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 HKE 4.75 02/03/36 tightened 8bps from RO at T+60 this morning.The new RY 6.5 05/24/86 was unchanged from RO at par. Korean namesDAESEC/HYNMTR tightened 1-2bps. ANZs tightened 2-3bps. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LINREI:The new LINREI 36 is fairly priced, which was 3bps tighter from ROat T+70 yesterday and 1bp wider this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VNKRLE:Shenzhen Metro will provide a three-year loan up to RMB2.4bn(cUSD339mn) to Vanke at 1yrLPR-66bps or 2.34% to repay the principalandinterest of its public bonds.Vanke has scheduled payment ofRMB864.1mnfor 22WankeMTN004 on 28 Jan’26 and RMB1.6bn for Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new ARAMCO 29-56s closed unchanged to 0.3pt higher fromROs. In the rest of Middle Eastern space, the recent new issuesSECO 29-36s tightened 2-3bps. Long-end KSAs lost 0.1-0.5pt. In Greater China, TMTMEITUA/KUAISH widened 1-2bps under profit-taking. Front-end of AMCbonds CCAMCL/ORIEAS tightened1-3bps with onshore interests. FRESHK27-28s also tightened 2-4bps with buying flows from Chinese AM accounts.CHIOIL 26 closed 0.1pt higher. China Oil and Gas revived its bond offeringand tender offer for CHIOIL 26 at par. WESCHI 28 was 0.2pt higher. InChinese properties, ROADKGs edged 0.4-0.9pt higher. SHUION 29 was0.2pt higher. VNKRLE 27-29 were unchanged to 0.1pt higher. In HK, theNWDEVL/VDNWDL complex rose 0.1-2.4pts. CASHLD 6.25 Perp/FAEACO12.814Perp edged 0.1-0.3pt higher.In KR space,POHANG/HYUELE/DAESEC were lifted by local buyers despite tariff headlines and tightened 1-2bps, while rest of the space was largely muted. JP bank FRNs tightened 1- Marco News Recap宏观新闻回顾 Macro–S&P (+0.41%), Dow (-0.83%) and Nasdaq (+0.91%) were mixed on Tuesday. US Jan’26 CB ConsumerConfidence was 84.5, lower than the market expectation of 90.6. 2/5 year UST yield was lower on Tuesday while10/30 year UST yield was higher. 2/5/10/30 year yield was at 3.53%/3.81%/4.24%/4.83%. Desk Analyst Comments分析员市场观点 LINREI:The new LINREI 36 is fairly priced OnMonday, Link REIT priced 10yr Reg S senior unsecured USD bond (-/A/-) at T+70bps, tightened 35bps fromIPT at T+105bps. The issue size is USD600mn on an order book of over USD2.7bn. We view the new LINREI4.875 02/02/36 as fairly priced, in view of its LINREI 2.75 01/19/32 was traded at T+64bps and adjusted for c4 The new LINREI 36 is issued by the Link Finance (Cayman) 2009 Limited and guaranteed by the Link HoldingsLimited, Link Properties Limited and HSBC Institutional Trust (as trustee), same as LINREI 2.75 01/19/32. Theproceeds will be used for general corporate purposes including debts refinancing. LINREI 2.875 07/21/26 of Link REIT is one of the largest REIT in Asia by asset value as of Sep’25, with a portfolio valued at HKD223bnacross retail, office, car parks and logistics. As of Sep’25, c74% of the portfolio comprised of 130 assets inHong Kong valued at HKD166bn, c14% in mainland China with 12 assets valued at HKD31bn, and theremaining c12% are 12 overseas assets (incl. Australia, Singapore, and the UK) valued at HKD26bn. WithinHong Kong, c52% of assets are retails (with c80% retention rate), the remainder mainly car parks and related For 1HFY26 (ended 30 Sep’25), Link REIT’s revenue declined 2% yoy to HKD7.0bn and net property incomedropped by 3% to HKD5.2bn, mainly dueto lower rental income from retails and office properties in Hong Kong.The FV loss of IPs during the period was HKD5.2bn, reflected a downward adjustment of market rent for mostproperties in Hong Kong and mainland China, and it was lower than the loss of HKD7.2bn in 1HFY25. Financecosts were also lower by 20% yoy to HKD796mn, attributable to lower HIBOR/SORA rates. Its average As of Sep’25, Link REIT has HKD3.6bn cash and bank balances and HKD5.8bn undrawn committed facilities,totaled HKD9.4bn. The net gearing ratio rose to 22.5% from 21.5% as of Mar’25, while total debt wasHKD54.5bn comprising HKD15.7bn will be due by Mar’27 (incl. LINREI 2.875 07/21/26 of USD500mn). Near-term refinancing needs appear manageable, debt maturities are staggered with average maturity of 2.9 years. News and market color Regardingonshore primary issuances, there were 119 credit bonds issued yesterday with an amount ofRMB81bn. As for month-to-date, 1,822 credit bonds were issued with a total amount of RMB1,569bn Media reported Taiwan’s lifeinsurers lowered their hedging against forex risk to the lowest at least 2020to 50.23% in Dec’25 from 59.03% in Nov’25 [BIOLIN]S&P upgraded Biocon Biologics by one notch to BB+ from BB on its recent equity issuance tosettle compulsorily convertible preference shares issued to Viatris Inc. which has significantly reduced [DALWAN]Dalian Wanda Commercial Management to hold investor meetings to market Reg S 2yr USDbond; launched concurrent tender offerfor