固定收益日报市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new KDB 29-31s tightened 5-7bps from ROs this morning. Higher-betaAsian IG bonds tightened 1-3bps. European AT1s edged 0.3pt higher.SOFTBK 61was 0.6pt higher. ACPM 4.85 Perp was 0.5pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk KBANK:FY25 profitability softened on lower-rate environment. Maintainbuy on KBANK 3.343 10/02/31. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk TOPTB:Thai Oil accepted USD116.047mn of TOPTB 2.5 06/18/30,USD58.481mn of TOPTB 4.875 01/23/43, USD135.786mn of TOPTB 5.37511/20/48, USD235mn of TOPTB 3.5 10/17/49 and USD4.686mn of TOPTB3.75 06/18/50 in the tender offer as of the early deadline, totaled USD550mn Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Taiwanese lifers tighten 2–5bps, driven by buying interests inNSINTW and SHIKON.KUAISH 31-36s/MEITUA curve tightened 1-4bps.ZHOSHK 28 was 1bp tighter. In Asian higher-beta credits, there were mixedtwo-way flows on perps as investors switched out of lower-yielding names forhigher yielding counterparts across the region. FAEACO 12.814 Perp andMTRC Perps gained 0.1-0.4pt. On the other hand, NWDEVL Perps/VDNWDLPerps were unchanged to 0.7pt lower. Media reported NWD aims to sell atleast one asset by the end of Jun’26 to generate positive cash flow. InChinese properties, VNKRLE 27-29 rose 0.5-0.6pt. FUTLAN 28 gained 0.5pt,while FTLNHD 26-27 were 0.1-0.4pt lower. In SE Asia, KBANK 31 tightened1bp. See comments below on KBank’s softened financial results in FY25.TOPTB 28-50s tightened 3-8bps. TOPTB 6.1 Perp edged 0.2pt higher. ThaiOil accepted a total of USD550mn tender offers for TOPTB 30-50s as of theearly deadline. OCBCSP 32s/35s attracted better buying flows; OCBCSP 35tightened 5bpsbut OCBCSP 32 closed unchanged. We saw PBs selling Marco News Recap宏观新闻回顾 Macro–S&P (+1.16%), Dow (+1.21%) and Nasdaq (+1.18%) were higher on Wednesday. UST yield was loweron Wednesday. 2/5/10/30 year yield was at 3.60%/3.83%/4.26%/4.87%. Desk Analyst Comments分析员市场观点 KBANK:FY25 profitability softened on lower-rate environment We maintain buy on KBANK 3.343 10/02/31 (first call in Oct’26) which is trading at 98.7 and offering YTC of5.2%. Kasikornbank (KBank) has track records of first-call redemption, and we expect KBank tocontinue to callits subordinated bonds on the first call dates, taking cues from its sufficient capital buffer and track records for KBANK reported softened FY25 results with operating income lowering 2% to THB194.8bn.In FY25, netinterest income increased 15% to THB57.7bn while NIM dropped to 3.2% from 3.6% in FY24, due to lower-rateenvironment, the strategic focus on higher credit quality loansand marginal decline in loans.The higherhousing and large corporate loans was morethan offset the declines in loans to other business segments. Net fee income increased 5.9% to THB35.4bn, supported by growth in insurance servicesand wealthmanagement services, as well as higher investment income. Cost-to-income ratio rose slightly to 43.6% in FY25from 42.5% in FY24.Profitability softened on margin pressure, with ROA declined to 1.11% in FY25 from KBank’s asset quality was largely stable with NPL ratio flat at 3.2% as of Dec’25 compared with its target ofbelow 3.25%.Its NPL coverage ratio increased to 163% as of Dec’25 from 152% as of Dec’24. Moreover,KBank’s capital adequacy remained solid as of Dec’25, despite the redemption of USD500mn KBANK 5.275Perpon 14 Oct’25(the first call date)without tapping the offshore bond market.KBank’sstandalone/consolidatedCET1 ratios were at 17.2%/18.0%as of Dec’25,respectively,increased from The BaselIII finalization was delayed to 2029 from 2026 while BOT has not yet announced the detailedrequirements.KBank projects the impact from Basel III finalization to be a CET1 reduction of 1-2%. We viewthat the impact is manageable in view of KBank’s CET1ratios of 17.2%/18% as of Dec’25 (vs requirement Looking ahead, BOT projected Thai economic growth to moderate to 1.6% in 2026 from 2% in 2025, with privateconsumption to slow down in line with income, and merchandise exports to be impacted by US trade policies. pressure in 2026, in particular exposuresto SMEs and retails which are more prone to slower economic growth.That said, we take comfort from KBank’s prudent NPL coverage and increasing focus on higher credit quality News and market color Regardingonshore primary issuances, there were 92 credit bonds issued yesterday with an amount ofRMB84bn. As for month-to-date, 1,222 credit bondswere issued with a total amount of RMB1,006bn [AZUPOE]Azure Power Energy plans full redemption of AZUPOE 3.575 08/19/26 on 5 Feb’26 at par,conditional on the successful drawdown under a loan agreement [NWDEVL]Media reported NWD aims to sell at least one asset by end of Jun’26 for positive cash flow [SMCGL/SMCPM]San Miguel Global Power completed full redemption of USD600mn