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 SUMIBK 4.522 02/12/32 was unchanged around RO at T+68 thismorning. ACPM 4.85 Perp was 1.0pt lower. EHICAR 26 decreased by 0.9pt.GARUDA 31 was 0.9pt higher. NWDEVL 4.8 Perp was up by 0.5pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk CDBALF:FV of the new CDBALF 31 to be T+55-60bps vs IPT at T+95bps. See below.FRESHK:S&P placed Far East Horizon’s BBB-rating on CreditWatch Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk negative following the profit warning of its 41.7%-owned subsidiary HorizonConstruction Development. S&P intends to resolve the CreditWatch in thenext three to six months. FRESHK 26-29 widened 30-50bps while CNHFRESHK 28 was 2.0pts lower this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Asian IG credits rebounded,supported by improved macrosentiment and elevated rates levels. ZHOSHK 28 traded 4bps tighter. Infinancials, CCAMCL/ORIEAS tightened 2-4bps. FRESHK 26-29 tightened 1-4bps. Last night, S&P placed Far East Horizon (FEH) on CreditWatchnegative after the profit warning of its 41.7%-owned subsidiary HorizonConstruction Development, which contributed only c1% of FEH’s PBT in1H25.We do not see too much on the profit warning and are unconvincedon the negative rating action. TW lifers recovered and stabilized, with spreadstightening 1-3bps. In Chinese HY, the recent new issue WESCHI 10.511/11/29 was 0.6pt higher from the RO at par. See our comments on2 Feb’26.In HK, NWDEVL/VDNWDL Perps rose 0.5-1.0pt, except NWDEVL 6.125Perp closed 0.2pt lower. The Macau gaming complex SJMHOL/MGMCHI/MPEL/SANLTD/ STCITY/WYNMAC were unchanged to 0.1pt higher. Seeourcomments on Jan’26 Macau gaming GGR yesterday.In Chineseproperties, FUTLAN 28/FTLNHD 26-27 closed 0.2-0.7pt higher. VNKRLE 27-29/LNGFOR27-32s edged 0.1-0.3pt higher.In KR space,LGENSO/SKBTAM/MOMPER curves were squeezed to another 2-4bps tighter, withrenewed deployment buying concentrated in front-end to belly maturities. RMs/retail accounts, whereas there were balanced two-way flows on IG names. Marco News Recap宏观新闻回顾 Macro–S&P (-0.84%), Dow (-0.34%) and Nasdaq (-1.43%) were lower on Tuesday. 10yr UST yield was loweron Tuesday. 2/5/10/30 year yield was at 3.57%/3.83%/4.28%/4.90%. Desk Analyst Comments分析员市场观点 CDBALF:FV of the newCDBALF 31 to be T+55-60bps vs IPT at T+95bps China Development Bank Financial Leasing (CDBL, A1/A+/A) proposes to issue a USD Reg S 5yr seniorunsecured bond (A2/-/A). We view the FV of the new CDBALF 31 to be T+55-60bps vs IPT at T+95bps, in viewof CDBALF 4.75 05/27/30 trading at T+56bps, adjusted for c9-month longer in tenor for an A-rated issue. Proceeds will be used for general corporate purpose for the issuer, guarantor and their subsidiaries. The newCDBALF 31 will be issued by CDBL Funding 1 andwill be unconditionally and irrevocably guaranteed by CDBAviation (A2/A/A), with the benefit of a Keepwell and asset purchase deed provided by CDBL, same as the CDBL’s credit profile is underpinned by strong government linkage and adequate capital buffers. CDBL issupervised by the NFRA and is 64.4%-owned by CDB, a wholly state-owned policy bank.CDBL providesaircraft, ship, infrastructure, inclusive finance, green energy, and equipment leasing services across 40countries/regions. In 1H25, CDBL generated revenue of RMB14.7bn and net profit of RMB2.4bn. Assetqualityweakened modestly, with the NPA ratio increased to 0.63% in Jun’25 from 0.56% in Dec’24, though NPA The guarantor, CDB Aviation, is CDBL’s 100%-owned aircraft leasing platform providing new/used aircraftleasing, sales/leasebacks and financing solutions to 87 airline customers across 42 jurisdictions. It has 517aircraft (current fleet plus committed), with a weighted-average aircraft age of 5.7 years and a weighted-average News and market color Regardingonshore primary issuances, there were 128 credit bonds issuedyesterday with an amount ofRMB84bn. As for month-to-date, 223 credit bonds were issued with a total amount of RMB171bn raised. China warned Panama it would face serious consequences after acourt voided CK Hutchison's unit's Major restaurant chains in China are raising delivery prices and scrapping promotions on food delivery Macau expects to attract more than 1.4mn visitors for the 9-dayCNY holiday, represents a 6.9% yoy Kuwait planned to open some oil fields and lease part of its crude pipeline network to foreign investors [ADSEZ]Adani Ports 9MFY26 consolidated EBITDA rose 20% yoy to INR168.3bn (cUSD1.8bn) [CKHH]CK Hutchison’s local subsidiary started arbitration proceedings against Panama after Panamacourt voided a concession to operate two ports [FUTLAN/FTLNHD]Seazen to meet investors 9-10 Feb’26 in Hong Kong [INTNED]ING Groep priced USD1.5bn INTNED 6.5 Perp (-/BBB-/BBB) at 6.5%, tightened from IPT at7.0%. The coupon of the perp will be first reset to 5yrUST+2.846% on 16 Nov’33 [KZOKZ]