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 CHINA 28-30s tightened 40bps from pricing at CT3flat and CT5+2bps, respectively. The new KORELE Float 11/12/28 andKORELE 4 1/8 30 tightened 2-4bps from issuance at SOFR+62 and T+47.The recentCDBFLC 35 tightened 4bps. Yankee AT1s were 0.1pt higher, led Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk INDYIJ:9M25 adj. EBITDA declined 17% yoy on softened coal demand andASP. Maintain buy on INDYIJ 8.75 05/07/29.INDYIJ 29s were unchanged Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NSINTW:Nanshan Life tapped USD258mn of NSINTW 5.875 03/17/41 atT+165 versus IPT at T+185. TW 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  Yesterday,the new AT1 STANLN 7 PerpNC10 performed well thanks to top-up demandfrom PB clients. The new AT1 traded 0.1-0.3pt higher in themorning from RO at par, and was traded up to 100.75 after London opened.The new CDBFLC 35 initially traded a touch wider from pricing at T+93 amidflippers flows, and gradually recovered and closed unchanged with onshoreclients topping. The secondary IG space opened 2-5bps wider. In KR space,there were two-way flows on HYNMTR/HYUELE curves, yet the spaceclosed largely unchanged. We continued to see better selling on the recentMEITUA 31-35s. TWlifers were 2-4bps wider after NSINTW announced totap NSINTW 5.875 03/17/41.NWDEVLs fell another 0.9-2.4pts. HYSANswere up to 0.7pt lower. LIHHK 26 was 0.4pt higher. In Chinese properties,VNKRLE 27-29s lowered 0.9-1.2pts. FUTLAN 28/FTLNHD 27/LNGFOR 27- In LGFV space, quality names remained sought after by cross-border RMsacross USD and CNH papers, whilst higher-yielding names had two-wayinterests from retailand tactical investors. Non-LGFV CNH paperswerea Marco News Recap宏观新闻回顾 Macro–S&P (+0.37%), Dow (+0.48%) and Nasdaq (+0.65%) were higher on Wednesday.The US ADPNonfarm Employment Change in Oct’25 was +42k, higher than themarket expectation of +32k.The ISM Non-Manufacturing PMI and Prices were 52.4 and 70.0, respectively, both of which were higher than the marketexpectation of 50.7 and 68.0.The S&P Global Services PMI in Oct’25 was 54.8, lower than the market Desk Analyst Comments分析员市场观点 INDYIJ: 9M25 adj. EBITDA declined 17% yoy on softened coal demandand ASP Despite the weaker commodity prices, Indonesian HYs’ technical remains strong as issuers have been actively lower-cost onshore funding alternatives to repay, repurchase, tender offer and early call of their offshore bonds.Recalledthat starting from Mar’25, Indonesia government tightened the holding of repatriated export proceedsonshore to 100% of the proceeds for 1 year from 30% for 3 months. At 100.3, INDYIJ 8.75 05/07/29 is tradingat YTM of 8.6%, we maintain buy on INDYIJ 8.7505/07/29 as a good carry play. We believe that Indika remainsa candidate for early redemptions given its sufficient liquidity, disciplined capex, and track records of tender Indika’s 9M25 results softened, driven by weaker coal ASP and lower volumes. The ASP of Kideco fell 15%yoy to USD49.4/ton from USD57.9/ton in 9M24, while volume lowered 4.3% yoy to 22.2mt. Indika Resources’sales volume declined sharply to 0.5mt from 2.7mt, reflecting the sluggish export demand. The impact of lowercoal ASP and sales volume was somewhat mitigated by growing non-core revenue which increased 22% yoyto USD290.5mn in 9M25, accounting for 19% of Indika’s total revenue,increased from 13% in 9M24.Theimpact is also partly mitigated by lower cash cost (ex. royalty) of coal which decreased 6% yoy to USD34.1/tonamid a lower strip ratio of 5.2x.Including royalty, cash cost dropped 13% yoy to USD44.0/ton, aided by the Indika’s leverago ratios worsened to 5.5x (gross) and 2.7x (net), compared to 3.8x and 1.6x in Dec’24,respectively, given lower LTM EBITDA and higher net debts.Its FCF turned negative on capex of USD82mnand operating inflow of USD31mn. Its cash on hand was USD549mn as of Sep’25, 12% lower than the level inDec’24. That said, we take comfort from Indika’s proactive liability management and diversified funding access.In Jun’25, Indika secured a USD375mn 5-year facility (SOFR+1.75% pre-COD, SOFR+1.65% post-COD) to Regardingonshore primary issuances, there were 79 credit bonds issued yesterday with an amount ofRMB78bn. As for Month-to-date, 284 credit bonds were issued with atotal amount of RMB270bn raised, South Korea will provide KRW200bn (cUSD138.9mn) in subsidies in a plan to overhaul the steel industry [COGARD]Country Garden said its USD15.3bn offshore debt restructuring plan has been approved by [DAESEC]Mirae Asset Securities 3Q25 revenue rose 4% yoy to KRW594.5bn (cUSD411.7mn) [NSANY]Nissan Motor will sell its 22-storey global headquarters in Yokohama for JPY97bn(cUSD630.8mn); Nissan will slash production of its best-selling model in Japan amid a chip supply [PICAHF]Piramal Finance considers raising capital fr