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 This morning, the new KUAISH 31s was initially a touch wider but laterreturned to unchanged from RO at T+50, while the new KUAISH 36swidened 4bps from RO at T+70. MEITUA 32-35s were 1-3bps wider.FRESHK29 tightened 3bps.VNKRLE 27-29 rose another 2.7-2.8pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SNBAB:The new SNBAB 6.15 Perp is fairly priced. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Economy:Signal of moderate monetary easing. CMBI expects50bpsRRR cut and two 10bps LPR reductions this year.Regardingexchange rate policy, the central bank remains committed to market-drivenflexibility and RMB resilience. The USD/RMB is projected to decline to 6.93 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Tradingdesk comments交易台市场观点 Yesterday,the new ANZNZ 29-31s tightened 3-5bpsfrom ROs. ASBBNK 30was 3bps tighter. In Chinese TMT space, MEITUA curve tightened 3-4bps,although modest profit-taking activities emerged in the afternoon session.Kuaishou Technology priced its new issues today. See our comments on theFVyesterday. Chinese IG beta names FRESHK grinded 2-4bps tighter amidsolid buying flows. The NWDEVL/VDNWDL complex surged 0.5-6.4pts. TheNWD stock rose 15% yesterday, on back of the recurring market rumors overthesales of Rosewood Hotel.In Chinese properties,VNKRLE 27-29recovered strong and rose 5.4-5.6pts. Vanke proposed to extend the principalpayment for a year for its two onshore bonds from 15 Dec’25 and 28 Dec’25,respectively, with upfrontcash repayment as options in the proposals.LNGFOR 27-32 edged 0.2-0.5pt higher. The Korean IG space remainedupbeat. SKBTAM 29s tightened another 3bps. HYNMTR fixed-rate belly In LGFV space, we saw better selling on thenew CNH LECCIG 29s in secondary market as tactical investorsattempted to recycle cash for anticipated new issues ahead. On the other hand, rest of the LGFV space remainedlargely afloat, with retail investors buying higher-yielding issues in small sizes,whilst RMs topping USD IG/quality Marco News Recap宏观新闻回顾 Macro–S&P (+0.26%), Dow (+0.60%) and Nasdaq (+0.25%) were higher on Thursday. US latest initial joblessclaimswas +198k, lower than the market expectation of +215k. UST yield was higher on Thursday. 2/5/10/30 Desk Analyst Comments分析员市场观点 SNBAB:The new SNBAB 6.15 Perp is fairly priced The Saudi National Bank (SNB) priced aPerpNC5.5 AT1 USD bond (unrated) at 6.15% yesterday, tightened47.5bps from IPT at 6.625%. The issue size is USD1bn on an order book of over USD2bn. SNB is SaudiArabia’s largest banking group by total assets, with c27% market share as of Sep’25. It operates in ninecountries and has a diversified franchise spanning across wholesale and retail banking, treasury, asset We view the new SNBAB 6.15 Perp (first coupon reset in Jul’31) is fairly priced, in view of the valuation of itsSNBAB 6.2 Perp (first coupon rest in Dec’31) trading at YTC of 6.2% as well as its peer RJHIAB 6.15 Perp (firstcoupon reset in Jan’32) is trading at YTC of 6.1%. RJHIAB 6.15 Perp was issued by Al Rajhi Bank, SaudiArabia’s second largest bank by total assets with c24% market shares as of Sep’25. Within Middle East AT1,we maintain buy on Saudi Arabia’s BSFR 6.375 Perp and UAE’s EBIUH 4.25 Perp. At 100.9, BSFR 6.375 Perp The new SNBAB 6.15 Perp is first callable on 22 Apr’31 and on any date thereafter up to (and including) thefirst coupon reset on 22 Jul’31, and on any interest payment date thereafter. The coupon will be reset to5yrUST+initial spread of 2.343% on 22 Jul’31 and every fifth anniversary thereafter. Coupon payment is optional,non-cumulative and subject to mandatory cancellation upon: (i) insufficient distributable profits; (ii) breach of In 9M25, SNB generated ROTA of 2.2% and ROTE of 17.5%, increased from 2.0% and 16.3% in 9M24,respectively, driven by higher fee and commission income. The cost to income ratio was also lower at 25.2%under disciplined cost management, compared to 28.4% in 9M24. Moreover, SNB has robust capital adequacy.CET1 ratio was 17.6% and Tier 1 ratio was 19.5% as of Sep’25, higher than the regulatory requirement of 9.2%and 10.7%, respectively. Liquidity metrics were solid, with NSFR at 112% and LCR of 263% as of Sep’25. China Economy: Signal of moderate monetary easing China’s outstanding social financing growth exhibited a notable deceleration toward the end of 2025. This trend,coupled with a sharp slowdown in M1 supply growth,underscores a cooling in economic activity and privatesector confidence. There is a persistent economic imbalance between robust supply and weak demand as thecorporate sector remains the primary engine of credit expansion and the household sector continues to prioritizedeleveraging over new borrowings. In response, the People’s Bank of China (PBOC) has signaled a shift toward Credit and M1 growth slowed down as economic activities weakened.Outstanding social financing growthcontinued to de