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 This morning, the new KOROIL 29-31s tightened 10bps from RO at T+65and T+70, respectively. The new KOROIL Float 29s tightened 10bps fromROat SOFR+80.The new fixed-rate and floating CBAAU 29s wereunchanged from RO at T+43 and SOFR +63, respectively. LGENSO 26-35swidened 10bps, LG Energy Solution proposes to issue USD bonds in fourtranches. ZHOSHK 28 gained 1.0pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk BTSDF:A stronger set of FY25 results with an improving credit profile.Maintain neutral on BTSDF 28, which was 0.1pt higherthis morning. Seebelow. XIAOMI:Stronger FY25 results despite softening in 4Q25. Maintain buy onXIAOMI 30-31. Chinese TMT names were 2-4bps tighter this morning. Seebelow. Yujing Zhang张钰婧(852)39000830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,WESCHI 28-29 leaked 0.7-1.0pt. West China Cement reported a15.3% yoy increasein revenue in FY25 yet weaker 2H25 results. See ourcommentsyesterday.In Chinese IG space, XIAOMI 30-51 closed 1-4bpswider.Xiaomi’s FY25 revenue was up 25% yoy to RMB457.3bn.Seecomments below. 5-10yr MEITUA tranches faced better-selling pressure andclosed 3bps wider. ZHOSHK 28 was down another 0.8pt. Selling flows werealso concentrated in the FRN space across Chinese financial names, EU/AUbanks and Korean corporates. In Chinese properties, LNGFOR 27-32 gained0.6-1.1pts. VNKRLE 27 was 0.7pt higher, while VNKRLE 29 was 0.2pt lower.In HK, HYSAN 4.85 Perp was down 1.3pts, while HYSAN 7.2 Perp gained0.3pt. In SE Asian space, VEDLN28-33s recovered up to 1.1pts higher. TheNCLAT allowed Adani Enterprises to proceed with the resolution process forJaiprakashAssociates,even after Vedanta’s appeal.GLPSPs/GLPCHIedged 0.1-0.9pt higher. In the Middle East, PB accounts were buying long-end KSAs and aoyr ARAMCOs. The space stabilized compared to theprevious lows and traded 0.2pt lower to 0.5pt higher. Yankee and JapaneseAT1s and insurance subs leaked 0.3pt during Asia session as PB and AMclients sought to trim risks, before gaining 0.3-0.5pt with short covering andbuying from London. We saw overall balanced two-way flows with betterbuying concentrated in less than 5yr-to-call, and better selling in longer datedissues. In LGFV space, we saw increased better selling from AMs in higher-gradeUSD issues yielding 4%, which closed 20bps wider. On the other hand,higher-yielding papers remained largely well digested thanks to demand fromRMs, especially for papers with shorter-duration. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.37%), Dow (-0.18%) and Nasdaq (-0.84%) were lower on Tuesday. S&P Global Mar’26Manufacturing PMI was 52.4, higher than the market expectation of 51.5. S&P Global Mar’26 Services PMI was51.1, lower than the market expectation of 52.0. UST yield was higher on Tuesday. 2/5/10/30 year yield was at3.90%/4.03%/4.39%/4.94%. Desk Analyst Comments分析员市场观点 BTSDF:Astronger set of FY25 results with an improving credit profile We view H&H credit profile is improving, supported by active liability management and IMF recovery. Wemaintain neutral on BTSDF 9.125 07/24/28 on current valuation. In Chinese HY space, we like FOSUNI 8.505/19/28 (-/BB-/-), which offer c120bps pick-up over BTSDF 28 and c2months earlier to maturity. At 100.2,FOSUNI 8.5 05/19/28 is trading at YTM of 8.4%. H&H’s revenue rose 10.0% yoy to RMB14.4bn in FY25, with all business segmentsrecording growth. Grossprofit increased 13.2% yoy to RMB9.0bn, with GPM expanded to 62.4%, primarily driven by improved marginswithin the ANC and PNC segments and sourcing costs optimization. Adj. EBITDA rose 5% yoy to RMB2.1bn,though adj. EBITDA margincontracted slightly to 14.3% due to higher revenue mix from the lower-margin BNCsegment, higher SG&A on increased investment for ANC and PNC expansion in the Southeast Asia. H&H met its revised FY25 guidance of high-single-digit to low-double-digit revenue growth (revised post 9M25results), though adj. EBITDA margin and adj. net profit margin of 14.3% and 4.6%, respectively, was broadly inline with its targets of c15% and c5%. China continued to be H&H’s largest market with strong revenue growth of17.5% yoy to RMB10.2bn in FY25,primarily driven by robust IMF revenue growth of 28.3% yoy in the BNC segment. As per H&H, its market sharein super-premium IMF segment rose to 17.1% as of Dec’25 from 13.3% a year earlier, while Biostime retainedits No.1position in the paediatric probiotic market. ANC revenue also recorded healthy growth of 13.3% yoy,and Swisse ranked No. 1 in the overall VHMS market. Revenue growth in North America was steady at 7.8% yoy to RMB1.7bn, supported by Zesty Paws in the PNCsegment. Zesty Paws’ revenue grew 12.8% yoy on a LFL basis, while Solid Gold recorded 13.1% yoy declinein revenue on a LFL basis under H&H’s product premiumisation strategy. Revenue from ANZ marketscontracted 21.8%