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 new BCHINA Float 12/11/28 tightened 2bps from RO at SOFR+41.CHGDNU 48/CRNAU 29 dropped 2.1-2.6pts. RILIN 32-62s rose 0.4-1.5ptsafter the headlines that S&P upgraded Reliance Industries’ ratings to A-from Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Taiwan lifers:An emerging subset with new premium. Maintain buy onSHIKON35 and FUBON 35. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:Moody’s changed the outlook of VRL to positive from stable andaffirmed B1 rating on improvementin VRL's earnings and cash flow. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点  Yesterday,HYNMTR 28-30 FRNs tightened 1-2bps. In JP space,NTT 30FRNs were 2bps wider amid two-way trading, and PBs/Chinese accountswere selling 10yr SOBKCO/SMBCAC/NTT/MUFG, which widened 1-3bps.SOFTBK 61-65s rose 0.6-0.8pt. Media reported that SoftBank will boostinvestments in US startup OpenAI to USD34.7bn this year. Japanese andYankee AT1s and insurance subs were a touch firmer. We continued to seeChinese/Asian AMs chasing after 1-3yr-to-call issues, whilst papers in thebelly and long end of the curve grounded 0.1-0.3pt higher at Asia close oncautious mixed flows. In Middle East, there were better-buying on BSFR 29and FABUH FRNs, which were 1bp tighter. In greater China space, theMEITUA curve was 2-3bps tighter in the morning but retraced slightly in theafternoon. XIAOMI 31 widened 4bps amid better-selling flows. We saw betterbuyingon front-end banks and leasing papers.TW lifers CATLIF/SHIKON/NSINTW closed largely unchanged amid mixed two-way flows. The Marco News Recap宏观新闻回顾 Macro–S&P (+0.11%), Dow (-0.07%) and Nasdaq (+0.22%) were mixed on Thursday. The latest initial joblessclaims was +191k, lower than the market expectation of +219k. UST yield was higher on Thursday. 2/5/10/30year yield was at3.52%/3.68%/4.11%/4.76%. Desk Analyst Comments分析员市场观点 Taiwan lifers:An emerging subset with new premium Maintain buy on SHIKON 35 and FUBON 35 Taiwaninsurer is emerging market subset, coming to the offshore USD bond market since Sep’24 with newissue premium ahead of the full adoption of IFRS. Despite the tightened credit spread compared with the levelswhen we first put out our trade ideas in Jul’25,we continue to prefer SHIKON 6.95 06/26/35 for over NSINTWs Clickherefor the full report. Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances, there were 116 credit bonds issued yesterday with an amount ofRMB119bn. As for Month-to-date, 374 credit bondswere issued with a total amount of RMB333bn raised, [AIA]S&P upgraded AIA's core subsidiaries by one notch AA from AA-on sustained capital buffer, parentAIA Group Ltd. to AA-from A+; outlooks stable [BBLTB/KBANK/KTBTB]Moody's affirmed the ratings of seven Thai financial institutions includingBangkok Bank, Bank of Ayudhya, KASIKORNBANK, Krung Thai Bank, Siam Commercial Bank, SCB andTMBThanachart Bank; maintained negative outlooks except Bank of Ayudhya which outlook remained [HYSAN]Hysan filed with HKEX with USD4bn MTN program [PRUFIN]S&P upgraded Prudential PLC core entities by one notch to AA from AA-on enhanced capitalbuffer, Prudential PLC by one notch to A+ from A; outlooks stable [PTTEPT]PTT Exploration and Production plans to spend USD33.3bn over the next five years as it seeks [PTTGC]PTT Global Chemical raised THB10bn (cUSD313.3mn) in perpetual bond offering [RIOLN]Rio Tinto is looking to raise USD5-10bn via opportunistic asset sales, while introducing variouscost-cutting measures and implementing rigorous fiscal discipline as part of its business streamlining [SAMTOT]Moody’s downgraded Hanwha TotalEnergies' senior unsecured rating to Ba1from Baa3 andplaced all ratings on review for downgrade; outlook negative [SOFTBK]SoftBank Group agreed to sell a large portion of its stake in Indian technology startup InMobi [VEDLN]Moody’s changed the outlook of VRL to positive from stable and affirmed B1 rating onimprovement in VRL's earnings and cashflow; Vedanta Ltd got tribunal nod to acquire insolvent Incab [VICVN]Vingroup EV arm to invest USD500mn to expand India plant [VNKRLE]China Vanke is offeringto sell its commercial property Binjiang Vanke Center in Shanghai’s Author Certification The author who is primary responsible for the content of this research report, in wholeor in part, certifies that with respect to thesecurities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by TheHongKong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covere