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 Thenew ORIEAS 28 tightened another 2bps this morning.Chineseproperties stabilized, and some AMs continued to buy at the cheaper price.VLLPM 29/SOFTBK 31 were 0.4-1.1pts higher, while LUSOIB 34/VNKRLE Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FAEACO:Adj. net gearing ratio improved to 64.9% as of Sep’25 amidweaker 1HFY26 results. FAEACO Perp was 0.7pt lower this morning. See Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk LASUDE:Lai Sun Garment and LaiSun Development in talks over certainproposed disposal, terms not finalized and no definitive agreement reached.LASUDE 26 was 0.1pt higher this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new HUANEN 4.15 Perp edged 0.1pt higher from RO at paron back of top-up demand from AMs. The new ORIEAS 28 closed 1bp tighterfrom RO at T+88, while Chinese TMT/AMC benchmarks leaked to 2-4bpswider.Long-end BNKEA/PINGIN and ZHOSHK 28 widened 1-3bps.NANYAN 7.35 Perp/LUSOIB 34 gained 0.8pt. FAEACO 12.814 Perp was upby 0.3pt. See our comment on FEC 1HFY26 results below. LASUDE 26 was0.2pt higher. Shares trading were halted for both Lai Sun Development (LSD)and Lai Sun Garment (LSG) yesterday. LSD and LSG were in talks overcertain proposed disposal which, we believe, is referring to the sales of50%stakes in CCB Tower. BTSDF 28 was 0.1pt higher. Media reported H&H saidit secured lender consent to increase onshore bilateral loan-to-EBITDAcovenant to 1.25x from 0.85x in 9M25 results call. The new WESCHI 28dropped another 1.1pts, while WESCHI 26was 0.1pt higher. The NWDEVLcomplex were 0.3pt lower to 0.7pt higher. In Chinese properties, VNKRLE27-29 plunged another 15.0-17.5pts on maturity extension for onshore bond. Marco News Recap宏观新闻回顾 Macro–US markets were closed on Thursday for Thanksgiving Day. UST yield was unchanged on Thursday.2/5/10/30 year yield was at 3.45%/3.56%/4.00%/4.64%. Desk Analyst Comments分析员市场观点 FAEACO:Adj. net gearing ratio improved to 64.9% as of Sep’25 amid weaker 1HFY26 results Far East Consortium (FEC) announced weaker 1HFY26 results, which were largely in line with the profitwarning issued on 21 Nov’25. Its 1HFY26 revenue decreased by 27% yoy to HKD3.8bn, primarily driven by41% yoy decrease in revenue from property development segment from lower recognition during the period.Key contributors to development segment included Aspen at Consort Place and Victoria Riverside (Tower B,Tower C, and Bromley Street) in the UK, West Side Place in Australia, and Mount Arcadia in Hong Kong. Hotel Despite the topline drop, FEC’s loss before tax increased slightly to HKD665mn in 1HFY26, attributable toincrease in share of losses from Assos and JVs, partially offset by lower fair value losses on IPs and forex loss,as well as a HKD270.6mn gain from the disposal of its entire 53.21% stake in the BC Investment JV. Excluding FEC’sleverage improved as of Sep’25. Its adj. net gearing ratio dropped to 64.9% from 67.6% as of Mar’25.FEC monetized HKD1bn non-core assets during 1HFY26 to reduce debts during 1HFY26, including netproceeds from disposal of HK mortgage portfolio of HKD344mnand BC Investment of cHKD513mn.As ofSep’25, FEC had cash and cash equivalent of HKD2.6bn and total debt (incl. perp) of HKD27.2bn, bothdecreased c5% from the level as of Mar’25. We expect FEC continue to lower leverage in 2HFY26, in view of We maintain buy on FAEACO12.814 Perp as we believe that the perp continues to offer a decent risk-returnprofile in view of the larger cushion against the covenanted adj. net gearing ratio, as well as expected cashinflow from project deliveries and non-core asset sales.At 71.3, the perp offers a YTW of 18.5%.we believethe optimal way for FEC to manage its interest expenses and adj. net gearing ratio is to buy back the perp at News and market color Regardingonshore primary issuances, there were 111 credit bonds issued yesterday with an amount ofRMB201bn. As for month-to-date, 2,067 credit bonds were issued with a total amount of RMB2,284bn [ADEIN]Jaiprakash Associates seek NCLT approval for Adani Enterprises’ resolution plan for company[BIMLVN]BIM Land launched tender for up to USD30mn of BIMLVN 7.375 05/07/26[BNP/SAMSNG]BNP Paribas Cardif and Samsung Life Insurance are the leading contenders to acquire26% holdings in IndiaFirst Life Insurance[BTSDF]S&P revised the outlook of Health and Happiness to stable from negative on recovering infantmilk business, affirmed BB rating[CWAHK]China Water Affairs secured USD100mn long-term financing from Asian Development Bankfor its integrated wastewater treatment and pipeline rehabilitation project[EMPINT]Emperor International reached consensus with banks to resume existing bank borrowingsarrangement [SJMHOL]SJM’s satellite Casino Kam Pek Paradise will cease operation on 1 Dec’25 11:59pm [VNKRLE]S&P downgraded China Vanke by one notch to CCC-from CCC on potential