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 Thereweretwo-way flows on JP AT1s and insurance subs this morning butthe price remained stable. HUXJDP 26 rose 0.9pt. CRNAU 29/HYSAN 4.85Perp were0.6-0.7pt higher. LNGFOR 28/FTLNHD 27/SOFTBK 31 were 0.5- Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk BBLTB:FY25 investment gains offset the lower NII and net fee income. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk ADGREG:Counsel for Gautam and Sagar Adani are in discussions with theSEC on procedural matters regarding the SEC’s Motion and the concernedCourt has been requested not to decide the SEC’s Motion pending the filingof an application; reiteratedAdani Green is not a party to these civil Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the new WSTPNZ Float 01/30/31 closed 3bps tighter from RO atSOFR+75amid modest profit-taking.In Chinese IG space,CCAMCL/ORIEAS 2-5yr bonds tightened another 3-5bps driven by onshore demand.AMs/prop desks were buying FRESHK/ZHOSHK,which tightened 1-3bps.LIFUNGs gained 0.1-0.4pt. EHICAR 26-27 were 0.4pt higher. In Chinese/HKproperties, ROADKG bonds and perps rose 0.7-1.5pts. Road King AHGintends to file HK winding-up petition next month. The recent issue SHUION29 gained 0.3pt. FUTLAN 28/LNGFOR 27-32s also closed 0.5-1.2pts higher.The VDNWDL/NWDEVL complex were 0.2pt lower to 0.3pt higher. VNKRLE27-29 were 0.3pt higher. In KR space, HYNMTR FRNs tightened 3-5bps asonshore/offshore buyers sought after loose bonds and dealer inventory driedup. In JP space, NTT 35/MUFG 35s/SOBKCO 35/SMBCAC 35 tightened 1-4bps. NOMURA 7 Perp traded 0.1pt lower, while RESLIF 6.875 Perp closed0.1pt higher. In SE Asia space, OCBCSP 32/35s grinded 1–3bps tighter,whilewe saw light selling on OCBCSP 34s.KBANK 31/UOBSP 31-32s/BBLTB T2s were 1bp tighter to 2bp wider. See comments on BBLTB Marco News Recap宏观新闻回顾 Macro–S&P (+0.03%), Dow (-0.58%) and Nasdaq (+0.28%) were mixed on last Friday. US Jan’26 S&P GlobalServices PMI was 52.5, lower than the market expectation of 52.9; Manufacturing PMI was 51.9, same as themarket expectation. UST yield was lower on last Friday. 2/5/10/30 year yield was at 3.60%/3.84%/4.24%/4.82%. Desk Analyst Comments分析员市场观点 BBLTB:FY25 investment gains offset the lower NII and net fee income We maintain buy on BBLTB 3.466 09/23/36 (first call in Sep’31) and BBLTB 6.056 03/25/40 (first call in Mar’35).Bangkok Bank (BBLTB) has track records offirst-call redemption, and we expect BBLTB to continue to call itssubordinated bonds on the first call dates, taking cues from its sufficient capital buffer and track records for BBLTB reported softened FY25 results with operating profit before tax lowered by 1% to THB56.0bn. In FY25,net interest income decreased 8% to THB123.6bn while NIM dropped to 2.8% from 3.1% in FY24, attributableto lower-rate environment and 3% decline in loans. During 2025, BOT cut its interest rate three times to 1.25%, Net fee income decreased 2% to THB27.2bn due to lower transaction services and mutual fund services. Totaloperating income rose 2% to THB178.5bn, supported by gains on financial instruments measured at FVTPLand gains on investments. Cost-to-income ratio rose slightly to 48.4% in FY25 from 48.0% in FY24. Profitability BBLTB’s asset qualitydeteriorated slightly, with NPL ratio increased to 3.0% as of Dec’25 from 2.7% as ofDec’24. Its NPL coverage ratio slightly decreased to 324% from 334% over the same period. We take comfortfrom BBLTB’s solid capital adequacy despite the redemption of USD750mn BBLTB 5 Perp on 23 Sep’25 (thefirst call date) without tapping the offshore bond market.We understand that BBLTB does not have any o/sAT1s after the redemption of the perp.As of Dec’25, BBLTB’s standalone/consolidated CET 1 ratio was As discussed in our comments onKBank’s FY25 results, we expect that Thai’s bank asset quality could beunder pressure in 2026 in particular exposures to SMEs and retails which are more prone to slower economicgrowth. That said, we take comfort from BBLTB’s more diversified loan portfolios and revenue by geography Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 110 credit bonds issued on last Friday with an amountof RMB95bn. As for month-to-date, 1,485 credit bonds were issued with a total amount of RMB1,279bn [ADANEM]Adani Energy Solutions plans USD500mn bond issue by Adani Electricity Mumbai to [GRNKEN]Greenko Energy raised INR48bn(cUSD524mn)from National Bank for Financing [ROADKG]Road King sold property interests at RK XinTianDi Commercial Project for RMB100.3mn [SUNHKC]Sun Hung Kai settled the tender offer forSUNHKC 5 09/07/26,USD198.04mn remains [VNKRLE]China Vanke withdrew application for listing of warehouse logistic park REIT; UOB extended [YUEXIU]Yuexiu Property expected FY25 profit attributable to equity holders to fall 90-95% yoy to Fixed Income DepartmentTe