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 The Asia IG space was 1-2bps wider this morning. We saw better selling onKR/JP/HKT2s.NWDEVL 30 was 0.6pt higher,while ACPM 4.85Perp/SOFTBK 6.875 Perp were 0.4-0.5pt lower. HFs continued to top up Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk PCORPM:Net leverage improvement driven by lower net working capital.PCORPM 7.35 Perp was unchanged post 9M25 results announcement. See Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk WESCHI:Proposes to issue new USD bond to fund the concurrent tenderoffer for WESCHI 26 at 101.238, subject to new issue condition. Holders ofWESCHI 26 who subscribe into the new USD bond may receive priority ofacceptance in the tender offer, and preferentialallocation in the new USD Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,wesawbettersellingonJapanesenamesNOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. There was small selling onthe BBLTB curve from global accounts amid the news that BBLTB wouldlaunch new USD issues in four tranches. PBs were buying Asia/YankeeFRNs with wider spreads (>+100). We saw mixed two-way flows on AU/KRlower-spread names.Chinese onshore accounts were buying FRNs ofleasing/securityhouses.In Macau gaming,SJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMAC were unchanged to 0.2pt lower. See commentson SJMHOL’s 3Q25 performanceyesterday. LIHHK 26was 0.5pt higher. The In LGFV, tactical buyers continued to pick up cheaper offers in higher-yieldingnames in preparation for next year, although lower-yielding CNH issues atthe other end of the credit curve remained under selling pressure. CQSXGU Marco News Recap宏观新闻回顾 Macro–S&P (-0.92%), Dow (-1.18%) and Nasdaq (-0.84%) were lower on Monday. UST yield was lower onMonday. 2/5/10/30year yield was at 3.60%/3.72%/4.13%/4.73%. Desk Analyst Comments分析员市场观点 PCORPM: Net leverage improvement driven by lower net working capital Petron’s revenue declined by 10% yoyto PHP595bn in 9M25, primarily driven by lower sales volume and sellingprice.The sales volume dropped by 3% yoy to 100.9mn barrels in 9M25, due to lower export sales andnarrowed regional refining cracks by 11% yoy during 9M25, these negative impacts were partly offset by 11% Despite the revenue decline, Petron's gross profit increased by 15% yoy PHP40bn in 9M25, benefiting fromlower cost of sales from 13% yoy lower in average Dubai crude price to USD71/barrel in 9M25, fromUSD82/barrel in 9M24. 9M25 EBITDA grew by 11% yoy to PHP37bn, at a lower magnitude than the growth ingross profit due to 7% yoy increase in SG&A expenses, driven by higher terminalling fees, employeecompensation, and additional retail network expansion costs. Net profit surged 37% yoy to PHP10bn in 9M25, During 9M25, free cash flow jumped 361% from 9M24 to PHP47bn, driven by lower net working capital as wellas lower capex. Petron spent PHP5bn in capex in 9M25, represented 45% of the full year budget of PHP11bn,reflected capital disciplineunder compressed margin environment. Moreover, Petron completed an exchangeoffer and concurrent new issuance ofPCORPM 7.35 Perpduring 3Q25, resulting in net cash inflows ofPHP1.8bn after the settlement. As a result, Petron’s cash and ST investmentsincreased to PHP42bn as of We maintain buy on PCORPM 7.35 Perp (coupon reset Sep’28) in view of better carry and trading liquidity. At103.2, PCORPM 7.35 Perp is trading at yield to first reset of 6.1%. We like Petron’s smooth access todiversefunding channels as well as notably lower refinancing pressure after the exchange and tender offers. Weacknowledged that Petron maintains track recordsof calling its perps on the first coupon reset, i.e.PCORPM News andmarket color Regardingonshore primary issuances, there were 98 credit bonds issued yesterday with an amount ofRMB120bn. As for month-to-date, 1,027 credit bonds were issued with a total amount of RMB1,115bn [BHARTI]S&P upgraded Bharti Airtel by one notch to BBB from BBB-on strong earnings momentum; [GARUDA]Danantarato restore all grounded Garuda Indonesia aircraft by next year [GEELY]Geely Automobile seeks USD1.5bn-equivalent one-year loan backing ZEEKR take-private [LNGFOR]S&P downgraded Longfor by one notch to BB-from BB on weakening sales and margins, [NWDEVL]NWD announced the early tender results of its USD bonds and perps; aggregate principalamount of USD520.849mn of NWDEVL 4.8 Perp, USD648.718mn of NWDEVL 6.25 Perp, USD12.77mnof NWDEVL 10.131 Perp, USD248.725mn of NWDEVL 5.25 Perp, USD659.064mn of NWDEVL 4.125Perp, USD1.5mn of NWDEVL 4 3/4 01/23/27, USD6.6mn of NWDEVL 5 7/8 06/16/27, USD7.462mn ofNWDEVL 28, USD72.549mn of NWDEVL 29, USD39.819mn of NWDEVL 30 and USD9.265mn of [RIOLN]Rio Tinto pauses AUD215mn (cUSD140mn) BioIron green steel project in favor of different [TQLAU]Transurban launches tender offers for TCLAU 3.375 03/22/27and EUR bonds due 2028 and Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author Cert