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 LINREI 4.875 02/02/36 tightened 2bps from pricing at T+70 thismorning. We saw selling of front-end SG T2s. MEDCIJ 26 was 0.3pt higher.FABUH 5.875 Perp gained 0.2pt. ACPM 4.85 Perp/YPCORP 9.625 29 lost Glenn Ko, CFA高志和(852) 36576235glennko@cmbi.com.hk HKE:FV of the new HKE 36 to be T+60-65bps. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CHIOIL:China Oil and Gas circulated FPG at 7.25% for Reg S 3NC2 USDbond; launched tender offerto purchase CHIOIL 4.7 06/30/26 of USD361mn Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,TW lifers drifted 1-2bps wider, especially with better selling onFUBON. KUAISH/MEITUA also widened 1-2bps.In Chinese AMC space,ORIEASfront-end bonds tightened 1-2bps despite selling by onshoreaccounts. Beta names like FRESHK stayed well bid and tightened 1-3bps. InChineseproperties,LNGFOR 28 was down by 0.6-0.7pt.FUTLAN28/FTLNHD 27 lost 0.4-0.6pt. VNKRLE 27-29 were unchanged to 0.3pthigher. In HK, LASUDE 26 was 0.6pt lower. HYSAN Perps/FAEACO 12.814Perp gained 0.2-0.3pt. In KR space, IG corporates POHANG/LGENSO/HYNMTR were unchanged to 1bp tighter amid two-way flows. JP bank FRNstightened 1-2bps. Onthe other hand, we saw better selling on TACHEM35/SMBCAC 35, which widened 1-2bps. SOFTBK 65 was 0.7pt lower. JPinsurance subs and Yankee AT1s were largely unchanged, though flowsskewed slightly towards better selling. In SE Asian space, BBLTB T2s were Marco News Recap宏观新闻回顾 Macro–S&P (+0.50%), Dow (+0.64%)and Nasdaq (+0.43%) were higher on Monday. Trump threatened toraise tariff to 25% from 15% on goods from South Korea. UST yield was lower on Monday. 2/5/10/30 year yield Desk Analyst Comments分析员市场观点 HKE:FV of the new HKE 36 to be T+60-65bps HongkongElectric (HKE) proposes to issue 10yr Reg S senior unsecured USD bond (S&P: A-). The issuer willbe Hongkong Electric Finance Limited, a wholly-owned subsidiary of HKE, with a guarantee from HKE.Proceeds will be used for general corporate purposes and debt refinancing, notably HKE 2.875 05/03/26 ofUSD750mn will be due in May’26. We view the FV of the new HKE 36 to be T+60-65bps vs IPT at T+100bps,in view of CHINLP 2.5 06/30/35 (A1/A+/-) trading at T+32bps, HKE 1.875 08/27/30 (-/A-/-) trading at T+46bps, We acknowledge that the new HKE 36 will mature after the expiry of the current Scheme of Control Agreement(SCA) in 2033. We take comfort from HKE’s track record of bond repayment at maturity. HKE redeemed HKE4.25 12/14/20 of USD750mn at maturity in 2020, even the bond was issued in 2010 with a final maturity beyondthe previous SCA which expired in 2018. We take additional comfort on the HKSAR Government’s long track HKE is 100% owned by HK Electric Investments (HKEI), which is in turn c33% owned by Power Assets, 21%by State Grid Corporation of China, c20% by QIA, with the remaining c26% held by public shareholders. HKEIis a vertically integrated utility with generation, transmission and distribution, and it is the sole electricity providerto Hong Kong Island and Lamma Island. The supply reliability is high at a rating of >99.999% since 1997, HKEI’s credit profile is underpinned by stable and predictable cash flows under Hong Kong’s regulatoryframework. HKEI operates under the SCA with the HKSAR Government, with a permitted return of 8.0% during2019-2033. In FY24, HKEI generated revenue of HKD12.1bn and EBITDA of HKD8.7bn (EBITDA margin of Leverage and coverage metrics remains consistent with the regulated utility profile. Total debt/EBITDA was4.8x and EBITDA/interest paid was 7.1x in FY24. As of Jun’25, total debt was HKD51.5bn, comprising 35% ofUSD bonds, 18% HKD private placements and47% bank loans, with a weighted average life of 7 years. Near-term maturity profile appears to be manageable, supported by diversified funding channels and steadyoperating cashflow generation. We understand that HKD22.6bn of debts (c44% of the total debts) will be due News and market color Regardingonshore primary issuances, there were 87 credit bonds issued yesterday with an amount ofRMB98bn. As for month-to-date, 1,567 credit bonds were issued with a total amount of RMB1,368bn [CHIOIL]China Oil and Gas launched tender offer to purchase CHIOIL 4.7 06/30/26 of USD361mn at [YXREIT]Yuexiu REIT updated USD1.5bn MTN programme 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 contentof this research report, in whole or in 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, direc