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 SMBCAC 35s tightened 5bps from RO at T+115. Thenew BBLTB 30s tightened 2bps from issuance at T+82, the new BBLTB 35swere unchanged at T+97. TW lifers/TYANLI/NOMURA T2s and BBLTB subswere 1-3bps tighter, and Asian FRNs were 1-2bps tighteramid demand from Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SMCGL:Strong 9M25 earnings on one-off gain; net leverage improved onhigher cash balances. SMCGL 8.75 Perp/SMCGL 8.125 Perp/SMCGL 8.95Perp were 0.1-0.3pt lower post 9M25 results announcement. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:Losing the JPA bid could be credit positive. VEDLN 28-33s were0.1-0.2pt lower yesterday. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Chinese AM accounts were buying Chinese/HK/Australian/Korean FRNs and front-end bank T2s. Taiwan lifersslightly recovered amidsmall buying on FUBON 35. In KR space, HYNMTR/HYUELE/LGENSOcurves were 1-3bps tighter with better-buying flows on bonds of 5yr tenor orshorter. AU/JP spaces were 1-3bps wider with better-selling on T2s whilebetter-buying on FRNs and front-end papers.The NWDEVL complexcontinued to rise 0.3-1.6pts. NWD increased the cap on exchange offers toUSD1.79bn from USD1.6bn, and added an additional early tender date for allbonds and perps on 25 Nov’25 and an extra early payment date on 1Dec’25.FAEACO12.814 Perp was 0.2pt higher.BTSDF 9.125 07/24/28 wasunchanged.See our comments yesterday on H&H’s 9M25 results.InChinese properties, VNKRLE 27-29/FUTLAN 28/FTLNHD 26-27 lowered by0.1-0.7pt. LNGFOR 27-32 were 0.1pt lower to 0.1pt higher. In SEA space, In LGFV space, HFs continued to top up the recent higher-yielding issues,whilst there were mixed two-way flows on the front-end and middle of the Marco News Recap宏观新闻回顾 Macro–S&P (+0.38%), Dow (+0.10%) and Nasdaq (+0.59%) were higher on Wednesday. The crude oilinventories was-3.426mn, lower than the marketexpectation of-0.600mn. UST yield was higher on Wednesday. Desk Analyst Comments分析员市场观点 SMCGL: Strong 9M25 earnings on one-off gain; net leverage improved on higher cash balances San Miguel Global Power(SMCGL)’s revenue fell by 23% yoy to PHP119bn in 9M25, primarily reflectingdeconsolidation effects. SMCGL reclassified SPPC, EERI and IPIEC from subsidiaries to associates followingthe dilution of its ownership to 33% from 100%. Consequently, earnings offrom these entities were re-classifiedfrom consolidated revenue to share of net earnings from associate, which surged to PHP7bn in 9M25 fromPHP236mn in 9M24. The dilution also triggered a revaluation of these investments, resulting in one-off gain of Gross profit increased 4% yoy to PHP41bn in 9M25, driven by lower cost of sales from lower coal price. Weexpect additional generating capacity to support the gross profit growth in 4Q25.At the time of writing, averageGC Newcastle price was cUSD106/mt QTD, compared to cUSD144/mt a year earlier. SMCGL’s 9M25 EBITDAsurged 57% yoy to PHP68bn mainly due to one-off revaluation gain of PHP22bn. Excluding this one-off gain, Operating cash flow declined by 38% yoy to PHP27bn in 9M25 on higher net working capital. Capex fell 35%yoy to PHP18bn, indicated disciplined capex. Weexpect that SMCGL continues to fund its capex throughoperating cash inflow with discipline. As of Sep’25, SMCGL’s cash and cash equivalent increased to PHP104bnfrom PHP68bn as of Dec’24, attributable to preferred shares redemption from the deconsolidated entitiestotaled PHP79bn, shares issued to parent San Miguel of PHP59bn, free cash flow of PHP9bn, and net of debt Within the SMCGL curve, we prefer SMCGL 5.7 Perp, SMCGL 5.45 Perp and SMCGL 8.125 Perp for betterrisk-return profiles in view of their lower cash prices and higher YTC.We also have buy recommendation onPCORPM 7.35 Perpissued by SMCGL’s affiliate Petron Corp.We consider these Philippine perps low-betaand good carry plays. We maintain our view that SMCGL will redeem its perps on their respective first couponreset dates given its good access to funding channels onshore and offshore, as well as the high coupon step- SMCGL 7.5 Perp in Nov’19, SMCGL 6.75 Perp in Feb’21, SMCGL 6.5 Perp in Apr’24, SMCGL 5.95 Perp inMay’25, and SMCGL 7 Perp in Oct’25. VEDLN:Losing the JPA bid could be credit positive The Committee of Creditors of Jaiprakash Associates (JPA) has approved the resolution plan submitted byAdani Enterprises (AEL). The implementation of the resolution plan is subject to the terms of the Letter of Intent,and requisite approvals from regulatory authorities and courts. As per media report, AEL's proposal wasselected over a competing bid from Vedanta Limited (VEDL) despite VEDL's offer is higher. Lenders prioritized We view this outcome could be credit positive for VEDL, as it alleviates our previous concerns regarding theVEDL's deleveraging trajectory, such that VEDL to focus on its ex