固定收益每日市场更新

Fixed Income Daily Market Update固定收益部市场日报 AsiaIG space overall tightened 1-2bps this morning.VNKRLE 27-29recovered 0.9-1.0pt. MINAU 31/ACPM 4.85 Perp were 0.7-0.8pt lower.Higher-yieldingLGFVswere0.5-1.0pthigher,ledby Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk EHICAR:Stronger yoy 3Q25 results. EHICAR 26-27 were 0.3pt lower thismorning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MINMET:FV of the new PerpNC3.5 and PerpNC5 to bec4.3% and c4.4%,respectively. See below. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk LastFriday,we saw better buying on Japanese corps FRNs andJapanese/MiddleEastern/Australian/European banks FRNs.JP 10yrtranches like SMBCAC 35/MUFG 35-36s tightened 4-6bps. SAMTOT 5.507/18/29 widened 6bps. Moody’s downgraded Hanwha TotalEnergies' seniorunsecured rating to Ba1 from Baa3 and the rating on review for furtherdowngrade.AMs continued to buy front-end Japanese and Yankee AT1sand insurance subs. Taiwan lifers CATLIF/FUBON/NSINTW traded 1-2bpstighter amid PB buying. See our comment on Taiwan liferslast Friday. TheMacaugamingbondsSJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMAC edged 0.1-0.4pt higher. FOSUNI 26-29 were unchanged to 0.2pthigher. EHICAR 26-27 were 0.2pt lower to 0.1pt higher. See comments below.In Chinese properties, VNKRLE 27-29 were 0.3pt lower. The market iswaiting for the outcome of the 10 Dec’25 voting regarding Vanke’s proposalto extend the RMB2bn 3% bonds by one year. FUTLAN 28/FTLNHD 26-27/LNGFOR 27-32 were 0.3-0.7pt higher. YLLGSP 26 was 0.1pt higher. In Marco News Recap宏观新闻回顾 Macro–S&P (+0.19%), Dow (+0.22%) and Nasdaq (+0.31%) were higher onlast Friday. US Sep’25 Core PCEPrice Index was +2.8% yoy, lower than the market expectation of 2.9%. UST yield was higher onlast Friday.2/5/10/30 year yield was at 3.56%/3.72%/4.14%/4.79%. Desk Analyst Comments分析员市场观点 EHICAR: Stronger yoy 3Q25 results In 3Q25,EHICAR’s EBITDA increased 7.2% yoy to RMB836.8mn.The LTM EBITDA increased 24% yoy toRMB2.5bn.Higher utilization rate more than offset lower ADRR, reflecting the continued recovery in demanddespite intense competition. We are impressed with the trendof higher utilization rate despite EHICAR’s fleetsize increased 11% in 9M25 to 139,592. In 3Q25, the utilization rate was 72.3%, the highest since 1Q23 whileRevPAC was RMB157.5, the highest since 3Q23. 3Q is the seasonal high of the year and we expectutilization As of Sep’25, EHICAR’s net debts were RMB9.6bn, declined from RMB9.8bn as of Jun’25 and RMB10.4bn asof Sep’24.Net debts/LTM EBITDA and LTM EBITDA/LTM int. slightly improved to 3.9x and 3.1x in 3Q25 from4.0x and 2.9x in 2Q25 and 5.2x and 2.6x in 3Q24, respectively.We expect EHICAR’s net debt reduction toremain gradual given its expectation of small increase infleet size in 2026. At 80.2 and 66.8, EHICAR 7 09/21/26 and EHICAR 12 09/26/27 are trading at YTM of 38.7% and 39.4%,respectively. We consider the current valuations have priced in too much downside for a non-distressed creditwith a slowly improvingcredit profile despite EHICAR has yet to come out with a concrete refinancing plan forEHICAR 7 09/21/26 (o/s USD267mn as per 1H25 interim report) due Sep’26.We expect to EHICAR to buy MINMET: FV of the new PerpNC3.5 and PerpNC5 to be c4.3% and c4.4% , respectively China Minmetals Corp (MINMET) proposes to issue USD PerpNC3.5 and PerpNC5, both rated at Baa2 byMoody’s. We view the FV of the PerpNC3.5 to be c4.3% vs IPT at 4.8%,whileFV of the PerpNC5 to be c4.4%vs IPT at 4.9%, taking cues from its peers and adjusted for tenor and rating differentials. The two perps will be issued by MINMET’s offshore subsidiary and guaranteed by MINMET. The proceeds willbe used for working capital and general corporate purposes, including debt refinancing. The coupon of thePerpNC3.5 will be reset to 3yrUST+initial spread+step-up of 300bps at the end of 3.5 years, and reset every 3years thereafter. The coupon of the PerpNC5 will be reset to 5yrUST+initial spread+step-up of 300bps at the MINMET is wholly-owned by the Chinese government, through 94.1% ownership bycentral SASAC and 5.9%held by National Council for Social Security. It is one of the largest metal and mining conglomerate in themainland China with 41 mines across the globe. MINMET had nine listed subsidiaries span across metal andminerals, metallurgical construction, trade and logistic, finance and real estate sectors. In FY24, MINMETgenerated revenue of RMB833bn, of which 48.4% was from metallurgical construction, 22.1% from trade and News and market color Regardingonshore primary issuances, there were 78 credit bonds issued on last Friday with an amountof RMB87bn. As for Month-to-date, 447 credit bonds were issued with a total amount ofRMB435bn [MINAU]Mineral Resources targets the first iron ore production from its Lamb Creek project in 4Q26, asit commenced construction following receipt of all regulatory approvals [PERTIJ]Pertamina suspended the operat