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 MIZUHO Float 32 tightened 1bp from RO this morning, whileMIZUHO 4.438 32/MIZUHO 5.05 37 were unchanged from ROs. The newCICCHK28-29s tightened 1bp from ROs.Higher-yielding LGFVscompressed 10-30bps. AT1s were unchanged to 0.1pt weaker. NWDEVL Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk GLPSP/GLPCHI:Downstream liquidity support through a parent-backedtender offer. GLPCHI 29/GLPSP 28/GLPSP Perpswere 0.5-1.6pts lower Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MEITUA:Meituan agreed to acquire China operations of fresh grocery retailer Dingdong for USD717mn in cash, subject to regulatory approval andother conditions. MEITUAs were 1-2bps wider this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,FRESHK26-29 recovered to 4-8bps tighter. CNH FRESHK 28closed unchanged. See our commentsyesterday. EHICAR 26 traded 0.6ptlower. In HK, FAEACO 12.814 Perp was down by 0.2pt, while MTRC 4.875Perp was 0.2pt higher. The NWDEVL/VDNWDL complex were 0.2pt lower to0.1pt higher. In Chinese properties, FUTLAN/FTLNHD 26-27 edged 0.1-0.4pthigher. Media reported that Seazen is applying for offshore-debt quota up toUSD300mn to refinance FTLNHD 26 of USD404mn. USD100mn of Seazen’squota will expire in Apr’26. LNGFOR 27-32 closed 0.4pt lower to 0.3pt higher.VNKRLE 27-29 were down by 0.6-0.7pt.In SE Asian space, GLPSPsdropped 1.2-1.4pts, while GLPCHI 29 closed 1.1pts lower. See commentsbelow. VLLPM 29 was 0.8pt lower. IHFLIN 27-30/VEDLN 28-33s closed 0.1- Marco News Recap宏观新闻回顾 Macro–S&P (-1.23%), Dow (-1.20%)and Nasdaq (-1.59%) were lower on Thursday. US latest initial joblessclaims was +231k, higher than the market expectation of +212k. US Dec’25 JOLTS Job Openings was 6.542mn,lower than the market expectation of 7.2mn. UST yield was lower on Thursday. 2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点  GLPSP/GLPCHI:Downstream liquidity support through a parent-backed tender offer Yesterday, GLP Pte tapped USD500mn of GLPSP 9.75 05/20/28 at 101.586 to yield 8.95%. Net proceeds willbe used to fund the concurrent tender offer for all of the o/s USD495mn GLPCHI 2.95 03/29/26 at par.Offerexpires on 19 Feb’26 5pm EST.Recalled that GLP China privately placed USD300mn GLPCHI 7.75 04/30/29 Structurally, the transactions raise cash at the parent level and allocate it downstream to the subsidiary. Thiswould materially ease GLP China’s near-term refinancing pressure while lengthening GLP’s maturity profile ona consolidated basis. GLP China’s the total debt should decline, which could help to present a clearer capitalstructure and supportiveif GLP pursues an IPO of its China business. The IPO, if successful goes ahead, will We view the non-call risk of the two GLPSP perps is broadly priced in at current levels, and we do not expectthem to be called on the first call date given the lack of high coupon step-up feature. The near-to-midtermcatalyst for GLPSPs/GLPCHIs remains a potential IPO of GLP’s China business. We envisage parent-leveldeleveraging and potential tender offer for the two perps at current market prices could follow, while an IPOcould also improve GLP China’s liquidity and financial flexibility. That said, within Asia non-IG, we prefer News and market color Regardingonshore primary issuances, there were 152 credit bonds issuedyesterday with an amount ofRMB123bn. As for Month-to-date, 490 credit bonds were issued with a total amount of RMB415bn raised, [ACPM]Ayala Corp.’s property subsidiary Ayala Landis considering bidding for two Philippine assetsvalued at a total of PHP40.5bn (cUSD688mn) [DALWAN]Dalian Wanda accepted USD309.927mn DALWAN 11 02/13/28 tendered in full in the tenderoffer, the amount remain outstanding will be redeemed at par on 25 Feb’26 [FUTLAN/FTLNHD]Seazen raised HKD473.2mn (cUSD61mn) via share placement for debt repayment, [HYUELE]S&P upgraded SK Hynix by one notch to BBB+ from BBB, outlook positive [INDON]Moody’s changed Indonesia's outlook to negative from stable, Baa2 rating affirmed [INDYIJ]Indika Energy and other major Indonesian coal miners were spared from cuts in productionquotas, leaving smaller firms to bear much of the brunt [MEDCIJ]Medco Energi Internasional obtained IDR8.8tn (cUSD525mn) of bank loans across two [MGMCHI]MGM China FY25 adjusted EBITDAR up 10.7% yoy to USD1.2bn [PERTIJ]Pertamina has integrated operations of three subsidiaries, Pertamina Internasional Shipping(PIS), refinery unitKilang Pertamina Internasional (KPI), and fuel retail arm Pertamina Patra Niaga (PPN),into a single downstream subholding as part of their merger, effective on 1 Feb’26 [RIOLN]Merger talks between Glencore and Rio Tinto collapsed after the two companiesfailed to agree on a price, with Glencore demanding 40% of the combined company [SKM]SK Telecom 2025 sales fell 4.7% yoy to KRW17.1tn (cUSD11.7bn) [SYNNVX]Sinochem Holdings-ow