固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new BAYFIM 29 and CLFAP 31 tightened 3bps from initialpricing at T+32. FRESHK 29 was 5bps tighter from RO at T+178. MITHCC31swere 7bps tighter from RO at T+85.RESONA 31/STANLN 30-37s/EIBKOR 29-36stightened 1-2bps from ROs. SWIPRO 31 was 4bps Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CASHLD:Initiate buy on the new CASHLD 6.25 Perp, which rose 0.8pt fromRO at 99.965 this morning. See below. MGMTGE:Mongolian Mortgage repurchased USD 17.54m of MGMTGE11.5 01/18/27 between 29 Oct’25 and 19 Dec’25 and were subsequentlycancelled, the o/s amount is reduced to USD185.149mn. MGMTGE 11.5 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Asian IG credits traded actively amid abundant primary supplies.The multi-tranche new MUFG 32-37s and SUMIBK 29-47s tightened 1-3bpsfrom ROs across fixed-rate bonds and FRNs. Fixed-rate HYNMTR 31-33straded 1–3bps wider from RO at T+85 and T+92 amid light flows. HYNMTR29s and the new HYNMTR FRNs closed 3bps tighter to 4bps wider. BOCAVI33s traded two-way among banks, PBs and prop desks and closed 2bpstighter from RO at T+65. EXIMBK 36s tightened 2bps from RO at T+85, andEXIMBK 56s outperformed and tightened 8bps from RO at T+95. The newUBS 6 5/8 Perp and the new UBS 7 Perp were 0.4pt higher from RO at par In the secondary space, we saw solid deployment demand for wider-spreadFRNs (>T+100), whereas better selling pressure for lower-beta, front-endFRNs—particularly Korean names.TheFRESHK curve gapped 5–10bpswider with the new issue in the pipeline. See comments on the FV of the newFRESHK issueyesterday.NWDEVL Perpswere up by 0.1-1.3pts. VDNWDL9 Perp was 0.1pt higher. LIFUNGs increased by 0.7-0.9pt. CASHLD 4 Perpwas 0.1pt higher. In Chinese properties,LNGFOR 27-32s were firm andtraded 0.7-1.0pt higher. FTLNHD 26-27 were 0.3-0.5pt higher, while FUTLAN28 was 0.4pt lower. As for non-LGFV CNH papers, we saw better buying on In LGFV space, FZSZJJ 7 12/27/27 recovered 1.3pts.The rest of LGFV space edged another 0.1-0.4pt higheras RMs and structured buyers continued to chase after higher-yielding papers across USD and CNH, namely Marco News Recap宏观新闻回顾 Macro–S&P (+0.62%),Dow (+0.99%) and Nasdaq (+0.65%) were higher on Tuesday. US Dec’25 S&P GlobalServices PMI was 52.5, lower than the market expectation of 52.9. US Supreme Court expected to rule on tariffson 9 Jan’26. UST yield was higher on Tuesday. 2/5/10/30 year yieldwas at 3.47%/3.72%/4.18%/4.86%. Desk Analyst Comments分析员市场观点 CASHLD:Initiate buy on the new CASHLD 6.25 Perp PCCW’ssubsidiary CAS Capital No.2 Limited priced Reg S PerpNC5.25 (Ba2/BB/-) at 6.25%, tightened37.5bps from IPT at 6.625%. The issue size is USD675mn, on an order book of over USD2.5bn. We initiatebuy on the new CASHLD 6.25 Perp, which offers higher YTC thanits peers with similar first coupon reset datein the HK corporate perps universe. We also like the stable credit profile of PCCW as an utility play, comparedto that of Hysan which focus on property investment and development. At 100.8, the new CASHLD 6.25 Perp Thecoupon of the new CASHLD 6.25 Perp will be first reset to 5yrUST+initial spread of 253.3bps from 13Apr’31, to 5yrUST+initial spread of 253.3bps+step-up of 25bps from 13 Apr’36 and additional 75bps from 13Apr’51. The coupon is deferrable and cumulative.The new CASHLD 6.25 Perp will be first callable during thethree months prior to the first coupon reset date and every distribution payment date thereafter. The newCASHLD 6.25 Perp enjoys 50% equity credit for life from Moody’s and 50%equity credit untilthe first reset The issuer, CAS Capital No.2 Limited, is a SPV and the perpis guaranteed by its parent CAS Holdings No.1Limited (Baa3/BBB-/-), which is 100% owned by PCCW Limited (0008.HK). The guarantor CAS Holdings No.1Limited holds c52% inHKT Trust and HKT (HKT, 6823.HK) and no other business. This structure ring-fences the HKT’s stable distribution cash flow from other business of PCCW Group, such as media and other HKT is a leading telecom and tech provider in Hong Kong, itgenerated revenue of USD2.2bn in 1H25,represented 4% yoy increase from 1H24, and comprised of c70% from telecommunications services and c30%from mobile and other businesses. In 1H25, HKT generated EBITDA of USD818mn, increased by 3% yoy from1H24. EBITDAmargin was 37% in both 1H25 and 1H24. The profit attributable to holder also increased by 4%yoy to USD265mn in 1H25. HKT is required to distribution 100% of its adjusted funds flow, which was Regardingonshore primary issuances, there were 96 credit bonds issued yesterday with an amount ofRMB71bn. As for Month-to-date,183 credit bonds were issued with a total amount of RMB143bn raised, [JSTLIN]Fitch placed JSW Steel's BB rating on positive watch on board approval to form JV with JFE [LNGFOR]Longfor completed RMB1.0bn payment for onshore