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 ABCIHL 27 and ABCIHL Float 28 were unchanged to2bps tighter from RO at T+32 and SOFR+48, respectively. The new MAYMKFloat 28 tightened 6bps from pricing at SOFR+60. HANMIL 30/HYUELEswidened 2-4bps. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Asia bonds issuance:USD bonds gross issuance increased 35.1% yoy in10M25. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SJMHOL:SJM Holdings 3Q25 adjusted EBITDA dropped 15% yoy toHKD881mn (cUSD113.3mn). Macau gaming bonds were unchanged thismorning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the MEITUA curve was 2-3bps wider amid selling on MEITUA 28-35s. TW lifers widened 2-3bps with small selling on SHIKON/NSINTWs. TheNWDEVL complex rose another 0.2-1.2pts. The NWDEVL Perps gained 2.7-3.8pts since 10 Nov’25, the exchange offers appear to gaining traction.Please see our comments:NWD: A LME focusing on perps on 7 Nov’25.FAEACO 12.814 Perp edged 0.5pt higher. Far East Consortium (FEC) plansto sell its stake in the Ritz-Carlton Perth in Australia to AMTD Group. FECwill receive AUD20mn as first instalment. Upon completing the sale, the Ritz-Carlton Perth will be jointly owned by FEC and the buyer.In Macau gaming,SJMHOLs/MGMCHIs/MPELs/SANLTDs/STCITYs/WYNMACs were up to0.3pthigher.In Chinese properties,VNKRLE 27-29s lost 1.1pts.Seecommentsyesterdayon the news that Vanke secured additional loan ofRMB1.666bnfrom SZ Metro for the call redemption of 20WANKE08.GRNLGR 31/YUZHOU 27 were 0.8pt lower. In KR space, we saw selling onthe front-endHYUELE/HYNMTR, and PBs buying quasi-sovereign FRNS. InJP space, PBs sold MIZUHO/SUMIBK 31 FRNs heavily. Yankee AT1s andJapanese insurance subs fell up to 0.3pt weaker in light of London selling,with the exception of STANLN 7 Perp, which was 0.3pt higher as Asian PBscontinued tobuy.In SEA, KBANK 31 was 5bps wider. RNW 26/INGPHL27/RPVIN 27-28s/INCLEN 27 were unchanged to 0.1pt higher. See ourcomments on ReNew Energyyesterday. In LGFV space,JZSOCO 6 1/2 07/28/28 lost 0.9pt. There was continuoustwo-way exchanges across the credit curve. In CNH, flows were mostly onhigher-quality names yielding high-2% among onshore AMs, whilst for USDissues, HFs were picking up cheap offers in higher-yielding papers fromtactical investors and retails. Away from LGFVs, weakness in CNH higher-grade papers persisted, especially in the long end of the yield curve wherecross-border RM demand was limited. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.06%), Dow (+0.68%) and Nasdaq(-0.26%) were mixed on Wednesday. Media report that theUS Oct’25 jobs and CPI reports are unlikely to be released because of the government shutdown. UST yield waslower on Wednesday. 2/5/10/30 year yield was at 3.56%/3.68%/4.08%/4.67%. Desk Analyst Comments分析员市场观点 Asia bonds issuance: USD bonds gross issuance increased35.1% yoy in 10M25 USD bonds issuance in Asia Pacific In Oct’25, the gross issuance of USD bonds in Asia Pacific increased by 2.9% yoy to USD21.2bn. South Korea(USD5.1bn),China (USD5.0bn), and Japan (USD3.1bn) were the top issuers.46.4% of the gross issuanceamount were IGs.By sector, financials (35.4%), sovereigns (25.3%) and communications (18.9%) were thetop issuers. In 10M25, the gross issuance of USD bonds in Asia Pacific increased by 35.1% yoy to USD334.6bn. Japan(USD84.5bn), China (USD81.4bn) and Australia (USD49.0bn) were the top issuers. 66.9% of the grossissuance amount were IGs. By sector, financials (37.7%) and sovereigns (14.3%) were the top issuers. USD bonds issuance in Asia ex-JP In Oct’25, the gross issuance of USD bonds in Asia ex-JP decreased by 0.3% yoy to USD18.1bn. South Korea(USD5.1bn), China (USD5.0bn), and Australia/Kazakhstan (USD2.0bn) were the top issuers.46.4% of thegross issuanceamount were IGs.By sector, financials (35.4%), sovereigns (25.3%) and communications(18.9%) are the top three issuers. In 10M25, the gross issuance of USD bonds in Asia ex-JP increased by 27.9% yoy toUSD250.1bn. China(USD81.4bn), Australia (USD49.0bn) and South Korea (USD39.2bn) were the top issuers. 62.8% of the grossissuance amount were IGs. By sector, financials (33.6%) and sovereigns (16.5%) were the top issuers. Chinese USD bonds issuance InOct’25, Chinese USD bonds gross issuance totaled USD5.0bn.IGs, HYs and unrated contributed 71.9%,5.0%, 23.1% of the gross issuance amount, respectively. By sector, communications (40.2%), LGFVs (21.7%)and utilities (17.1%) are the top issuers.In 10M25, Chinese USD bonds gross issuance totaled USD81.4bn.IGs, HYs, and unrated contributed 44.2%, 9.5% and 46.3% of the gross issuance amount in 10M25,respectively.By sector, LGFVs (36.1%), real estate (27.0%, which mainly consists of new issues under debtrestructuring) and financials (26.7%) were the top issuers. Note: Only included issue with size of at least USD50mn.Source: Bloomberg.