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 We saw sellers on the new HSBC 31s/35 this morning. The new USDMEITUA 31s/32s/35s were 1-2bps wider. AU FRNs were 3-5bps wider.HYNMTRs were 1-2bps tighter, Hyundai Motor reported 8.8% yoy increasein 3Q25 revenue to KRW46.7tn. LASUDE 26/PEAKRN Perp rose 0.2pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VNKRLE:Another loanfrom SZ Metro for bond repayment. Maintain buy onVNKRLEs. VNKRLE 27-29 were 0.9-1.1pts lower this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:India's NCLT further defers Vedanta demerger hearing to 12Nov’25 from 29 Oct’25. VEDLNs were unchanged this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,Asia IG spreads tightened 3-5bps.In China, the new USDMEITUA 31s/32s/35s tightened 3-5bps. TENCNT 50s were 1.2pts lower(unchanged in spread).In KR, HYUELE 26s were 2bps tighter whileHYUELE 28s/33s were 2bps wider. See our comments on SK Hynix’s 3Q25result on30 Oct’25.We saw block sellers on LGENSOs and block buyerson HYNMTR 28s/30s FRNs.In AU, RIOLN 51/53/55/65 were 5-6bps wider(0.5-0.9pt lower). Media reported that Rio Tinto mandated investment banksto help with the sale of its non-core assets to fund capex and repay debts. Infinancials, JP insurance hybrids and Yankee AT1s dropped by 0.2-0.5pt ledby the long end.In HK, LASUDE 26/LIHHK 26 were 0.5-0.7pt higher.NWDEVL Perps were 0.5-0.8pt lower while NWDEVL 29-31 were 0.2-0.4ptlower.NANFUN Perp/REGH Perp rose 0.4pt.In Chinese properties,VNKRLE 27-29 were 1.3-1.9pts lower. See comments below. Macau gamingbonds were unchanged.See our comment on MGM China’s 3Q25 result on30 Oct’25. In SEA, INCLEN 27s/INGPHL 27s/RPVIN 27-28s/RNW 26swereunchanged. ReNew Energy agreed in principle to USD8.15/share buyoutoffer. PTTGC Perps were 0.2-0.4pt lower. LGFVs remained mixed as IG and onshore AAA-guaranteed issues remaineddemanded by RM, whilst some high-yielding names were still heavy. We sawactive flows in the new CNH MEITUA 35 with profit taking from primaryholders and was 0.2pt higher at close, while the CNH MEITUA 30 was 0.1pthigher. Marco News Recap宏观新闻回顾 Macro–S&P (-0.99%), Dow (-0.23%) and Nasdaq (-1.57%) were lower on Thursday. UST yield was higher onThursday. 2/5/10/30 yield was at 3.61%/3.72%/4.11%/4.65%. Desk Analyst Comments分析员市场观点 VNKRLE: Anotherloan from SZ Metro for bond repayment SZ Metro provided a new loan of RMB2.2bn to Vanke ahead of scheduled bond redemption of RMB2.5bn today.The loan terms are largely the same as those of previous loans: funding cost is 1-yrLPR-0.66%, i.e. 2.34% atthe current LPR level and final maturity to be no longer than 3 years.SZ Metro can request Vanke to providecollaterals for the loan. This is the first loan provided by SZ Metro since the appointment of HUANG Liping asthe new chairman on 13 Oct’25.The new loan reinforces our belief that the strategic direction, includinghonouring public bond repayments, of Vanke will be largely unchanged taking cues from the fact that the newchairman is also a member of senior management inSZ Metro. Vanke posted further deterioration in operating performance in 9M25, reflecting sustained pressures on bothprofitability and asset quality.In 9M25, Vanke recorded operating losses of RMB11.2bn compared withRMB1.9bn in 9M24.Its gross marginwas only 0.7% in 9M25 (vs 8.6% in 9M24 and 5.1% in 1H25).Thedeterioration was attributable to impairment losses on inventory and credit losses totaled RMB9.4bn in 9M25.Liquidity profile remains tight despite key coverage ratios are largely stable.Given the weak operatingperformance and tight liquidity, SZ Metro’s continuous support is the key to Vanke’s credit profile. We take comfort that SZ Metro has been demonstrating strong support in steering Vanke through the maturitywall in 2025 so far. Year-to-yesterday, Vanke had repaid public bonds totaled RMB28.9bn while SZ Metro hadprovided shareholder’s loans totaled RMB26.9bn before the additional RMB2.2bn announced yesterday. About2/3 of the shareholder’s loans are on unsecured basis. In our view, Vanke’s debt maturity profile is much moremanageable compared with that of a year ago. Vanke will have an onshore bond of RMB1.6bn subject to putredemption on 13 Nov’25 and RMB5.7bn maturing in Dec’25.The next USD bond maturity will be VNKRLE3.975 11/09/27 (o/s: USD1bn) in Nov’27. We consider Vanke a survivor of the sector on expectation that SZ Metro’s support will continue. Offered 71.6and 63.4, VNKRLE 3.975 11/09/27 and VNKRLE 3 1/2 11/12/29 are trading at YTM of 22.2% and 16.3%,respectively. VNKRLEs offering good risk-return profiles, in our view, and hence we maintain buy on VNKRLEs. Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regarding onshore primary issuances, there were 115 credit bonds issued yesterday with an amount ofRMB73bn. As for month-to-date, 1,853 credit bonds w