固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new INDUBK Float 03/12/29 tightened 3bps from RO at SOFR+41 thismorning.The new HSBC Float 03/10/32 tightened 10bps from RO atSOFR+121, while the rest of fixed-rate HSBC 30-37 tightened 5bps fromROs. LINREI/HKE/OCBCSP/DAESEC tightened 1-2bps amid better-buyingflows. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SJMHOL:Initiate buy on SJMHOL 6 ½ 01/15/31. Weaker FY25 and 4Q25results in the course of satellite closures. SJMHOL 28-31 were unchangedto 0.1pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Policy:Policy signals from NPC meetings include emphasis oninvestments across AI infrastructure, digital, and green industries, as well asincremental support for consumption and housing. See comments fromCMBI economic research below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,recent financial new issues NORBK/OCBCSP/DAESEC/SUMIBKtightened 4-10bps. TW lifers and HK credits LINREI/HKE traded 4-6bpstighter. Chinese TMT names BABA/TENCNT/LENOVO closed 2-3bps tighter,with the exception that MEITUAs remained unchanged. ZHOSHK/FRESHKtraded 5-10bps wider under selling pressure. As for greaterChina higher-yielding space,the NWDEVL/VDNWDL complex were overall 0.1-0.9pthigher. SJMHOL 28-31 edged 0.1-0.2pt higher, and the rest of Macau gamingspace was unchanged to 0.1pt higher. SJM’s market share and EBITDAdeclined in FY25 in the course of satellite closures. See comments below.WESCHI 28-29 lost 0.6-0.9pt, even though the company announced apositive profit alert for FY25. See our commentsyesterday. In Chineseproperties, VNKRLE 27’ and 29’ led the space and rose 1.9-2.1pts. FUTLAN28/FTLNHD 26-29 were unchanged to 0.1pt higher. On the other hand,LNGFOR 27-32 leaked 0.1-0.4pt. In KR space, POHANG/LGENSO tightened1-3bps,while long-end HYNMTR traded 2-4bps wider.In JP space,SOFTBKs recovered 0.1-1.0pt.Japanese and Yankee AT1s surged by up to0.8pt on back of HFs and prop desks reloading risks and dealers coveringshorts during Asia session. The space retraced during London session asprop desks and AMs seized the window to trim especially long-end exposure,and eventually closed 0.3pt higher than the previous day levels, with theexception that SOCGEN 7.125 Perp was 0.7pt lower. Insurance subs edged0.1-0.2pt higher.InSE Asian space, GARUDA 31 gained 0.9pt. MEDCIJ 26-30/VEDLN 28-33 were unchanged to 0.4pt higher. PCORPM Perps wereunchanged to 0.1pt higher.PTTGC/TOPTB Perps leaked by 0.3-0.7pt.In theMiddle East, while bonds were initially marked 0.3-0.8pt higher overnight, thegains were erased by half amid Asia PB/AM selling.Meanwhile, LGFVsremained largely stable amid balanced two-way flows among RMs. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.56%), Dow (-1.61%)and Nasdaq (-0.26%) were lower on Thursday. US Initial Jobless Claimswas +213k, lower than the market expectation of +215k. UST yield was higher on Thursday. 2/5/10/30 year yieldwas at 3.57%/3.72%/4.13%/4.74%. Desk Analyst Comments分析员市场观点 SJMHOL:Initiate buy on SJMHOL 6 ½ 01/15/31 despite weaker FY25 and 4Q25results in the course ofsatellite closures We initiate a buy recommendation on SJMHOL 6 ½ 01/15/31 in view of the bond’s more attractive risk andreturn profile within the Macau gaming sector.At 98.8, SJMHOL 6 ½ 01/15/31 is trading at YTM of 6.8%.Meanwhile, we maintain hold on SJMHOL 4.85 01/27/28 at YTM of 6.0%.For similar tenor, we preferSTCITY6 ½ 01/15/28 and STCITY 5 01/15/29. SJM posted weaker FY25 and4Q25 results with a lowermarket share, adj. EBITDA and adj. EBITDA margindue to the absorption of satellite casinos, intensifying competition and lower win rates.SJM commenced toclose its 8 satellite casinos since Jul’25 and 7 out of 8 closures were taken place in 4Q25. In FY25, SJM’s adj.EBITDA dropped 15% to HKD3.2bn. That said, adjusted for one-off expenses such as smart tables and othergovernment tender committed capex of HKD450mn, the decline in adj. EBITDA was more moderate at c3%. As per SJM, the market share should recover after the completion of acquisition of L’Arch, the gaming tablesreallocation to SJM’s self-promoted casinos, enhanced marketing efforts and new VIP areas opened in Dec’25.Furthermore, the daily opex of HKD24.4mn in 4Q25 should have fully reflected the impact resulting fromabsorption of excess staff cost, as well as ramp up of hotels and F&B operations. Indeed, SJM’s credit profile slightly improved in FY25 while its refinancing pressure was notably relieved withthe issue of USD540mn SJMHOL6 ½ 01/15/31 and concurrent tender offer for SJMHOL 4.5 01/27/26 in Jan’26.After the early redemption of USD18mn of SJMHOL 4.5 01/27/26 through the tender offer, the remainingoutstanding amount of USD482mn should be well covered by the new issue in Jan’26. The next major maturityof SJM will be HKD1.25bn bond due May’26.We are comfortable with its liqui