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 selling on the new MEITUA 32-35s this morning, yet the flow wasdigested and spreads were unchanged. LASUDE 26/MGMTGE 27 were 0.3-0.8pt higher. VLLPM 29/FTLNHD 27 were 0.9-1.0pt lower. NWD launchedUSD bonds and perps exchange offers. NWDEVL 27-31s were 0.3pt lowerto 0.7pt higher, while NWDEVL Perps lowered up to 3pts. See comments onNWD’s exchange offers below. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VNKRLE:Our thoughts on SZ Metro's loan cap. VNKRLE 27-29 down 8-10pts this morning. See below. ChinaEconomy:Broad-based weakening PMI reflected economicmoderation. CMBI expects the central bank to further cut the RRR and LPRin Nov/Dec’25 by 50bps and 10bps, respectively. See comments from CMBIeconomic research below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点  Last Friday,the new HSBC 4.619 11/06/31 and HSBC 5.133 11/06/36tightened 1-2bps, while the new HSBC FRN 31 outperformed and tightened6bps from RO at SOFR+119. The recent USD MEITUA 32-35s were stillunder digestion and closed unchanged. NWDEVL 27-31s were 0.1pt lowerto 0.2pt higher, and NWDEVL Perps lowered 0.3-0.7pt. See comments belowon NWDEVL’s exchange offers. In Chinese properties, VNKRLE 27-29sdropped 2.2-2.6pts. Vanke received another loan of RMB2.2bn from SZMetro, andVanke posted further deterioration in operating performance in9M25, reflecting sustained pressures on both profitability and asset quality.See our comments below andlast Friday. LNGFOR 28-32 lost 1.4-1.7pts.Macau gaming bonds were 0.2pt lower to 0.2pt higher. Macau’s gamingrevenue rose 15.9% yoy in Oct’25 to MOP24.1bn (cUSD3.0bn). Also see ourcomments on MGM China’s 3Q25 result on30 Oct’25. In KR, the HYNMTRcurve was 1-3bps tighter amid the headlines that Nvidia plans to supplyacceleratorchips to help South Korea’s biggest companies,includingHyundai Motor Group. We saw better buying on HYNMTR 3-5yr FRNs andsporadic selling on 5-6yr belly bonds.JP insurance hybrids were down by0.3pt in a wave of AM selling in the afternoon amid a weakening of the JPY.Yankee AT1s were largely range bound.AU T2s were heavy. ANZ 7-10yrT2s widened 2-3bps against the headline that ANZ would suffer from anUSD720mn profit impact in 2H25. In SEA space, VLLPM 29 lowered 0.6pt.InLGFV space, we continued to see demand from RMs for onshore AAA-guaranteed CNH papers, whereas demand for higher-yielding issues werestill fairly sporadic and their liquidity remained thin. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.26%), Dow (+0.09%) and Nasdaq (+0.61%) were higher on last Friday. 2yr/5yr yield was lowerwhile 30yr UST yield was higher onlast Friday. 2/5/10/30yr yield was at 3.60%/3.71%/4.11%/4.67%. Desk Analyst Comments分析员市场观点 NWDEVL: LME focuses on perps to cut leverage and funding costs NWDlaunched exchange offers for all of its o/s USD bonds and perps. The early deadline will be on 17 Nov’255pm EST, and the offers will expire on 2 Dec’25 EST. Our view The LME follows the HKD88.2bn bank loans refinancing and is in line with our expectation that NWD would tryto push the USD bonds maturities behind those of refinanced bank loans starting Jun’28 to reinstate the “original”sequence of repayments. The USD1.9bn aggregate cap (up to USD1.6bn intended for new perps) indicatesthat the focus on this round of LME is on the perps.The 50% haircut on the existing perps’ principal amountand outstanding arrears of distribution as of today (deferred arrears amount) with a small cash payment ofUSD2, as well as the cap on the distribution rate of new perps at 9% help cut debts and funding costs. TheLME, if successfully goes ahead, will cut NWD’s total debts (incl perps) by c10% from HKD190bn as of Jun’25. We understand that the new perp and bond are linked to, but not secured by, the Victoria Dockside SecurityPackage (VD Package), through an intercompany loan with first ranking security interest over VD as source ofrepayment and loan guaranteed from NWD.Other than this, the LME does not appear to offer very strongincentive for holders to exchange into new perps and bonds. Summary of the exchange offer for perps Perp holders can tender their perps for exchange for the new perp with 9% distribution rate. Early exchangeconsideration is 50% haircut on the existingperps’ deferred arrears amount, plus USD2 upfront cash; while thebase exchange consideration is 53% haircut on the deferred arrears amount. See Table 1. The coupon of the new perp is subject to optional deferral (cumulative and compounding), dividend stopperand pusher. The coupon will be reset and step-up to 12% at the end of year 6 if not redeemed, or upon changeof control, breach of any covenants, or any repayment or prepayment of principal amount under the CosmostarPerpCo Loan, except for any repayment or prepayment made as a result of redemption of the new