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 Asian IG credits were 1-3bps tighter this morning, driven byflows on issueswith5yr duration and FRNs with spread higher than 90.PMBROV30/NUFAU 30/EHICAR 26 were 0.7-0.9pt lower. LNGFOR 28 27-28 were Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SJMHOL: FV of the new SJMHOL to be low-mid 6% vs IPT at 6.875%.SJMHOLs were unchanged this morning, and the other Macau gaming Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk TOPTB: FV of the new PerpNC5.25 to be low 6% vs IPT at 6.625%.TOPTBs/PTTGCs were unchanged to 0.1pt higher this morning. See below. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new CASHLD 6.25 Perp rose 0.9pt from RO at 99.965. Seeour buy recommendationyesterday.The new FRESHK 29 tightened 10bpsfrom RO at T+178. The existing FRESHK 26-28swere 5bps tighter. EIBKOR29-36s opened 1–2bps tighter from ROs but retraced in the afternoon, andclosed flat to 1bp wider. RESONA 31, SWIPRO 31, MITHCC 31s, CLFCAP31 and BAYFIM 29 tightened 3–6bps from ROs, while the new NAB 29-31sand STANLN 30-37s traded 1–2bps inside ROs. In the Middle East, EBIUH31 outperformed and rose 0.4pt from RO at par, driven by active PB, AM and In the secondary space, wecontinued to see demand for higher-spreadFRNs acrossEU/Chinese/Japanese bank names, such as CCAMCL FRNsand several 3yr FRNs of NACF and UOBSP. Japanese/Yankee insurancesubs and AT1s, along with HYSAN Perps edged 0.3pt higher, amid growingdemandfor issues yielding 6%or higher across the spaces.TheNWDEVL/VDNWDL complex were 0.2pt lower to 0.7pt higher. EHICARswere down by 0.2-0.6pt.The Macau gaming complex was 0.1pt lower to 0.2pthigher amid new supply. See comments on SJMHOL below.In Chineseproperties, VNKRLE 27-29 dropped 2.6-2.8pts. Media reported that Vankehas reached an agreement with domestic banks to defer loan interest Marco News Recap宏观新闻回顾 Macro–S&P (-0.34%), Dow (-0.94%) and Nasdaq (+0.16%) were mixed on Wednesday. The US Dec’25 ADPNonfarm Employment change was +41k, lower than the market expectation of +49k. The US Dec’25 ISM Non-Manufacturing PMI was 54.5, higher than the forecast of 52.2.The US Crude Oil Inventories was-3.932mn,lower than the market expectation of-1.2mn. UST yield was lower on Wednesday. 2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 SJMHOL:FVof the new SJMHOL to be low-mid 6% vs IPT at 6.875% SJM proposed to issue a new 5NC2 senior unsecured USD bond (Ba/-/BB-). We view the FV of the newSJMHOL 31 to be low-mid 6% vs IPT of6.875%. The net proceeds from the notes will mainly be used to funda concurrent tender offer for the USD500mn SJMHOL 4.5 01/27/26at parand general corporate purposes. Thenew SJMHOL 31 is puttable at parin the case of termination, rescission, revocation or modification of gaminglicense, and carries a Change of Control put at 101%. The tender offer price of SJMHOL 26 is 100. Holders of As of Sep’25, SJM had cash on hand and short-term bank deposits of HKD3.4bn and undrawn facilities ofHKD2.7bn.Its LTM adj. property EBITDA was HKD3.7bn compared with the budgeted capex of HKD2bn in2025, HKD1.5-1.8bn in 2026 and below HKD1bn in 2027.The budgeted capex should cover the satelliteacquisition costs which we expect to be small.SJM’scash on hand, undrawn facilities and operating cashinflow should support a stable financial profile.In Sep’25, Moody’s/Fitch changed the outlook of SJM tonegative from stable and affirmed Ba3/BB-rating, respectively. Eight of the nine satellite casinos of SJM have TOPTB: FV of the new PerpNC5.25 tobe low 6% vs IPT at 6.625% Thai Oil proposes to issue USD600mn PerpNC5.25 (Ba2/BB-/-), which will be issued by itswholly-ownedsubsidiary Thai Oil Treasury Center Company Limited, and will be unconditionally and irrevocably guaranteedby Thai Oil. We view the FV of the new TOPTB Perp to be low 6% vs IPT at 6.625%, in view of the valuationofTOPTBs and PTTGCs. See Table2. The coupon of the new PerpNC5.25 will be reset in Apr’31, and will resetand step up by 25 bps in Apr’36, and another 75bps in Apr’51. The coupon payment is cumulative, and can be The proceeds from the new issue will be used to fund the concurrent tender offer for 5 of its USD bonds up toUSD550mn. See Table3. Early tender premium of 5pts will be provided for holders who tender on or before 20 Thai Oil is one of the leading integrated refining and petrochemical companies in Thailand. As of Sep’25, ThaiOil had a refiningnameplate capacity of approximately 275k barrels per day of crude oil and other feedstock,representing c22% of the total refining capacity in Thailand. Thai Oil is the principal refiner for PTT Public Offshore Asia New Issues (Priced) News and market color Regarding onshore primary issuances, there were 79 credit bondsissued yesterday with an amount ofRMB64bn. As for month-to-date, 258 credit bonds were issued with a total amount of RMB205bn raised, [DALWAN]Dalian Wanda Com