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 There were small buying flows on ZHOSHK 28 and Middle Eastern FRNsthis morning. We saw demand for recent STANLN 7 Perp and CNH AAA-guaranteedLGFV issues.KAFEDI 28 rose 1.5pts,while EHICAR26/CRNAU 29 were 0.4pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FOSUNI:New 5NC2 EUR bond issue and concurrent tender offer forFOSUNI3.95 10/02/26.FOSUNI 28 down 0.3pt yesterday and wasunchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk WYNMAC: Rebound in 3Q25 despite 9M25 results remain weaker yoy. Seebelow. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the Asia IG space opened 1-2bps tighter amid mixed two-wayflows. We saw better selling on the recent issues CCAMCL/KORELE/QBEAU.MEITUAs closed 1-2bps tighter amid two-way flows from Global RMs. TWlifers closed a touch tighter, even with selling from Chinese AMs. TheNWDEVLcomplexoverallrose0.5-1.8pts.Seeourcommentstitled:NWDEVL: A LME focusing on perps. In Macau gaming, SJMHOL 26-28s were 0.1pt higher, while the rest of the space was unchanged to 0.2ptlower. See comments below on WYNMAC 3Q25 results, and MPEL/STCITY3Q25 resultsyesterday. FOSUNI 26-29 were unchanged to 0.3pt lower.Fosun International proposes to issue EUR400mn five-year senior unsecuredbondand a concurrent tender offer for its outstanding EUR issue FOSUNI3.95 10/02/26. See comments below. In Chinese properties, GRNLGR 31dropped by 2.7pts. VNKRLE 27-29/LNGFOR 27-32 were 0.2pt lower to 0.5pthigher. FUTLAN 28/FTLNHD 26-27s were 0.1-0.5pt lower. Bonds in theMiddle Eastern space moved 0.3pt lower amid rate volatility. We saw betterselling on QATAR 35/49s. STANLN/NOMURA T2s were 1-2bps tighter.AT1swere up by 0.3-0.5pt upon London open led by recent issues STANLN7/LLOYDS 6.625 Perps and driven by solid buying from Asian PBs. On theother hand, Japanese AT1s and insurance hybrids merely edged a touchhigher as the Yen weakened. In SEA space, SMCGL Perps were 0.2pt lowerto 01.pt higher. GARUDA 31s were down by 0.8pt. In LGFV space, there were two-way flowsamong onshore Chinese accounts,whereas we saw tactical demand from HFs on names down the credit curve.CDECST 6 1/2 11/18/27 was 0.9pt lower.. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+1.54%), Dow (+0.81%) and Nasdaq (+2.27%) were higher on Monday.UST yield was higheron Monday.2/5/10/30 year yield was at 3.58%/3.72%/4.13%/4.71%. Desk Analyst Comments分析员市场观点 FOSUNI: New 5NC2 EUR bond issue and concurrent tender offer forFOSUNI 3.95 10/02/26 Fosun International(Fosun)plans to issue a EUR400mn 5NC2 senior bond (S&P: BB-) to refinanceoffshoredebt through a concurrent tender, and for working capital and general corporate purposes. Fosun proposes topurchase FOSUNI 3.95 10/02/26 at par up to the size of the new EUR new issue, offer will expire on 18 Nov2025 4pm GMT.The outstanding amount ofFOSUNI 3.95 10/02/26isEUR500mn, a EUR400mn new issuewould reduce the EUR bond to cEUR100mn, easing the near-term refinancing risk while extending its maturityprofile, in ourview, complementing its improving credit profile driven by continuous asset disposals and activeliability management. Fosunlaunched tender offers for FOSUNI 5.95 10/19/25 in Jan’25 and Jun’25,repurchased totaledUSD224.1mn and early redeemed the remaining USD178.9mn in full at 101 in Jul’25.In Sep’25, Fosunlaunchedtender offer for FOSUNI 5 05/18/26 and repurchased USD294.4mn,leaving USD205.6mnoutstanding. We understand that Fosun has settled all the maturing debts in 2025, the major debt maturities in2026 are USD205.6mn FOSUNI 5 05/18/26 due in May’26, EUR500mn (subject to tender take-up)FOSUNI3.95 10/02/26in Oct’25, as well as USD520mn syndicated loan in Mar’26 where Fosun has started therefinancing talks with banks for a new syndicated loan. We take comfort on Fosun’s recent successfulrefinancing effort YTD, i.e. raised USD400mn FOSUNI 6.8 09/09/29 in Sep’25, RMB1bn 3-year Yulan bond inSep’25, USD675mn 3-year syndicated loan in Mar’25 and subsequently upsized to USD990mn, as well astotaled RMB9.3bn onshore MTNs and corporate bonds YTD. Fosun remains focus on four core subsidiaries, Fosun Pharma, Yuyuan, Fosun Tourism Group, and Fidelidade,while accelerating divestments ofminority investments,non-core subsidiary assets,and real estate atreasonable valuations. BFC S1 is retained as its headquarters.At the holdco level, Fosun’s portfolio valuedRMB207bn as of Jun’25 of which 32% were listed assets, compared to total debts of RMB89.2bn that implyingan LTV of 43%, or 35% on a net basis with RMB16bn cash on hand. Fosun targets to lower the total debts toRMB60bn in coming three to five years, helped by continuous assets disposal. In 1H25, Fosun realizedRMB5.0bn from asset sales and RMB3.2bn in dividend income, including the sale of shares in Hong Kong–listed Laopu Gold and a floor of Shanghai’s Bund Finance Center.Fosun gui