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 CSILTD Float 31 widened 1bp from RO at SOFR+60 this morning.The new POHANG 31-36s tightened 2-3bps from initial pricing at T+75 andT+90, respectively. The new SKBTAM 29 tightened 3bps from RO at T+72. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LASUDE:Small fund exit strengthens LSD’s liquidity. LASUDE 26 was 0.2pthigher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk SUNHKC:Sun Hung Kai commencedtender offer for its sole o/s USD bondSUNHKC 5 09/07/26 of USD350.057mn at par and concurrent 3yr Reg SUSD bond issuance. SUNHKC 5 09/07/26 was 0.1pt higher this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the recent new SJMHOL 31 was 0.2pt lower, while the recent newCASHLD 6.25 Perp and TOPTB 6.1 Perp were largely unchanged amid lightflows. In Greater China, MEITUAs and front-end HAOHUA closed 3bpstighter to 1bp wider. FRESHK 26-29s were 4bps tighter to 2bps wider. Seeour commentsyesterday.In Chinese properties, LNGFOR 28-32 increasedby 0.1-0.8pt, while LNGFOR 27 was down by 0.3pt. VNKRLE 27-29 were0.1-0.3pt lower. Media reported that PJT Partners urged Vanke’s USDbondholders to consider declaring default on bonds due to cross-defaultclauses.In HK,BNKEA 34s widened up to 3bps, while the rest of HK T2sremainedlargely unchanged.CHIYBK 32 was 0.6pt higher.TheNWDEVL/VDNWDL complex were 0.4pt lower to 1.1pts higher. LASUDE 26wasdown by 0.4pt.See comments below. We saw better buying onFUBON/CATLIFs, but TW lifers closed mostly flat. In KR space, the HYNMTRcurve tightened 2-3bps across both fixed-rate bonds and FRNs, driven byregional real-money and global PB deployment flows.In JP space, AM Marco News Recap宏观新闻回顾 Macro–S&P (+0.16%), Dow (+0.17%)and Nasdaq (+0.26%) were higher on Monday. UST yield was higher onMonday. 2/5/10/30 year yield was at 3.54%/3.77%/4.19%/4.83%. Desk Analyst Comments分析员市场观点 LASUDE:Small fund exit strengthens LSD’s liquidity Lai Sun Development (LSD) agreed to sell its LP interest in New Vision Fund to LGT Capital Partners forUSD14.6mn. Net proceeds are expected to be cHKD113mn (cUSD14.5mn) and will be used for general working New Vision Fund primarily invest in pre-IPO investments which are in the process of applying for listing as wellas early-stage and growth-stage companies, which LSD viewed as relatively illiquid with more volatile andunpredictable return. We view the disposal as moderate credit positive. Despite the net proceeds are small, thedisposal is consistent with LSD’s asset monetization strategy and provides incremental liquidity to LSD. Basedon LSD’s HKD8bn disposal target for Feb’25-Jan’27 and the progress so far, i.e. project sales of HKD2.2bn LSD’s only o/s USD bond, LASUDE 5 07/28/26 of USD493mn, will be due within six months. The full repaymenthinges on larger asset disposals and its refinancing capacity via bank borrowings and bond market. Wemaintain neutral on LASUDE 5 07/28/26. At 74.3, LASUDE 26 is trading at 70.4% YTW. We view the current News and market color Regardingonshore primary issuances, there were 84 credit bonds issued yesterday with an amount ofRMB56bn. As for month-to-date, 534 credit bonds were issued with a total amount of RMB410bn raised, [LASUDE]Lai Sun Development agreed to sell LP interest in fund for USD14.6mn to improve liquidity [SUNHKC]Sun Hung Kai commenced tender offerfor its sole o/s USD bond SUNHKC 5 09/07/26 ofUSD350.057mn at par and concurrent 3yr Reg S USD bond issuance [VNKRLE]Media reported PJT Partners urges China Vanke’s USD bondholders to consider declaring Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12months The author who is primary responsible for the content of this research report, in whole orin 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, relatedto the specific views expressed by that author in this report. Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered in ImportantDisclosuresThere are risks involved in transacting in any securities.The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. Th