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 CDBFLC 35 widened 2bps from pricing at T+93. Thenew QBEAU 37 tightened 3bps from issuance at T+135. The new STANLNPerpNC10 was 0.2pt higher from RO at par. JP insurance bonds and MTRCPerps were down by 0.1-0.3pt. NUFAU 30 rose 0.9pt higher, while SOFTBK61/65s and NWDEVL 30 were 0.6-0.7pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VEDLN:All-time high first half recurring EBITDA. Maintain buy on VEDLN9.475 07/24/30. See below Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NSINTW:Nanshan Life proposes to tap NSINTW 5.875 03/17/41 with IPTat T+185. TW lifers widened 2-4bps this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the recent USD MEITUA 31-35s widened2-4bps with RM selling.In financials, TW lifers SHIKON/FUBON/NSINTWs widened 2-5bps amidbetter-selling flows. BBLTB sub curve was 1-4bps wider.JPbank FRNs heldup well and closed unchanged, while JPAT1s dropped by 0.3pt in themorning and RMs were buying at the dip. JP insurance hybrids were alsomarked lower amid lighter flows. Yankee AT1s were down by 0.4pt led by aflurry of hitting from AMs ahead of London open on the recent long-end issues,before stabilizing on back of buying from retails and dealers.In HK, NWDEVLPerps lowered 0.7-2.0pts, and NWDEVL 27-31s were down by 0.6-1.3pts.See our comments on NWD’s exchange offers on3 Nov’25. LASUDE 26 was1.4pts lower.MTRC perps were relatively resilient against the broaderweakness and only lost up to 0.2pt.In Chinese properties, VNKRLE 27-29recovered 2.7-2.9pts after yesterday’s plunge. See our thoughts on SZMetro’s loan cap on3 Nov’25.GRNCH 28 fell by up to 0.5pt as RMs trimmedrisk.In Macau gaming,SJMHOLs/MGMCHIs/MPELs/SANLTDs/STCITYs/WYNMACs were 0.2pt lower to 0.1pt higher. See our comments on MacauOct’25 GGRyesterday.In KRspace, HYNMTRs/HYUELEs traded 1-3bpswider.In JP space, NTT curve was 1-3bps wider. We saw small buying onKYUSEL/TACHEM.In SEA, PETMK curve was 2-4bps wider on the longend. SMCGL Perps/GARUDA 31 were down by 0.1-0.2pt. VEDLN 28-33swere 0.3-1.1pts lower. See comments below on VEDL’s 1HFY26 results.InLGFV space, onshore AAA-guaranteed papers remained sought after bycross-border RMs. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.17%), Dow (-0.53%) and Nasdaq(-2.04%) were lower on Tuesday.UST yield was lower onTuesday. 2/5/10/30 year yield was at 3.58%/3.69%/4.10%/4.67%. Desk Analyst Comments分析员市场观点 VEDLN:All-time high first half recurring EBITDA Vedanta Limited (VEDL) delivered another record-high recurring EBITDA in 2QFY26 at INR116.1bn, up 12%yoy, driven by record production across aluminum, alumina, mined metal at Zinc India, and pig iron segments.In 1HFY26, EBITDA rose to INR223.6bn, the highest first-half level ever, achieving 42% of its full-year targetof USD6bn (cINR532bn). In VEDLN complex, we prefer VEDLN 9.475 07/24/30 for a better risk-adjusted profile.At 101.3, VEDLN 9.475 07/24/30 is trading at YTW of 9.0%, and offer 106bps yield pickup over NICAU 909/30/30 (B1/-/B+). VEDL’s average borrowingcost declined to c9.0% in 1HFY26 from c9.7% in 1QFY26, reflecting lower interestrates. VEDL expects this to fall further below 8% in the near-term, supported by proactive credit management.Besides, VEDL recorded two one-off losses in 1HFY26 in relationsto receivable write-off in the power segment,as well as settlement on contract termination with SEPCO, totaled INR15.5bn on a net of tax basis. As a result,the PAT dropped by 26% yoy to INR79.4bn. 1HFY26 operating cash flow decreased by 12% yoy to INR162.3bn, due to higher tax paid and increase in networking capital during 1HFY26. VEDL spent INR102.6bn in capex during 1HFY26, representing 61-68% of itsFY26 capex target of cINR151-168bn (USD1.7-1.9bn).We estimate 1HFY26 FCF was INR59.7bn, and weexpect VEDL to continue funding capex primarily through operating cash inflows given its strong operatingperformance. As of Sep’25, cash and equivalents increased to INR218.6bn from INR207.5bn in Mar’25. Due to higher debts,both total debt/LTM EBITDA andnet debt/LTM EBITDA rose slightly, to 1.9x and 1.4x from 1.7x and 1.3x,respectively over the same period. VEDL aims to bring the net leverage down to 1.0x in the near-term,supported by higher projected EBITDA. As discussed, we view VEDL’s deleveraging trajectory may face headwinds from the acquisition of JPA due toincreased funding requirements and entry into cyclical, capital-intensive businesses with limited synergies toits core metals and mining operations. That said, we take comfort on VEDL’s goodaccess to diversified fundingchannels, and the lengthened debt maturity profile at VRL following several LME since Jan’24.Separately,India’s NCLT has postponed the VEDL demerger hearing to 12 Nov’25 from 29 Oct’25. We view the demergeras moderately credit positive,in anticipation of better data transparency and