固定收益每日市场动态

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, CRNAU 29/VLLPM 29 dropped 1.9-2.5pts. VNKRLE 27-29lowered another 1.0pt.We sawbetter buying on long-end SOE propertynames CPDEV/GRNCH as well as LGFVs, which edged 0.3-0.5pt higher.CHDUIN 26/DALWAN 26/SOFTBK 61 were 0.4-0.5pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk European AT1s:Our picks are BACR 4.375 Perp and INTNED 4.25 Perp.BACR 4.375 Perp was 0.3pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SOFTBK:SoftBank will boost investment in US startup OpenAI toUSD34.7bn this year. SOFTBKs were 0.1pt lower to 0.4pt higher this Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,HYNMTR 2-4yr papers tightened 3-4bps,while long-endHYNMTRs were largely unchanged. We saw betterbuying on the front-endAMC bonds like ORIEAS/CCAMCL 27s, which tightened 2-5bps. NANYAN7.35 Perp was up by0.7pt. In Macau gaming, MPEL 27-32s were unchangedto0.2pt higher.WYNMAC 27-34s were 0.1pt lower to 0.5pt higher.SANLTDs/STCITYs were up by 0.1pt. See our comments on2 Dec’25. InHK/Chinese properties, LASUDE 26 was up by 0.6pt. FAEACO 12.814 Perpwas 0.2pt higher.DALWAN 26 was 0.9pt higher. Media reported thatDALWAN is mulling a buyback offer for part of the USD400mn bond dueFeb’26. LOGPH 8.7 Perp was 0.5pt lower. VNKRLE 27-29s lowered by 0.4-0.6pt. Fitch placed Vanke and its subsidiary Vanke Real Estate (Hong Kong)onRating Watch Negative.Vanke HK's senior unsecured rating and In LGFV space,higher-yielding issues down the credit curve edged up by0.8-1.0pt, or c25bps tighter in yields as tactical investors expedited pace toload risk ahead of next year. KNMIDI 26 rose 1.4pts. Meanwhile, there weretwo-way flows that skewed towards better buying across CNH and USD Marco News Recap宏观新闻回顾 Macro–S&P (+0.30%), Dow (+0.86%) and Nasdaq(+0.17%) were higher on Wednesday. US Nov’25 ADPNonfarm Employment Change was-32k, lower than the market expectation of +5k. US Nov’25 S&P GlobalServices PMI was 54.1, lower than the expectation of 55.0.US Crude Oil Inventories was +0.574mn, higherthan the expectation of-1.9mn. In Nov’25, US ISM Non-Manufacturing PMI and Prices were 52.6 and 65.4,compared with market expectations of 52.0 and 68.0, respectively.UST yield was lower on Wednesday. Desk Analyst Comments分析员市场观点 European AT1s:Our picks under Basel III finalization Our top picks are BACR 4.375 Perp and INTNED 4.25 Perp In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be writtendownahead of AT1 in any resolution first. We consider the risk of non-call and coupon skips for EU G-SIBs islow under the backdrop of the falling UST and these banks' ability and incentive to maintain access to capitalmarkets at low funding costs.We pickbanks with good track records in coupon payments as scheduled and We maintain buy onBACR 4.375 Perp(Ba1/BB+/BBB-, first call in Mar’28), supported by Barclays’ strongCET1 ratio of 14.1% in Sep’25, consistent call history of its USD AT1s and the lower cash price of the AT1. Thebank’s robust capital position provides substantial buffer above the 7.0% mechanical trigger. At 96.4, BACR4.375 Perp is trading 6.1% YTC, provides c90bps yield pick-up of over HSBC 8 Perp (Baa3/-/BBB, first call inMar’28). We also maintain buy onINTNED 3.875 Perp(Ba1/-/BBB, first call inMay’27). At 96.9, INTNED 3.875Perp is trading at 6.2% YTC and offers pick-up of c40bps over UBS 4.875 Perp (-/BBB-/BBB-, first call in Feb’27).ING has solid capital metrics, CET1 ratio of 13.4% in Sep’25 which is higher than the 7.0% mechanical trigger(see Table 4), and good track records to call its USD AT1s on the first call dates. We expect ING to continue We anticipate a modest increase in the net issuance in the space, driven by the refinancing requirements,potential capital replenishment arising from BaselIII finalization and falling UST. ECB and the Bank of Englandreaffirmed the role of AT1 in bolstering banks’ capital cushion after the collapse of Credit Suisse in Mar’23. This Clickherefor the full report. News and market color Regardingonshore primary issuances, there were 104 credit bonds issued yesterday with an amount ofRMB69bn. As for Month-to-date, 258 credit bonds were issued with a total amount of RMB208bn raised, China’s new debt departmentsignaled higher priority for LGFV de-risking Shanghai launched a campaign to remove social media content that is considered bearish about the [COGARD]Country Garden shareholders cleared USD13bn MCB issuance as partof debt restructuring [DALWAN]Wanda Commercial bought back the Wanda Plaza mall in Yantai City; Wanda Commercial [INDYIJ]Indika Energy will prioritize cash preservation and refocus its capex allocations in 2026 bydeferring non-priority investments until coal prices improve [NSASY]Nissan CFO outlines strategic reset and partnership priorities amid tariff turmoil [NWDE