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 Asia IG space was unchanged to 2bps tighter overall this morning, led byMEITUAs and CCAMCLs. We saw better buying on ZHOSHK 28. VNKRLE29/VLLPM 29 gained 0.6-0.8pt, while CDECST 27 lost 0.8pt. NWDEVLswere 0.4pt lower to 0.3pt higher. See below. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MPEL/STCITY:Solid 3Q25 results; active liability management continues tosupport its credit profile. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Economy:Exports contraction underscores rising growth pressure in4Q; On track for price reflation. See below for comments from CMBI Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the newCCAMCL 28 and CCAMCL Float 30 tightened 6bps fromRO at T+80 and SOFR+100, respectively. There were sellers on the existingCCAMCL 27-28s. The secondary China IG space was 1-4bps wider amidovernight rates movement. The MEITUA curve widened by 2-4bps. NSINTW41 was 4bps wider as the market still needed more time to digest the tap, and the rest of TW lifers also traded 1-2bps wider. NWDEVLs were 0.7pt lower to1pt higher. Seeour comments titled:NWDEVL: A LME focusing on perpsafter numerous client discussions and discussions with the LME advisor.EHICAR 26-27 were 0.3pt higher. EHICAR is preparing to refinance EHICAR 26-27 simultaneously, through a combination of onshore loans and a newoffshore bond issuance. See our commentslast Friday. In Macau gaming,MGMCHI 26-31s/SANLTD 27-31s/STCITY 28-29s/ WYNMAC 27-34s wereunchanged to 0.1pt higher, while MPEL 27-32s were 0.3pt lower to 0.1pthigher. See comments on MPEL and STCITY below. In Chinese properties, There were thin two-way interests in the LGFVs as RMs continued to seekfor CNH onshore AAA-guaranteed issues,whereas lower-yielding CNHnames remained heavy, despite some secondary demand in the new CNH Marco News Recap宏观新闻回顾 Macro–S&P (+0.13%), Dow (+0.16%) and Nasdaq (-0.21%) were mixed on last Friday.2/5 year UST yield waslower on last Friday. 2/5/10/30 year yield was at 3.55%/3.67%/4.11%/4.70%. Desk Analyst Comments分析员市场观点 NWDEVL: ALME focusing on perps The “holistic” exchange offers targeting on perps Further toour summary on the exchange offers on3 Nov’25, we share below more of our thoughts on the LMEafter numerous client discussions anddiscussions with the LME advisor.In brief, NWD launched holisticexchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn toexchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.Themaximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn.The exchange considerations include 2 cash pts for perp holders but no upfront cash for bondholders.Theexchange for the perp instead of that for the bonds, in our view, is NWD’s priority given the exchange for theperps at a 50% discount would have more meaningful impact on reduction of net debts and coupon payments. Clickherefor the full report. MPEL/STCITY: Solid 3Q25 results; active liability management continues to support its credit profile We consider Macau gaming bonds lower-beta and good carry plays with improving credit stories despite weshould expect new supply to come given the refinancing requirements with the scheduled maturities andundemanding funding costs.Our top picks of sector remain MPELs and STCITYs in view of the improvingmarket shares and growing adj. EBITDA of Melco Resorts (MPEL) and Studio City, as well as the more In 3Q25, MPEL reported 11.4% yoyincrease in operating revenue to USD1.3bn and adj. EBITDA up 16.3% toUSD352mn, driven by both gaming and non-gaming operations.Overall, we view MPEL’s 3Q25 results asbroadly in line with Macau’s 12.5% yoy GGR growth during 3Q25, despite MPEL’s GGR market share declinedto c14.7% in 3Q25 and c15.4% in 9M25, from c15.7% in 1H25, based on our estimates. Among Macau gamingoperators, Sands China and Wynn Macau captured market share gains in 3Q25. In 3Q25, COD Macau delivered strong adj. EBITDA that up 27.1% yoy to USD207mn. Higher volumes offsetthe lower rolling chip win-rate (3Q25: 3.68% vs 3Q24: 3.97%, typical win rate is 2.85-3.15%) and lower masstable hold (3Q25: 29.8% vs 3Q24: 32.3%). Hotel occupancy improved to 98% in 3Q25 from 91% in 3Q24, liftingRevPAR to USD212 from USD192 along with higher average daily rate. In 9M25, COD Macau’s adj. EBITDAincreased 30.5% yoy to USD628mn. Studio City’s adj. EBITDA up 12.8% yoy to USD105mn, supported by higher mass table hold of 33.1% in 3Q25(vs 30.7% in3Q24) and strong slot performance (3.7% vs 3.3%). Non-gaming revenue were solid, with RevPARup to USD174 in 3Q25 from USD164 on higher average daily rate and largely stable hotel occupancy at c97%.We understand that Studio City remains focus on the premium mass customers. In 9M25, Studio City’s adj. MPEL’s only satellite casino, Grand Dr