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 AT1bounced back to 0.1-0.3pt higher this morning. VNKRLE 27-29 edged0.7-0.8pt higher. SOFTBK 31-65s were 0.4-0.8pt higher. VLLPM 29 droppedanother 1.5pts. ACPM 4.85 Perp was 0.9pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk BSFR:FY25 net income up 18% yoyto SAR5.3bn on stronger operatingincome and lower net ECL.See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk DALWAN:Dalian Wanda reduced sole offshore loan outstanding toUSD150mn from Wanda Hotel Management sale proceeds. DALWAN 12.75 Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Last Friday,the new MIZUHOFloat 32 and MIZUHO 32-37 tightened 2-3bpsfrom ROs. HYUELEs squeezed another 3-4bps tighter. S&P upgraded SKHynixby one notch to BBB+ from BBB on expected strong operatingperformance over the next 12 months driven by demand growth in high-bandwidthmemory (HBM) and conventional memory.In HK,FAEACO12.814 Perp/SUNHKC 26/LASUDE 26/BTSDF 28 edged 0.1-0.2pt higher. InChineseproperties,LNGFOR 27-32 were unchanged to 0.6pt lower.VNKRLE 27-29 closed 0.1-0.3pt lower. FUTLAN 28/FTLNHD 26-27 were0.1pt lower to 0.1pt higher. In SE Asian space, GLPSPs dropped another 0.8-1.5pts, and GLPCHI 29 was 0.7pt lower. See our commentslast Fridayondownstream liquidity support from GLPSP to GLPCHI through a parent-backed tender offer. VLLPM 27-29 leaked 2.0-2.2pts. On the other hand,ACPM3.9 Perp was 0.6pt higher.Media reported that Ayala Corp’s Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–&P (+1.97%), Dow (+2.47%) and Nasdaq (+2.18%) were higher on last Friday. 2/5/10 year UST yieldwas higheron last Friday. 2/5/10/30 year yield was at 3.50%/3.76%/4.22%/4.85%. Desk Analyst Comments分析员市场观点 BSFR:FY25 net income up 18% yoy to SAR5.3bn on stronger operating income and lower net ECL We maintain buy on BSFR 6.375 Perp and BSFR 5.761 09/03/35, we view they offer more appealing risk-returnprofiles compared with those of its peers. These are the first USD AT1 and T2 issued by Banque Saudi Fransi(BSF).We consider the likelihood of its AT1 and T2 to be called on first call date is high given BSF’s largecapital buffer even though SAMA proactively raised CET1 requirements for 25bps in Jan’26 and will raiseanother 50bps in May’26 for D-SIBs in view of interest rate volatility and fast loan growth. We take some comfort BSF’s FY25 operating income rose 9% yoy to SAR10.5bn, driven by a 10% yoy increase innet specialcommission income to SAR8.9bn, supported by 5% yoy loan growth. NIM was stable at 3.04% in FY25 andFY24, the lower cost of deposit and reduced hedging costs were offset by a decline in interest yields followingrate cuts. Saudi Arabia cut interest rate 3 times with 25bps each in Sep, Oct and Dec’25. Net fee andcommission income declined 2% yoy lower to SAR956mn due to higher fee and commission expenses. FY25net ECL fell 15% yoy, reflecting higher recoveries and lower commercial ECL, partly offset by higher consumerECL. The gross ECL was SAR1.4bn, 7% yoy higher than FY24.As a result, FY25 net income rose 18% yoy Asset quality was broadly stable as of Dec’25, with mild increase in NPL and decrease in NPL coverage ratiocompared to that of Dec’24. The NPL ratio rose to 0.97% from 0.93%, driven by both commercial and consumerportfolio, while the NPL coverage ratio dropped to 178% from 182%. That said, BSF’s capital remained ample.The CET 1 ratio rose to 16.2% as of Dec’25 from 15.8% as of Dec’24,comfortably above the regulatoryminimum requirement of 7.5%. BSF guidedCET1 ratio to remain stable in FY26 at >15%. Liquidity also News and market color Regardingonshore primary issuances, there were 126 credit bonds issuedyesterday with an amount ofRMB110bn. As for Month-to-date, 608 credit bonds were issued with a total amount of RMB521bn raised, [BHARTI]Bharti Airtel seeking recalculation of USD4.4bn in AGR dues with India’s government, not [BIOLIN]Fitch revised the outlook of Biocon Biologics to positive from stable, affirmed BB-rating [DALWAN]Dalian Wanda reduced sole offshore loan outstanding to USD150mn from Wanda Hotel [HNMNWP]Hanuman Wind Power postponed USD bond deal [INCLEN/INGPHL/RNW/RPVIN]ReNew Global project SPV obtained USD50mn debt funding from DEG.Total project cost is USD615.6mn with 20:80 equity and senior debt. Senior debt of USD 492.5mn to be [LGCHM]LG Chem battery arm to buy out Stellantis, gain full control of Canadian JV [TYANLI]Tongyang Life Insurance FY25 sales rose 2.1% yoy KRW3.6tn (cUSD2.4bn) [ZHHFGR]Zhuhai Huafa Properties forecasted RMB7-9bn net loss for FY25, mainly to increase ininterest expenses, loss from asset disposal and provision for asset impairment fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research rep