter this morning. The new LLOYDS6.625 Perp rose 0.3pt. MTRC/PTTGC Perps were 0.2-0.5pt higher. We sawbuyers for front-end FRNs and LGFVs. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MEITUA:FV of the new5.5yr/7yr/10yr USD bonds to be c40bps lower thanIPT at T+130/140/150bps, respectively. MEITUAs were unchanged thismorning. See below. Cyrena Ng, CPA吳蒨瑩(852)3900 0801cyrenang@cmbi.com.hk PEAKRN:Peak Reinsurance PerpNC5.25 IPT at 6.1%. The Perp willqualifies as Tier 2 under HKRBC regime with regulatory capital amortizationbetween years 5.25-10.25; no mandatory distribution deferral or principalloss absorption. Option distribution deferral subject to dividend stopper and6-month look-back pusher. Asian lifers 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 Thetone was firm in Asia IG space yesterday amid positive US-China tradetalk progress over the weekend as well as expectation of another rate cut onOct FOMC meeting. Across Asia IG space was 1-5bps tighter. We saw betterbuyingon TW lifers SHIKON/NSINTW/FUBON with 2-5bps tighter.InChinese TMT space, MEITUA curve traded heavy amid new USD/CNHmandate and were unchanged at close. See comments on new issues below.KR space was generally steady with 1-3bps tighter, but we saw Chinese AMselling on the HYUELE curve.In financials,FRN space were mixed two wayonAU/KRbankpapers.JPAT1sandinsurancehybridsNOMURA/MUFG/FUKOKU led their respective sectors 0.3pt higher as RMcontinued to load exposure in Perps. Meanwhile, we continued to see RM/AMbuying HSBC/INTNED/ALVGR,and BNP/SOCGEN/ACAFP despite Moody'snegative outlook on France. UBS flows remained limited to two-way fromretail.HSBC Perps were unchanged to 0.4pt higher, despite HSBC will makea provision of USD1.1bn in its consolidated financial results for 3Q25.Theimpact to its CET1 ratio will be c15bps. HSBC’s CET1 ratio will remain over200bpsabove regulatory level even factoring into the provision andprivatization of Hang Seng Bank.Yankee AT1s climbed by up to c0.3pt.IndianNBFC IHFLIN 27-30s were 0.4-0.7pt higher.MUTHIN 28-30sincreased 0.2-1.0pt. In properties, FAEACO 12.814 Perp was 1.7pts higher.LASUDE 26 rose 1.6pts. See our comment on Lai Sun’s FY25 results on27Oct’25. NWDEVL Perps were 1.2-2.3pts higher while NWDEVL 27-31 were0.2-0.8pt higher. VNKRLE 27-29 decreased 0.1-0.7pt.Elsewhere, EHICAR26-27 were 1.3-2.4pts higher. GLPSP Perps/28 rose 0.7-0.9pt. GWFOOD 30was 0.4ptlower. In SEA Corps, MEDCIJ 29-30s were 0.4-0.6pt higher.VEDLN 28-33s increased 0.2-1.1pts. VLLPM 29 down 1.1pts. LGFVs had an overall stable session, as IG and onshore AAA-guaranteed papers continued to see moderatebuying flows from RM. CDECST 27 down 0.5pt. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+1.23%), Dow (+0.71%) and Nasdaq (+1.86%) were higher on Monday.10/30yr UST yield waslower on Monday while 2/5yr UST yield was unchanged. 2/5/10/30yield was at 3.48%/3.61%/4.01%/4.57%. Desk Analyst Comments分析员市场观点 MEITUA: FV of the new5.5yr/7yr/10yr USD bonds to be c40bps lower than IPT at T+130/140/150bps,respectively Meituan plans to issue USD and CNH senior unsecured bonds (Baa1/A-/BBB+). We view the fair value of the5.5yr/7yr/10yr USD bonds to beT+90/100/110bps vs IPT at T+130/140/150bps, respectively, in view of thecurrent valuation of MEITUA 29-30s and its peers, with adjustments for tenor premium, heavier primary supplyunder the dual-currency program, and Meituan’s near-term profitability pressure from price wars. See Table 1.The proceeds will be used to refinance offshore debts and other general corporate purpose. Meituan is a leading platform for local commerce and on-demand delivery service provider in China.Its one-stop platform covers hundreds of local commerce categories with over 100mn average daily orders, and drivescross-selling opportunities from food delivery to in-store, hotel, travel, instashopping, to bike and ride sharing.Meanwhile, Meituan is expanding its business overseas. It expanded to 20 cities in Saudi Arabia as of Jul’25and ranks among top 2 players, launched Keeta in Qatar in Aug’25 and in Kuwait in Sep’25. In Dubai, Keetawas launched in Sep’25 while Keeta Drone obtained licenses and was launched in Dec’24. Asdiscussed before, we view the current price wars in the food delivery sector in the mainland China weighson Meituan’s profitability. As per Meituan, it expects to incurs a loss in its core local commerce segment in3Q25. That said, we expect continued regulatory briefings and platform pledges to regulate promotions supporta base case of orderly competition rather than a reversion to irrational price wars. In 1H25, Meituan generatedrevenue of RMB178.4bn and adjusted LTM EBITDA of RMB41.1bn.InJun'25, Meituan's net cash position further increased to RMB120.0bn, supported by operating cash inflow, albeit lower, during 1H25