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 Flows were quiet this morning. The new AGRBK 28 and ANZ 28s/30s FRNwerelargely unchanged from yesterday close.KNMIDI 26/VLLPM29/DALWAN 26 rose 0.8-1.4pts. CRNAU 29/ACPM 4.85 Perp/GZGETH 27 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Asia bonds issuance:USD bonds gross issuance increased 28.9% yoy in11M25. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk FAEACO:Media reported FEC refinanced more than half of its HKD2.7bnunsecured loans due by 30 Sep’26 and paid down some unsecured loansas part of refinancing; focus on reducing bank loans. FAEACO Perp was Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new AGRBK 28 tightened 1bp from ROat SOFR+42. The newANZ 28s/30s FRN tightened 3-5bps from pricing at SOFR+59 and SOFR+68,respectively.InKRspace,wesawbetterbuyingoncorpsHYUELE/HYNMTR/LGENSO,which tightened 3-5bps.In JP space,SUMIBK/MIZUHO 30-31 FRNs were 1-2bps tighter. Japanese AT1s andinsurance subs leaked 0.1pt, led by NOMURA 7 Perp. On the other hand,Yankee AT1s were marked a touch firmer upon London open on lightactivities. SOCGEN 5 3/8 Perp edged 0.5pt higher. China TMTs/POEs/AMCsall widened 2-4bps across 5-30yr papers. However, Chinese bank papers closed a touch tighter on PB buying. The NWDEVL complex were 0.1pt lowerto 0.6pt higher. NWD announced the results of second early settlement inrelation to exchange offers. In Macau gaming, SANLTDs/WYNMACs wereunchangedto 0.1pt higher. SJMHOLs/MGMCHIs were unchanged to 0.1pt In LGFV space, tactical investors continued to buy higher-yielding issuesdown the credit curve in attempt to position for next year, whilst onshore AAA-guaranteed papers remained largely afloat despite profit-taking from AMs. Marco News Recap宏观新闻回顾 Macro–S&P (+0.25%), Dow (+0.39%) and Nasdaq (+0.59%) were higher on Tuesday. 2/5yr UST yield was10/30yrUSTyieldwas unchangedonTuesday.2/5/10/30yearyieldwasat Desk Analyst Comments分析员市场观点 Asia bonds issuance:USD bonds gross issuance increased28.9% yoy in 11M25 USD bonds issuance in Asia Pacific In Nov’25, the gross issuance of USD bonds in Asia Pacific decreased by 25.0% yoy to USD21.8bn.China(USD11.3bn), Indonesia (USD2.1bn) and Australia (USD1.7bn) were the top issuers.71.3% of the grossissuance amount were IGs. By sector, financials (49.8%), sovereigns (30.3%) and real estate (7.9%, of which In 11M25, the gross issuance of USD bonds in Asia Pacific increased by 28.9% yoy to USD356.8bn. China(USD93.2bn), Japan (USD85.8bn), and Australia (USD50.6bn) were the top issuers. 67.3% of the grossissuance amount were IGs. By sector, financials (38.4%), sovereigns (15.3%)and real estate (8.8%, of which USD bonds issuance in Asia ex-JP, AU & NZ InNov’25, the gross issuance of USD bonds in Asia ex-JP, AU & NZ decreased by 12.6% yoy to USD18.8bn.75.6% of the gross issuance amount were IGs.By sector, financials (47.2%), sovereigns (35.0%) and realestate (9.1%, of which 83%were debts issued under restructuring) are the top three issuers. In 11M25, the gross issuance of USD bonds in Asia ex-JP increased by 22.7% yoy to USD215.9bn. China(USD93.2bn), South Korea (USD40.1bn) and Hong Kong (USD21.9bn) were the top issuers.57.5% of thegross issuance amount were IGs. By sector, financials (29.7%) and sovereigns (21.7%) andreal estate (14.2%, Chinese USD bonds issuance In Nov’25, Chinese USD bonds gross issuance totaled USD11.3bn. IGs, HYs and unrated contributed 78.5%,3.6%, 17.9% of the gross issuance amount, respectively.By sector, financials (39.6%), sovereigns (35.5%),and real estate (15.2%, of which mainly consists of issues under restructuring) are the top issuers. In 11M25, Chinese USD bonds gross issuance totaled USD93.2bn. IGs, HYs, and unrated contributed 48.7%,8.8% and 42.5% of the gross issuance amount in 11M25, respectively.By sector, LGFVs (32.4%), financials Dim Sum bonds issuance Dim Sum bonds in Nov’25 gross issuance increased by 5.5% yoy to RMB98.7bn. In 11M25, the gross issuancewas RMB850.4bn, which was up 7.0% yoy.The gross issuance of Asia ex-JP Dim Sum bonds in Nov’25increased 9.9% yoy to RMB90.7bn. In 11M25, the gross issuance totaled RMB723.6bn, increased 7.4% yoy.The Dim Sum bond market is on track for another record year with improving issuer profile and expanding The offshore LGFV USD bonds issuance decreased by 73.6% yoy to USD0.7bn Nov’25. In 11M25, the grossissuance increased by 42.2% yoy to USD26.7bn. LGFVDim Sum bonds issuance decreased by 19.4% yoy to RMB12.1bn in Nov’25. In 11M25, the grossissuance was RMB110.7bn, decreased 41.8% yoy.We view the lower LGFV Dim Sum bonds issuance waspartly due to the tightened regulatory environment for onshore investors starting from 4Q24 by limiting News and market color Regardingonshore primary issuances, there were 99 credit bonds issued yesterday withan amount ofRMB80bn. As for Month-to-date, 160 credit bonds were issued with a