固定收益市场每日更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asian IG credits were 1-3bps wider this morning. We saw better selling onhigher-beta Chinese IG names like FRESHKs/ZHOSHK. JP insurance subswere 0.1-0.3pt firmer amid PB buying. VLLPM 29 was down by 1.4pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MGMCHI:GGR market share rose to 16.1% in FY25. See below. Cyrena Ng, CPA吳蒨瑩(852)3900 0801cyrenang@cmbi.com.hk INDYIJ:Moody’s downgraded Indika Energy by one notch to B1 from Ba3 on strained credit metrics, worsened by increased capital spending at theAwak Mas project amid subdued thermal coal prices; outlook revised tostable from negative. INDYIJ 29s was 0.2pt 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,PBs and banks continued to buy front-end FRNs to park cash.Chinese TMT MEITUA/KUAISH rebounded to 2-4bps tighter from theprevious weakness, while the broader Chinese IG benchmarks traded largelyunchanged. FRESHK encountered selling pressure on the 27-28s tranches.EHICAR 26 dropped 2.5pts, while EHICAR 27 was 0.4pthigher. In HK space,we saw better buying interests in front-end HK T2s like BNKEA from globalAM accounts. The NWDEVL/VDNWDL complex led the space and rose 0.1-2.6pts. FAEACO 12.814 Perp surged 2.5pts. LASUDE 26 gained 1.5pts.HYSAN Perps and bonds were 0.1-0.5pt higher. The Macau gaming complexwere unchanged to 0.1pt lower. See comments on MGM China below. InChineseproperties,VNKRLE 27-29 were 0.1-1.3pts higher.See ourcomments on SZ government’s rescue plan for Vankeyesterday.FUTLAN28/FTLNHD26-27 were another 0.6-0.8pt higher on news of fundingexercises, including recent share placements to raise HKD472.3mn, potentialABS andUSD bond issue. LNGFOR 27-32/DALWAN 28s edged 0.1-0.3pt Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.57%), Dow (-1.34%)and Nasdaq (-2.03%) were lower on Thursday. US latest initial joblessclaims were +227k, higher than the market expectation of +222k. US Jan’26 existing home sales was 3.91mn,lower than the market expectation of 4.16mn. UST yield was lower on Thursday. 2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 MGMCHI: GGR market share rose to 16.1% in FY25 MGM China (MGMCHI) delivered a stronger set of 4Q25and FY25 results. In 4Q25, revenue rose 21.4% yoyto HKD9.6bn and adj. EBITDA increased 29.5% yoy to HKD2.8bn, with adj. EBITDA margin increased 1.8 pctpts to 28.6% in 4Q25 from 26.8% in 4Q24. For FY25, revenue increased 10.8% yoy to HKD34.8bn and adj.EBITDA increased 10.4% yoy to HKD10.0bn.MGMCHI’s FY25 adj. EBITDA margin was broadly stable at28.8%, compared to 28.9% in FY24. GGR market share continued to increase, to 16.5% in 4Q25 and to 16.1% The FY25 growth in revenue and adj. EBITDA was driven by 14% visitation increase in FY25 and 11% increasein daily GGR. We saw a stronger performance at MGM Cotai than at MGM Macau. MGM Cotai revenue grew17.1% yoy vs 2.1% yoy for MGM Macau, reflecting higher win rates on main floor and VIP table games as well Looking into FY26, MGM Cotai’s ongoing enhancement should support premium-mass penetration, with theconversion of rooms to create a total of 60 new suites which scheduled for completion in 1Q26. However,MGMCHI’s branding fee (for the life of the concession, with automatic renewal for up to 20 years uponconcession renewal) payable to MGM B&D Holdings (owned by its parent MGM Resorts and Pansy Ho in equalportions) doubles to 3.5% from 1.75% of the consolidated net monthly revenues with adjustments effective 1 As discussed before, we considerMacau gaming bonds lower-beta and good carry plays with improving creditstories. We should see more new supply to come in view of the scheduled maturities and undemanding fundingcosts. Our top picks within the segment remainMPELs and STCITYsgiven thegrowing adj. EBITDA of MelcoResorts and Studio City, as well as the more appealing risk-return profiles of MPELs/STCITYs.We also News and market color Regardingonshore primary issuances, there were 45 credit bonds issued yesterday with an amount ofRMB17bn. As for month-to-date, 901 credit bonds were issued with a total amount of RMB701bn raised, Indonesia’s government is planning to limit coal and nickel mining for years to boost prices and conserve The Central Bank of Egypt cut its key policy rates by 100bps amid slowing inflation [BSFR]Media reported Banque Saudi Fransi (BSF) held a non-deal roadshow with fixed incomeinvestors earlier this week; plans a benchmark-sized bond in around two weeks [DFHOLD]Korea Investment Holdings FY25 net operating revenue jumped 55% yoy to KRW4.4tn [INDYIJ]Moody’s downgraded Indika Energy by one notch to B1 from Ba3on strained credit metrics,worsened by increased capital spending at the Awak Mas project amid subdued thermal coal prices; [LENOVO]Lenovo Group 9MFY26 revenue up 18% yoy to USD61.5bn [MONMIN]Mongolian Mining signed preliminary deal with government to k