固定收益每日市场要闻

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asian fixed-rate IG credits were 1-4bps tighter this morning.VLLPM 29 wasdown by 0.7pt. ACPM 4.85 Perp was 0.4pt lower. PMBROV 30 recovered0.5pt. FAEACO 12.814 Perp was 0.4pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SUNHKC:FV of the new SUNHKC 29 to be mid-6% vs IPT at 6.75%. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk YXREIT:Media reported Yuexiu REIT is gauging investor interest inUSD/CNH bond to refinance USD400mn YXREIT 2.65 02/02/26. YXREIT2.65 02/02/26 was unchanged this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new POHANG 31-36s/SKBTAM 29 tightened 3-5bps fromROs amid buying from Chinese onshore accounts. The new CSILTD Float31 widened 1bp from RO at SOFR+60. There were AM selling flows on theexisting CSILTD curve. Chinese IG credits traded firmly overall and tightened1-3bps across the board. We saw solid buying interests in beta names,particularly in FRESHK/ZHOSHK. EHICAR 26-27 were 0.5pt lower. TheNWDEVL/VDNWDL complex rose 0.4-2.3pts. SUNHKC 5 09/07/26 was 0.1pthigher. Sun Hung Kai announced 6.75% IPT for the new 3yr USD bond, andcommenced tender offer for SUNHKC 26 of USD350.057mn at par. Seecomments below. WESCHI 26-28/DALWAN 28 were unchanged to 0.2pthigher. LASUDE 26 increased by 0.5pt. See our commentsyesterday. InChineseproperties,VNKRLE 27-29 were down by 0.2pt.Vanke hasproposedrevised terms to extend its onshore bond 22VankeMTN004,including collateral pledges and an extended grace period to 29 Apr’25 from28 Jan’25. FUTLAN 28/FTLNHD 26-27 were 0.2pt lower to 0.2pt higher. In Marco News Recap宏观新闻回顾 Macro–S&P (-0.19%), Dow (-0.80%) and Nasdaq (-0.10%) wereloweron Wednesday. US approved NvidiaH200 chip exports toChina with some conditions. UST yield was lower on Wednesday. 2/5/10/30 year yield was Desk Analyst Comments分析员市场观点 SUNHKC:FV of the new SUNHKC 29 to be mid-6% vs IPT at 6.75% Sun Hung Kai & Co. (0086.HK, SHK) proposes to issue 3yr USD senior unsecured bond (unrated), The issuerwill be a wholly-owned SPV and the bond will be guaranteed by SHK.We view the FV of the new SUNHKC 29to be mid-6% vs IPT at 6.75%, in view of the valuation of its peers and adjusted for tenor differential. See Table The proceeds from the new issue will be used to fund the concurrent tender offer for SUNHKC 5 09/07/26 andfor general working capital. The tender price is at par and SHK will accept any and all of the amount tendered. SHK is 74.6%-owned by Allied Group Limited (0373.HK) and ultimately owned by Lee and Lee Trust. SHK isan alternative investment platform across (i) credit (including consumer finance via UA Finance and mortgagelending via Sun Hung Kai Credit), (ii) investment management and (iii) fund management businesses. In 1H25,SHK generated total income of HKD2.8bn, represented 43.5% yoy increase from 1H24, with credit and fundmanagement businesses contributed c62%of the total income and investment management accounted for In 1H25, pre-tax profit increased to HKD1.1bn from HKD307mn in 1H24. ROE rose to 8.2%in 1H25 from 0.7%in 1H24. These improvement were driven by investment management segment, which turned to pre-tax profitof HKD786mn from pre-tax loss of HKD148mn in 1H24, benefited from improved sentiment towards China-related assets.Moreover, the leverage metrics improved on higher profitability. The net gearing ratio down to29.6% as of Jun’25 from 31.2% as of Dec’24, while interest coverage increased to 4.1x from 1.9x. As of Jun’25, News and market color Regardingonshore primary issuances, there were 112 credit bonds issued yesterday with an amount ofRMB107bn. As for month-to-date, 645 credit bonds were issued with a total amount of RMB517bn raised, [BIOLIN]Biocon INR41.5bn QIPattracted 4x demand, primarily from local mutual funds [CASHLD]CAS decided to accept USD580.629mn of CASHLD 4 Perp in the tender offer, [PICAHF]Piramal Finance raised USD350mn from International Finance Corp and Asian Development [SJMHOL]SJM decided to accept USD170.115mn of SJMHOL 4.5 01/27/2026 in the tender offer,USD329.9mn will remain outstanding [VNKRLE]China Vanke proposes revised terms to extend onshore bond with collateral, longer graceperiod, seeks to extend grace period to 29 Apr’26 from 28 Jan’26 [YXREIT]Yuexiu REIT gauging investor interest in USD/CNH bond to refinance USD400mn YXREIT Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author Certification CMBIGM or its affiliate(s) haveinvestment banking relationship with the issuers covered in this report in preceding 12monthsThe author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer thatthe 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) n